When zaiding chooses to return to the Hong Kong stock exchange, when Kangxi Nuo and Junshi choose "a + H", when a pharmaceutical company goes public in 3.75 days, when Sanofi and bringer Ingelheim start to invest in domestic venture capital, when hundreds of billions of market capitalists are no longer only Hengrui, Mindray and yaomingkant, when the approval efficiency of nmpa catches up with the FDA, when Tesla and Gree all aim at biomedicine A number of companies have stood out in the competition, and many companies have been eliminated. Many people are experiencing a "great asset transfer". 2020 is the official start. Do you know what era you are in? What kind of environment are we facing? What will be the trend in the future?
In the first half of this year, biomedical investors are very busy!
"Busy Monday: Fudan Zhangjiang new, optical power platform can be a scarce target in global PK, previously only listed in Hong Kong stock market, finally back to the science and technology innovation board! Continue on Tuesday: Shenzhou cell is developing new drugs, 21 innovative drugs are being developed, and abundant pipelines are purchased! "
In the twinkling of an eye, 618 is coming. I'll take a break for two days to leave some money for my wife to empty the shopping cart On June 16, Ganli Pharmaceutical Co., Ltd. launched a new campaign. Do you want to buy it? "The first Chinese enterprise to master the technology of industrialized production of recombinant insulin analogues, changxiulin used by my father is the top brand product of Ganli." Stable performance, differentiated portfolio must be bought.
618 fought until 2 a.m., 619 continued hi. "Fast, Fudan Zhangjiang opening up 340%, income XXXXXX seven figures, 2020 is too beautiful, who wants to restart!" At the end of the month, Kangji Medical Co., Ltd., the largest minimally invasive surgical instrument in China, was listed in Hong Kong stock market
At the end of the story, it begins to get to the point. In fact, the above scenario is not pure fiction, but the biomedical industry is experiencing such an unprecedented "asset transfer". It can be said that the "gold rush" era of biomedicine will officially open in 2020!
01 phenomenon 1: IPO was ignited, and a pharmaceutical company was listed in 3.75 days
Every week, a biomedical company goes public. In July, one company goes public every 3.75 days, missing Junshi bio and Sansheng Guojian. There are more and more high-quality standards in the biomedical sector. In the past, those unprofitable biopharmaceutical "upstarts" were born to land on NASDAQ; but now, when asked where they want to go public, their answers have changed! "It's no longer just NASDAQ! The Hong Kong Stock Exchange and the science and technology innovation board are also good choices! "
Zhitong finance and economics recently reported that zaiding medicine, which is listed on NASDAQ in the United States, is preparing to go back to Hong Kong for a second listing, with JP Morgan and Citigroup in charge of the project. If all goes well, zaiding pharmaceutical is expected to be listed as soon as the fourth quarter of this year, becoming the second biomedical stock listed in Hong Kong after Baiji Shenzhou. In the same way, Xiansheng Pharmaceutical Co., Ltd. is also a high-temperature pharmaceutical enterprise which intends to go to Hong Kong recently. Unlike zaiding pharmaceutical, it has delisted from the NYSE in 2014.
Although the current backflow situation is still very few, but the split listing may become the trend. According to incomplete statistics of e-medicine managers, in the first half of 2020, seven pharmaceutical companies announced that their subsidiaries would be split into gem or sci-tech innovation board for listing. Among them, the vaccine business of Changchun hi tech, Hualan biology and Liaoning Chengda will be split; Tianshi will be dedicated to drug research and development; Kelun pharmaceutical will be committed to the separation of CHUANNING biology, which is committed to the development of infusion, antibiotics and drugs.
In addition, "a + H" is also the main contribution source of high-quality target.
02 phenomenon 2: nearly 90% of the 100 institutions have declined, and those who have gone against the trend have increased their medical care and health care
IPO retrospection is a more closed primary market, which is the cradle of the growth of biomedical upstarts. Due to the particularity of new drugs, there are not only a group of perseverance scientists, but also a group of investors with long-term vision and strong toughness.
From the actions of these investors, we can see some essentials of the primary market of biological medicine this year. According to the investment data of 100 investment institutions according to tianyancha statistics, in the H1 of 2020, the investment amount of 81 investment institutions is lower than that of the same period, 20 of which have a year-on-year decrease of more than 70%, 4 are in line with the historical level, and only 12 investment institutions have achieved adverse growth.
