On November 25, WuXi AppTec, a leading CXO company, announced that due to its own capital needs, the shareholders controlled by the actual controller of the company and the shareholders who signed a concerted action agreement with the actual controller plan to reduce their holdings of the company's A shares through centralized bidding and/or block trading according to market conditions, and the total number of shares to be reduced will not exceed 65 million shares, that is, the total number of shares will not exceed 2.
2%
of the company's total share capital as of November 24, 2022.
The period of reduction is from December 19 this year to May 31 next year
.
Affected by this, WuXi AppTec's share price fell sharply, and as of the close of trading on November 28, the stock was reported at 76.
07 yuan, down 7.
16%, with a total market value of 225.
2 billion yuan.
Other CRO stocks such as Sunshine Novo and Kailaiying also fell
one after another.
As of the close of trading on November 28, the entire CRO sector fell by 1.
47%.
In June, WuXi AppTec announced that shareholders controlled by the actual controller of the company and shareholders who signed a concerted action agreement with the actual controller would reduce their holdings of A-shares of no more than 3% of the company's total share capital, that is, no more than 88,680,900 shares
.
It will be implemented from July 4 to September 30
.
So, what is the signal that WuXi AppTec has been reduced again? Does the CXO track still have prospects for development in the future? I believe investors are very concerned
about this.
CXO, or pharmaceutical contract outsourcing service, is an important product
born under the socialization and professional division of labor in new drug research and development.
In recent years, the rapid development of the industry is mainly driven by three major factors: favorable policies, the continued high enthusiasm for new drug research and development, and international industrial transfer
.
In recent years, with the advancement of new medical reform, China's pharmaceutical industry has accelerated its transformation and upgrading, and pharmaceutical companies have been enthusiastic about new drug research and development
.
According to the "2021 Annual Drug Evaluation Report" released by the NMPA, 1,886 applications for the registration of innovative drugs were accepted in 2021, a year-on-year increase of 76.
10%, which was 3.
7 times
the number of registration applications in 2017.
However, new drug R&D has the characteristics of high R&D investment, high risk and long return period, in order to reduce R&D costs and improve the success rate of new drug R&D, domestic pharmaceutical companies have turned to "pharmaceutical water seller" CXO cooperation, in this context the rapid development of the CXO industry, has become an indispensable link
in the pharmaceutical R&D industry chain.
In addition, China's CXO industry has the comparative advantages of engineer dividend and manufacturing industry, as well as labor costs, coupled with the technical level, quality system, intellectual property protection, etc.
of new drug research and development are constantly in line with international standards, and the global pharmaceutical outsourcing service business is gradually transferred to China, so that the domestic pharmaceutical R&D outsourcing market share continues to increase, and the development of the industry accelerates
.
According to Frost & Sullivan, the domestic CRO market revenue has grown from $2.
6 billion in 2015 to $8 billion in 2020, with a compound annual growth rate of 25.
2%.
CDMO revenue reached RMB43.
2 billion in 2021, with an average annual compound growth rate of 32.
7% from 2016 to 2021, and the entire industry is developing rapidly
.
China's CXO head enterprises have certain advantages, and in recent years, they have actively deployed in the blue ocean market and accelerated the expansion of production capacity
.
Judging from the third quarter report of this year, leading companies including WuXi AppTec, Tigermed Pharmaceutical, Kailaiying, and Porton Co.
, Ltd.
have strong order demand, and the overall performance has achieved high growth
.
The industry generally believes that CXO head companies have the logic
of high performance growth.
In the context of the aging population and the continuous growth of patient drug demand, the domestic innovation and research and development heat will continue, CXO head enterprises are expected to undertake more orders, so the industry still has development prospects, the industry also suggests that the competitiveness
of enterprises can be ensured by expanding diversified customer base, and continuously improving business capabilities and scale.
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