Centralized procurement pressures listed pharmaceutical companies to sell subsidiaries!

Recently, A-share listed company Nanjing Hi-Tech announced that it will publicly transfer its holding subsidiary Nanjing Chengong Pharmaceutical Co.

01 12 companies sold subsidiary assets a year

Chen Gong Pharmaceutical Co.

According to the announcement, due to multiple factors such as the reform of the pharmaceutical industry's regulatory policies, the suspension of production of the main product torsemide, and the difficulty of aging and increasing the volume of the existing flagship product Chen Gong Zaixin, Chen Gong Pharmaceutical has continued to lose money in the past three years.

Regarding the situation of increasing losses, Nanjing Hi-Tech also admitted in the announcement that with the deepening of the centralized procurement policy, the competition in the pharmaceutical industry has become increasingly fierce.

Incidents of introducing strategic partners for subsidiaries and even selling subsidiaries’ assets have occurred from time to time in the past year.

In June last year, Beida Pharmaceuticals issued the "Announcement on the Sale of Equity Interests in Wholly-owned Subsidiaries and Related Transactions", selling 100% of its wholly-owned subsidiary Zhejiang Beida Pharmaceutical Technology Co.

In September last year, the equity of the four subsidiaries of Laimei Pharmaceutical was again listed on the Chongqing United Property Rights Exchange for transfer.

The target shares to be transferred are 100% shares of Hunan Kangyuan Pharmaceutical Co.

At the end of April this year, Jiangsu Sihuan Biological Co.

In addition to focusing on core business to withdraw funds, some companies have different reasons for selling the assets of their subsidiaries.

In March of this year, Haisco issued an announcement announcing the sale of its overseas holding subsidiary and research project product TYK2.

This transaction is for the transfer of the TYK2 product under the research project controlled by FT to FL2021-001, Inc.

02 Who is taking the order?

Although the assets of subsidiaries are all sold, the "places" of assets of different values ​​are naturally different.

The outcome of the recently announced Chengong Pharmaceutical is not yet known, but the fate of the four subsidiaries of Laimei Pharmaceuticals, which are also listed for transfer, is very rough.

Finally, in January and February this year, Laimei Pharmaceuticals disposed of the assets of these four subsidiaries by means of transfer and contracting operations.

And Chongqing Zhichen Technology Co.

In February of this year, Hangzhou Bryson Pharmaceutical Technology Co.
, Ltd.
acquired 100% of Sichuan Hezheng Pharmaceutical Co.
, Ltd.
for 165 million yuan in cash, 55 million yuan higher than the initial transfer price of 110 million yuan.
The main business of Hangzhou Bryson Pharmaceutical Technology Co.
, Ltd.
includes medical technology development and technical services, and the assets purchased are in line with its main business.

Hunan Aidinger Technology Co.
, Ltd.
implemented the overall contracting operation of Hunan Kangyuan Pharmaceutical Co.
, Ltd.
by signing the "Contracting Operation Agreement".
The first contract operation period is 3 years, and the annual contracting fee is 12 million yuan.
Comparing the businesses of the two companies, it can be found that the two companies are mainly consistent in the medical device business field.
At this point, the assets of the four subsidiaries of Laimei Pharmaceutical have been completely disposed of.

Compared with the public listing and transfer, the buyer is more clear about the way of directly selling the assets of the subsidiary.

Ningbo Kaiming Innovation Technology Co.
, Ltd.
, which acquired Zhejiang Beida Pharmaceutical Technology Co.
, Ltd.
, at a price of approximately 251 million yuan, is a company engaged in technical services, technology development and marketing.
Interestingly, the legal representative of this company is also the legal representative of Zhejiang Beida Pharmaceutical Technology Co.
, Ltd.
-Ding Lieming.
"Knowing the roots and knowing the bottom" transactions are naturally easier to facilitate.

In the transaction of Sihuan Biotechnology's sale of 100% of its wholly-owned subsidiary Guangxi Intercontinental, the purchaser was Guangxi Ainong Investment Co.
, Ltd.
(hereinafter referred to as "Ainong Investment").
The main business of Ainong Investment is investment in agriculture and forestry, which also coincides with Guangxi Intercontinental Business.
The equity transfer payment was directly offset by the current funds owed by Sihuan Bio-tech Co.
, Ltd.
to Guangxi Intercontinental.

FL2021-001, Inc.
, which acquired a subsidiary of Haisco, is an American biotechnology company established in January this year by the American venture capital firm Foreste Capital.
Although FL2021-001, Inc has only recently been established, Foreste Capital is an investment institution that has invested in hundreds of biotech companies.
This transaction also shows the "potential" of the TYK2 product under research project owned by Haisco's subsidiary.
The down payment for this transaction is 60 million U.
S.
dollars (approximately 388 million yuan), and the milestone payment does not exceed 120 million U.
S.
dollars (approximately 776 million yuan).

The asset transfer/sale of subsidiaries in the past year shows that most companies are using current assets to "win" future assets, but each company has a different strategy.
Some people "discount" assets that have nothing to do with future development, some "high prices" sell assets that have the market now, and some people "average price" buying and selling, and "fertility does not flow to outsiders.
"