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The prospectus of a CRO company has punctured the price secrets
of the innovative drug industry.
On December 29, 2022, Shanghai Innostar Biotechnology Co.
, Ltd.
(hereinafter referred to as "Innosys") submitted a prospectus to the Science and Technology Innovation Board, which is a CRO company
mainly engaged in non-clinical safety evaluation.
The predecessor of Innostar is the National Shanghai New Drug Safety Evaluation Research Center, the current controlling shareholder is the General Hospital of Medical Engineering, and the actual controller is Sinopharm Group
.
According to the prospectus, at present, Innostar has served more than 600 pharmaceutical companies at home and abroad, and more than 90% of its annual revenue comes from non-clinical research services for Class I innovative drugs, but the annual revenue in 2021 is less than 600 million yuan, which is still small
.
Separated from the General Medical and Industrial Hospital, Innox's business focuses on pre-clinical
.
Of the preclinical investments, the most well-known in the market is animal testing
.
While the development of domestic innovative drugs is booming, experimental monkeys have become a scarce resource
.
In June 2022, "a number of leading pharmaceutical companies crazy hoarding monkeys" dominated Weibo hot search, according to reports at the time, the price of a monkey ranged from 100,000 to 160,000, the key is that money may not be able to buy it
.
Many people believe that innovative drugs are expensive and reasonable, and the price of experimental monkeys has doubled one after another, isn't this all included in the cost of new drug research and development?
Is this really the case?
The real price of experimental monkeys
The real price of experimental monkeysSince it is to be listed, the cost of test animals in recent years must be carefully calculated
.
According to the prospectus, in 2019, 2020, 2021 and the first half of 2022, the purchase unit price of the company's experimental monkeys was 14,500 yuan/piece, 27,300 yuan/piece, 55,300 yuan/piece and 8.
90 yuan respectively
million yuan/only
.
When Innostar bought monkeys at a price of 89,000 yuan each, a report that "experimental monkeys skyrocketed from 7,000 yuan to 160,000 yuan per monkey" appeared on the hot search of various platforms, trying to convince ordinary people that innovative drugs were reasonably expensive
.
This news originated from an action of Zhaoyan New Drug: On June 7, Zhaoyan New Drug released the "On the Acquisition of Yunnan Yingmao Biotechnology Co.
, Ltd.
"
100% Equity Progress Announcement"
.
Previously, in April, Zhaoyan New Drug had announced that it would buy Yunnan Yingmao Biology and Guangxi Weimei Biology for more than 1.
8 billion yuan, both of which are important suppliers
of domestic experimental monkeys.
8 billion yuan, they bought Yunnan Yingmao Biotechnology and Guangxi Weimei Biotechnology, both of which are important suppliers
of experimental monkeys in China.
Earlier, head CRO players such as WuXi AppTec, Medixi, and Kanglong Chemical have acquired monkey farms and have been noticed
by the market.
The acquisition of Yunnan Yingmao Biotechnology by Zhaoyan New Drug has once again shown the market how sought-after
an experimental monkey is.
The actions of CROs are gradually accepted
by the market.
Innovative pharmaceutical companies, as payers, do not seem to have much room
for bargaining in the face of the notoriously scarce and expensive monkeys.
for bargaining in the face of the notoriously scarce and expensive monkeys.
But I didn't expect that the prospectus disclosed half a year later made many people start to think deeply about what
this "hoarding monkey anxiety" represents.
is behind this "hoarding monkey anxiety".
According to the five major suppliers disclosed by Innos, from January to June 2022, Guangxi Weimei Biotechnology, acquired by Zhaoyan New Drug, ranked second in the current procurement of monkey resources by Ennos, with a procurement amount of 32.
76 million yuan, accounting for 20.
07% of
the total procurement amount.
Most of the suppliers disclosed by Innostar are well-known experimental monkey manufacturers in China, so the average price of experimental monkeys from 2019 to the first half of 2022 given in the prospectus is basically in line with the actual situation
.
Overall, the cost of experimental monkeys has indeed increased, which has changed the gross profit margin of Innostar to a certain extent
.
According to Innos, during the current period, the company's annual revenue did not exceed 600 million yuan, and the gross profit margin of the main business was 43.
28%, 40.
25%, 38.
