"Entrepreneurship should not be easy." The first domestic antibody company financing bumped into the wall

Biopharmaceutical companies have difficulty in financing and have spread from the secondary market to the first -level market.

On September 7, Sansheng Kingdoms issued an announcement saying that Dan Sheng Pharmaceutical, a subsidiary who had intended to be split before, due to changes in the capital market environment, after negotiating with investors, Dan Sheng Pharmaceutical's Series A financing was pressed for a suspension key.

Sanxian Guojian's parent company San Life Pharmaceutical is one of the oldest companies in domestic biomedicine. As early as 2006, Sansheng Pharmaceutical's antibody drug "Yisai Pop" with severe rheumatoid arthritis was listed. At that time, the GMP specifications of domestic pharmaceutical companies were not fully unified, and "Yisse" was almost a miracle in the domestic pharmaceutical industry.

In the past 20 years, Sansheng Pharmaceuticals has been developing steadily. In July 2020, Sanxiang Guojian, a subsidiary, was split out of the science and innovation board from the Sansheng Pharmaceutical, which was also earlier among domestic pharmaceutical companies. But when Sansheng Guojian wanted to incubate a subsidiary, he encountered difficulties.

Dan Sheng Pharmaceuticals condensed the expectations of Sansheng Kingdom. According to disclosure, the Three Sheng Guojian moved its own four dual -resistant projects and 3 cutting -edge projects to Dan Sheng Pharmaceutical, but all 7 projects did not disclose target information.

On the surface, the potential of Dan Sheng medicine should be good, but the round A financing is not good. This is no longer explained by the pipeline variety.

Financing is suspended, and pipelines can only be selected by selectively

Divorting the subsidiaries and running independently has always been an important means for listed companies to reasonably allocate resources.

Lepu's Lepu Diagnosis, Lepu Bio, minimally invasive brain science, minimally invasive robotics, etc., are all independent subsidiaries.

Today, this trick is suddenly not spiritual?

Earlier this year, the three students of the Three State of the Create Board released the news of the spin -off subsidiaries for more than a year. At that time, the plan was to include Dan Sheng Medicine into Grand Joint, another wholly -owned subsidiary of Sansheng Kingdom, and this company was actually a financing platform to promote the development of 7 research projects by selling stocks to external institutions.

Faced with fierce industry competition, it is a relatively secure way to split some products to incubate. Three -lived medicines have been built in the trial room and production line in advanced antibody drugs very early. According to media reports at that time, as of January 2007, 9 of the 11 antibody domestic drugs approved by the State Drug Administration were produced in the Sansheng State Jian today.

After Dan Sheng Pharmaceutical was split, some CDMO business could be borne by the three lives and nations.

In order to promote the normal advancement of Dan Sheng's pharmaceutical business, Zhu Yiping, the core technician of Sansheng Guojian, left at the beginning of the year and plans to join Dan Sheng Pharmaceutical in the later stage. According to the plan, GRAND JOINT will sell shares to six investors, with a financing amount of 40 million US dollars, or about RMB 250 million.

This scale A financing is relatively large among biomedical companies.

The equity decreases from 100%to 36%

But things are not going well. Since March 2022, the delivery matters have not been completed due to factors such as the new crown epidemic. Moreover, because of changes in the capital market, the six investors are currently difficult to bear investment fees.

It is said that the three lives also discussed the change of financing plans with several investors, but the difference between the two sides was large and eventually only temporarily slowed down.

The termination of financing will inevitably affect the progress of Dan Sheng Pharmaceutical's products. According to the three students, Dan Sheng's projects are still relatively early varieties, and the impact of research and development has little impact. Follow -up will match the company's strategy and selectively promote clinical value products.

At the right time, License Out may also be part of its consideration. "In short, we must increase the overall income of the company." Sansheng Guojian said to Jianzhi Bureau.

Industry prospects ≠ company prospects

In the past two years of listing, the annual revenue of the Three State State has not returned to the level before the epidemic, and the net profit is still losing money.

In the first half of this year, the revenue of the Three State National Jian was 341 million yuan, a year -on -year decrease of 28.85%; net profit decreased by 132.06%year -on -year, and the loss reached 7.1894 million yuan. Stop loss and income increase have become the main goal of the Sanshu Guojian. It is too advanced pipeline. If there is no strong external funding support, it is common to suspend research and development.

According to medical cube data, in the first half of 2022, investment and financing incidents in the first -level market decreased by 46.7%year -on -year; IPO incidents decreased by 45.5%year -on -year; re -financing events in the secondary market decreased by 57.8%year -on -year.

The lack of money has indeed become the problem that most of the operating companies are facing, and it is not limited to the field of pharmaceuticals. Musk reduced its holdings of about $ 32 billion in Tesla shares, Buffett's asset management company Berkshire Hathaway reduced BYD, Guo Guangchang began to reduce Hosun Pharmaceutical, sufficient cash flow became a company to carry Key conditions for overwhelming.

Dan Sheng Pharmaceutical Project became the tip of the iceberg that exposed the sea because of information disclosure. In the deep sea, many new pharmaceutical companies are struggling.

"There are other cases in the circle of financing interruptions." The investment director of a biomedical investment institution told the Jianzhi Bureau, "However, these cases are mostly concentrated in the pharmaceutical field, and there are no large -scale flooding."

The self -rescue of the enterprise has begun, and the clover has suspended the investment of non -new crown drugs. Watson terminated the research and development of the reorganization EV71 vaccine. It is more likely to generate reward projects.

Listed companies still have financing support in the secondary market. Some companies that are still in the entrepreneurial period, the direct consequence of the breakdown of funds is to stop labor and production. In August, Shanghai Baimengbo Pharmaceutical Co., Ltd., which has operated history in 13 years, issued an announcement saying that the company's funds were insufficient and the production was temporarily suspended for 6 months. In the eyes of many investors, the industry's prospects are still considerable in the adjustment cycle of the pharmaceutical industry in the bubble industry. But for the people and companies in the industry, the industry is there does not mean that their company will be there.

With the gradual acceleration of the development of global biomedicine, the low -end fruit in the field of pharmaceuticals is almost left; the overlapping new crown epidemic, regional wars and other factors have affected, economic pressure, capital supply is affected by cyclical fluctuations. Capital patience.

The new crown epidemic has developed from a black swan to a gray rhino. Various pressures forced enterprises to carry out substantial innovation.

"Actually, it was too good to be before," said the investment director of the pharmaceutical industry. "Entrepreneurship should not be easy."

Writing ｜ Nicotinamide

Edit ｜ Jiang Yun Jia Ting

Operation | Twenty -thirty

Illustration ｜ Visual China

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