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Karley Pharma recently announced that Graeley Biotechnology (Hangzhou) Co.
Although Graham Pharmaceutical said that the termination of the promotion services provided to Peroxin will not cause any material adverse impact on the company's business, operation or financial condition, investors in the capital market are not without worries: the termination of the cooperation between the two parties may bring a large revenue gap and financial pressure to Gran Pharmaceutical, how will the shortcomings of commercialization be compensated?
#1The main product is followed by the commercialization of the lack of strength
Under the cooperation agreement signed in 2018, Graham acquired the exclusive marketing rights of Peroxin in Chinese mainland and was entitled to receive a certain percentage of sales revenue as consideration
From the perspective of commercialization, Paisin as a classic product, has been promoted in China for more than ten years; At the same time, due to the high degree of overlap between hepatitis B and C customer groups, putting danorovir (Gonovir) and pegylate interferon alfa-2α together can play a good commercial synergy
For nearly four years, the cooperation around the commercialization of Peroxin has now come to an end; From the perspective of commercial performance, Palokhin is still the giant, but Gonowei has not been able to really stand up
In this announcement, Graham Pharmaceutical explained that the reason for the termination of the cooperation is mainly based on Roche Pharmaceutical's adjustment of Paroxin's market strategy in Chinese mainland; After the termination of the cooperation between the two parties, Roche Pharmaceutical will not seek other partners and will not carry out the commercial promotion
The market's reaction to this is understandable
In fact, the revenue generated by the product promotion service generated by Peroxin accounted for the vast majority
At present, Gorillis Pharmaceutical has three products successfully listed, namely two hepatitis C drugs danorivir (trade name: Gonovir) and Lavidalvir (trade name: new Lilai), as well as a new coronavirus drug and a variety of antiviral protease inhibitors pharmacokinetic enhancer ritonavir, and two hepatitis C drugs are the main sales revenue sources
In 2018, danorevir (Gonovir) was successfully approved, becoming the first local hepatitis C DAA drug on the market in China
Although at the end of 2021, Danorivir finally entered the medical insurance directory through medical insurance negotiations, it has already faced an embarrassing situation
In terms of revenue and expenditure data, a comprehensive analysis of corporate financial report data can be seen that Graham Pharmaceutical is taking a refined operation and management route, and the characteristics of "small but fine" are obvious
With the termination of the Palokhin cooperation, the "balance scale" may be tilted
At the same time, with the commercialization of self-developed products and the development of pipelines under research, various expenses will further increase
#2
Where does the transformation of the stock market competition pattern
go?
With the advancement of the priority review system, the speed of new drug approval and listing is accelerating, and some unprofitable listed pharmaceutical companies have entered the commercialization stage one after another, and Biotech's transformation to Biopharma has also become a hot topic
.
As the first unprofitable biopharmaceutical company listed in the Hong Kong stock market, the stock price trend of Geli Pharmaceutical is enough to attract the attention
of the capital market.
However, relying on only one or two products to fight the world, it is obviously difficult to support the market expectations and internal pursuits
of Biopharma's commercialization transformation.
In just a few years, from the issue price of 14 yuan to the decline to less than 3 yuan, no one thought that Geli Pharmaceutical would fall into the "breaking quagmire" and gradually be forgotten
by the market.
The high and low of Gordon Pharmaceutical is obviously not unrelated
to the strength of the product.
Data show that there are currently about 10 million hepatitis C virus infections in the country, and it continues to increase at a rate of 200,000 per year; At present, the recognized more effective treatment is the use of small molecule drugs, compared with the traditional interferon requires a one-year course of treatment, small molecule treatment is more convenient, safe, effective, and the cure rate can be as high as 98%.
The listing of Gonovir has given Graham Pharmaceuticals an opportunity, but at the same time, in the face of competition from imported DAA drugs such as Gileadsofosbuvir (Kyrgyzstan), proponosa (sophosbuvir vapatavir tablets), AbbVie's Vijianle (Obiparli tablets), and Yi Qirui (dasebuvir sodium tablets), the hepatitis C drug market has become increasingly fierce
.
Some insiders pointed out that the main reason why the threat of hepatitis C in China is difficult to eliminate is that most infected people do not know that they have been infected, and the rate of medical treatment is extremely low; And because hepatitis C is a highly mutated virus, the speed of vaccine development cannot keep up with the speed of
virus mutation.
"Due to the efficiency and curability of the current new treatment methods, the overall treatment is still attributed to the stock market
.
"
The superimposed "capital winter" effect further exacerbates the impact of biomedical enterprises to attract market investment, the difficulty of capital injection, the market environment and the current commercialization structure of Geli Pharmaceutical, and the impact of the commercialization sector cannot be underestimated
.
Today's Karlly Pharmaceuticals has turned its attention to areas
other than hepatitis C.
According to the 2022 interim results report, the company's R&D expenditure during the period of Gorillette Pharma increased by 60.
5% year-on-year to 119 million yuan, and the company's cash and cash equivalents were about 2.
484 billion yuan as of June 2022, which is enough to support R&D activities
in the next five years.
Shortly before the release of the semi-annual report, Graham successively announced the progress
of the new crown oral drug Curley ASC10, PD-L1 small molecule inhibitor prodrug ASC61, ASC22 (envorizumab) and other products under research.
In terms of business cooperation (BD), Graham Pharmaceutical has also begun to accelerate
.
In June, John P.
Gargiulo, former president and CEO of First Trinity North America, attracted industry attention by joining the company as Chief Commercial Officer
.
Prior to this, Curley Pharma and Sagimet Biosciences (SMGT) reached a cooperation to License-in ASC22, a potential product that targets NASH (non-alcoholic steatohepatitis) indications and can also fight cancer, of which progress towards recurrent glioblastoma indications has entered a critical clinical stage; In addition to License-in's ASC22, there are a number of NASH pipeline self-developed products are actively promoted, of which four have entered the clinical validation stage at home and abroad (including ASC40
).
Although the research and development pipeline has begun to turn ahead of schedule, the cash flow situation is also more optimistic in the short term, but the long-term risk that Graham Pharmaceutical has to face is still full of uncertainty in the commercial competition of future products, the new crown oral medicine has taken the lead in the real biological market, as well as Junshi, pioneering and other enterprises are imminent, PD-L1/PD-1 field has long become the "Red Sea", even in the NASH field, China also has many players competing for layout, the market competition situation is equally fierce
.
In response to the topic of how Geli Pharmaceutical will respond to the commercialization impact of this incident after the termination of the cooperation of Paloxin, and what short-term adjustments and plans the company will make, as of press time, Geli has not given an interview response to the above situation to the "Pharmaceutical Economic News", and the "Pharmaceutical Economic News" will maintain further attention
.