78% and 35.
15%, respectively, showing a downward trend year by year, mainly due to the increase
in the price of experimental monkeys.
However, it is far from the extent of "soaring from 7,000 yuan to 160,000 yuan per animal", and the rally has eased
.
.
According to Innos, between 2019 and the first half of 2022, the increase in the unit price of monkeys was 88.
28%, 102.
56% and 60.
94%,
respectively.
With the gradual stabilization of the research and development of innovative drugs, the reduction of import and export monkey restrictions, and the increasing attention to the stock of experimental monkeys in China, it may be difficult to reproduce
the doubling of the unit price of monkeys.
28%, 102.
56% and 60.
94%, respectively
To hoard monkeys, there must be a monkey farm
To hoard monkeys, there must be a monkey farmIn order to further ensure the stability of the monkey source, Innostar has made some efforts: stockpiling experimental monkeys that have not reached the experimental age in advance, and purchasing breeding monkeys
from suppliers.
To hoard monkeys, there must be a monkey farm
.
In 2021, Innostar acquired Anhui Shengpeng
.
This is an experimental animal breeding company
established in November 2015 and approved by the Forestry Department of Anhui Province.
But the acquisition wasn't entirely smooth
.
According to the prospectus, at the time of the acquisition, Innostar and Anhui Shengpeng did not reach an agreement on the price of the department's experimental monkeys, and the result of the dispute was that the remaining 300 experimental monkeys were still owned by Anhui Shengpeng, but the breeding right was temporarily handed over to Huangshan Enos, and Anhui Shengpeng paid for the breeding costs
of the monkeys.
How are feeding costs calculated? Ennostar announced that the annual feeding fee for each monkey is 1200 yuan
.
.
It is understood that the cost of experimental animals is composed of two components: feeding fees and modification costs
.
Among them, the cost of modification is related to the indication of new drugs, such as new drugs for Alzheimer's disease, and animals with Alzheimer's disease are cultured to participate in experiments
.
Relevant personnel in the laboratory animal industry told the Health Bureau that at present, taking mice as an example, the feeding fee is about 1.
5 yuan / one / day, and the transformation cost is about 5,000 yuan to 10,000 yuan
.
"The main difference between the two is that the feeding fee increases over time, while the modification fee is
one-time.
"
5 yuan/piece/day, and the renovation cost is about 5,000 yuan to 10,000 yuan
.
What about the analogy to monkeys?
According to the disclosure of scientific research institutions such as the Central Inspection Institute, the age of experimental monkeys needed for preclinical purposes is usually between 3-5 years old, and the feeding cost is about 3600-6000 yuan
.
In terms of transformation costs, calculated with a transformation fee of 7,500 yuan, the transformation fee of a mouse is about 5,000 times the daily feeding fee; If the annual feeding fee announced by Innostar is 1200 yuan, the feeding fee of a 4-year-old experimental monkey is 4800 yuan, the transformation fee is about 16450 yuan, and the total cost is about 21250 yuan
.
.
And what about pricing on the market side?
In February 2022, the Chinese government procurement website announced the "China Institute for Food and Drug Control Experimental Cynomolgus Monkey Procurement Project Bidding Announcement", the winning bid price was 122,000 yuan per monkey, which is almost six times
the cost.
the cost.
The increase in cost price of 6 times is largely from the land price occupied by breeding and management costs
.
The above-mentioned industry insiders said that the land price and labor cost of first- and second-tier cities are high, and the third- and fourth-tier cities are far from customers, which need to be taken into account
.
.
The only suitable thing is to establish a long enough CRO production line, exchange scale for volume, and reduce costs, which is also the development direction
of most CRO companies at present.
of most CRO companies at present.
According to the prospectus, Innostar intends to raise 1.
602 billion yuan, mainly for two projects: the project of Innostar headquarters and innovation transformation center, and the expansion project of high-quality non-clinical innovative drug comprehensive evaluation platform, the former is mainly the company's façade and laboratory, etc.
, located in Shanghai Pudong New Area; The latter focuses on animal raising rooms and is located in Nantong
, Jiangsu.
Dear innovative pharmaceutical companies, please note that Innos's experimental monkey service is not expensive, mainly depending on the land price and management fee of the two places
.
.