Further combing the 12 institutions, more than half of them focus on medical and health investment (defined as the top two proportion of medical investment in historical investment), involving seven well-known institutions, including Sequoia Capital China, Yida capital, Huagai capital, Yuanhe holding and stoic capital. Most of the seven institutions have, as always, maintained their investment in medical and health care. In contrast, Yuanhe Holdings has increased its investment. The investment in the first half of this year has exceeded that of last year. It has participated in the e-round of Changfeng Pharmaceutical Co., Ltd., the a-round of Clary gene and the b-round of yaomingjunuo. The first two companies are Suzhou companies. Yaomingjunuo also has car-t factory in Suzhou BioBAY. Yuanhe holding, formerly known as Suzhou venture capital, is an important supporting institution of Suzhou BioBAY.
03 phenomenon 3: the secondary market increased by 25% on average, and the market value of Hengrui, Mindray and Yaoming increased
For ordinary investors, the primary market is usually difficult to participate in, and the secondary market is more closely related. In 2020, the investors of biomedicine are going through an unprecedented good era, not only Hengrui. According to probability theory, "in the first half of this year, half of the opportunities will increase by more than 20%".
Under the epidemic situation, more than 20% of the treatment is limited to biological medicine, followed by consumption. For example, tourism, film and television entertainment, praying not to go bankrupt is the biggest extravagance. Last year, the overall performance of computer, electronics, 5g and other subdivision fields, which have long been favored, is also very bleak. According to choice data, as of June 22, 2020, the median cumulative growth rate of the biomedical sector was 23.11%, and that of food and beverage, electronics, computer and communication was 16.39%, 6.43%, 4.24% and - 0.66%, respectively.
Specifically, the most eye-catching company in terms of growth is also the bio pharmaceutical industry, with the highest increase of 17 times, which is Wantai bio from Beijing. The company's main products are enzyme-linked immunosorbent assay, colloidal gold rapid diagnostic reagent, etc. It is worth noting that Wantai bio was listed on the Shanghai Stock Exchange on April 29 this year, and gained 26 trading limits as soon as it was listed.
Not only Wantai biological, but also a number of IVD enterprises listed in 2020 were scrambled, occupying the top 5 three seats. In December, 424% of the company's total investment in the company's automatic reagent industry has been listed in Shenzhen Stock Exchange. With ten years of running, Sequoia has also obtained a Book Return of more than 70 times. There is also a POCT real-time diagnostic reagent manufacturer Oriental bio, which also increased by more than five times.
Phenomenon 4: multinational MNCs have begun to carry out innovation investment transactions in China
In the past, it was rarely heard that multinational pharmaceutical companies participated in the investment of local biomedicine through their investment institutions. Of course, Lilly Asia Fund is a special presence. The company started from the venture capital Department of Lilly pharmaceutical in 2008, and then participated in the investment in Lianya pharmaceutical industry (frequent customers of Anda) and microchip Biology (upstart of innovative drugs) the following year. Before independence in 2011, he also participated in the investment of Beida pharmaceutical and Borui pharmaceutical. Now both of them have been listed and have performed well in the capital market.
Before 2014, in response to the "patent cliff" crisis, Lilly pharmaceutical became one of the most prominent MNCs in the Chinese market. Like many MNCs, Lilly also invested a lot in building factories and R & D centers. However, what is more forward-looking is that Lilly pharmaceutical has begun to extend its capital tentacles to domestic leading R & D enterprises in the form of venture capital funds.
Nowadays, most of the new biomedical celebrities of the HKEx have received Lilly's investment. For example, Sinda bio, a domestic PD-1 four little dragons, was targeted by Lilly in 2013, and kangxinuo, which stands out in the research and development of the new crown vaccine, received Lilly's investment soon after its establishment. In this year's IPO of Peijia medical and burning stone medicine, Lilly Asia Fund is undoubtedly more outstanding than Lilly pharmaceutical's performance in China.
It is worth noting that in addition to Lilly Asia Fund, which is active in the domestic investment circle, it will welcome two MNCs, Sanofi and bringer Ingelheim, in the domestic biomedical investment market this year.
05 logic 5: new drugs NDA, Ind burst out!
The craze of the secondary market, the outbreak of IPO, the tenacity of the primary market and the change of foreign capital's cognition are not accidental, but sooner or later. The formal opening of 2020 has its underlying logic. Whether it has been approved for listing, or is applying for listing, or applying for clinical trial of new drugs, it has achieved different degrees of growth. The latter two can be described as "outbreak".
The approval of new drugs is the most direct example. In 2020, the outbreak of the epidemic did not affect the progress of drug approval. According to CDE data, in the first half of 2020, nmpa approved a total of 27 new drugs, including 17 imported drugs and 10 domestic drugs. (the statistics mainly include category 1 and category 5.1, excluding biologically similar drugs, new indications and new dosage forms). It is worth noting that in 2020, compared with the same period in 2019, 6 new drugs will be added, of which 5 will be contributed by domestic new drugs, with an increase rate of 1 times.
In terms of category, there were two more antineoplastic drugs than the same period of last year. Only carrilezumab of Hengrui pharmaceutical was listed in the market in the same period of last year. This year, there were two "first" antineoplastic drugs newly listed: ametinib mesylate tablets from hausen, the first domestic third generation EGFR-TKI drug; and the second, zebitinib from Baiji Shenzhou, the first domestic Btk inhibitor on the market in China. Another 2 drugs for liver diseases were added. No drugs for liver diseases were put on the market last year.
06 logic 6: speed of drug administration department, 6 items in January are in line with FDA
The reason of the outbreak of new drugs can not be separated from the efficiency of the drug supervision department. FDA can be said to be the model of global drug review and approval. Even if the United States is in the worst hit area, the speed of examination and approval is still awesome. In May, 6 new drugs were approved for sale, the most months in the first half of 2020.
Looking at nmpa in May and June, there are six new drugs every month, and six drugs per month have become the normal state of nmpa. Last year, the average number of new drugs was 4.4 per month. With the subsequent outbreak of NDA and ind reserves, the relevant departments of nmpa will have to be more busy in the future! There are two possible reasons for the speed of convergence with FDA, one is the increase of reserves, the other is the acceleration of approval.
On the other hand, with the acceleration of centralized purchasing speed, generic pharmaceutical enterprises truly realize that there is no way out to only do generic drugs, and further accelerate the formation of innovation ecology. It took 9 months from the 4 + 7 pilot project to the centralized mining and extension. From the centralized mining expansion to the release of the second batch of centralized harvesting varieties, the time was shortened to 3 months, and less than half a year has been successively implemented in various places.
07 logic 7: self construction + new drug trading, pharmaceutical enterprises spare no effort
Another underlying logic lies in the pharmaceutical enterprises themselves. Both the primary market financing and the acceleration of IPO are the embodiment of the accelerated layout of biomedical enterprises in the competition, because the increase of clinical trials really needs financial support.
On the one hand, local pharmaceutical enterprises spare no effort to recruit R & D talents to build their own R & D pipeline; on the other hand, they expand R & D pipeline through new drug licensing transactions. Whether it is "old brand" or "new sharp", they have their own tricks. Kelun pharmaceutical is the representative of the "old brand". At the end of May this year, Kelun pharmaceutical expanded its bidding and transferred 10% of the shares of Kelun Botai biology and Kelun Pharmaceutical Research Institute (namely 10 million shares and 10 million yuan of capital contribution) to Wang Jingyi, global R & D president and chief scientist of Kelun pharmaceutical.
Similar to colen, local bigpharma, such as Hengrui, hausen, Fosun, etc., have their own strategies. Compared with these old pharmaceutical companies, the newly listed bio pharmaceutical companies in China have more incentive for R & D scientists. The salary of R & D founders of Xinda, cornerstone and other innovative pharmaceutical enterprises is more than 100 million yuan, of which a considerable part is equity incentive.
Besides self construction, it is the re ignition of new drug authorization transaction. According to the statistics of e drug managers, as of June 9, there have been 25 new drug licensing transactions between domestic and foreign pharmaceutical enterprises in 2020, which is close to the whole year of 2019. Among them, in the first half of this year, license out reappeared its glory in 2018, which probably exceeded and became the real year of license out. The above statistics show that the number of domestic license out transactions has reached 8, close to the whole year of 2018, and also close to the 13 cases of license in.
08 trend 8: ADC and BsAb are about to break out and PD-1 will become the Red Sea
In the boiling biomedical market, there are some trends that should be seen.
At the beginning of the year, korev released the annual report of "the most noteworthy drugs in 2020", which predicted that 11 drugs would be listed in 2020, and the sales of drugs were expected to exceed 1 billion US dollars in 2024. Among the only three anticancer drugs, two ADC drugs, immu-132 and ds-8201, were approved by FDA at the beginning of this year.
ADC people believe that a good day is coming. Because ADC has been tepid since its birth, FDA approved only seven ADC drugs in the 20 years before 2019. It is only in 2019 that the dawn will be seen. In this year, the FDA approved three ADC drugs, which will remain in this state at the beginning of 2020.
In China, the first ADC drug kadcyla was approved for marketing in January this year, and the second ADC drug adcetris was launched in May. At the same time, Pfizer's besponsa has submitted its application for listing in January. Bat8001 of bteo is carrying out a phase 3 clinical trial for the treatment of HER2 positive advanced breast cancer. Rongchang biology and Kelun pharmaceutical are in phase 2 clinical trials. According to the statistics of Cory vian, the United States ranks first in the world with an absolute advantage of 139, and China ranks second with 42.