Caffeine

作者 | 颜色编辑 | 遥望新诺威收购石药百克终止。01历时一年多76亿交易终止 5月6日，石药创新制药收到深交所《关于终止对石药创新制药股份有限公司发行股份购买资产并募集配套资金申请审核的决定》的公告，同意石药创新制药终止发行股份及支付现金购买资产并募集配套资金暨关联交易事项并撤回申请文件。 新诺威并购兄弟公司石药百克这一交易画上句号。  在这一公告发布后，新诺威当日收盘价为565.63亿元（5月6日），5月7日，新诺威总市值下跌，达到538.52亿元。 4月28日，石药创新制药发布《关于终止发行股份及支付现金购买资产并募集配套资金暨关联交易事项并撤回申请文件的公告》。 根据新诺威今年1月20日发布的公告，其拟以发行股份及支付现金方式购买交易对方石药集团维生药业（石家庄）、石药（上海）、石药集团恩必普药业合计持有的石药集团百克（山东）生物制药股份100%股权，同时拟向不超过35名特定投资者发行股份募集配套资金。此次总交易金额为76亿元，其中股份支付对价金额为68.4亿元，现金对价金额为7.6亿元，具体如下：  石药百克是石药集团全资子公司，专门从事生物制品研发、生产、销售等。石药集团通过维生药业、石药上海、恩必普药业三家公司，对石药百克实现100%控股。 石药集团通过旗下全资子公司恩必普和欧意药业合计控股新诺威超74%的股权。由此，此次关联交易，本质是石药集团的内部资本运作。 收购消息传出时，新诺威称其主要经营功能性原料、保健食品的研发、生产与销售，通过完成对巨石生物的控股，将业务链延伸至生物创新药领域。 石药百克主要专注于长效蛋白药物等创新生物制药前沿领域，拥有较强的研发、产业化和商业化实力，2022-2024年上半年，石药百克的营收分别约为22.35亿元、23.16亿元、9.22亿元；归母净利润分别约为6.21亿元、7.85亿元、3.90亿元。其核心产品为自主研制的聚乙二醇化重组人粒细胞刺激因子注射液（商品名“津优力”），是国内首个自主研发的长效升白药。 通过本次交易，新诺威欲将生物医药布局进一步延伸至长效蛋白等前沿领域，深化技术和产品布局，实现产品结构和创新生物药管线的布局升级，加速打造领先的创新生物医药平台等。但目前来看，新诺威通过此次交易深化生物制药的愿景暂时落空。 对于此次并购终止的原因，新诺威给出的解释是：鉴于本次重组事项自筹划以来已历时较长，医药行业及资本市场整体环境等情况较本次重组筹划之初发生了一些变化。 业内有人士认为，变化或许一方面与新诺威2024年的业绩下滑有关；另一方面，作为被收购方，石药百克的业绩也面临集采压力，核心产品津优力在多个省份陆续执行省际联盟集采中标价，2024年上半年扣非净利润下滑。02系列收购之下新诺威发展走向？ 作为A股上市公司，新诺威被石药集团用作资产注入平台，逐步将港股体系内的优质资产（如巨石生物、石药百克）转移至A股，以获取更高的市场估值和融资能力。 新诺威原本主营咖啡因、阿卡波糖等功能性食品及原料药，通过收购巨石生物（创新药管线）等，转型为创新药企业，承载石药集团的前沿生物药布局。也是从新诺威，石药开启了创新打法。 赛柏蓝梳理发现，近些年来，新诺威收并购的脚步从未停歇。 2016年，新诺威收购河北果维康100%股权（在保健食品研发、生产、销售领域经验丰富）；2021年，新诺威拟作价8亿元收购石药圣雪100%股权，继续开拓大健康市场；2022年11月，新诺威完成这一收购，由此获得石药圣雪旗下的阿卡波糖原料药及无水葡萄糖相关业务。 2023年9月，新诺威计划对巨石生物实施现金增资18.71亿元。通过增资，新诺威取得巨石生物51%的股权实现控股。 但资本市场的收并购并非都是一帆风顺，药企之间的收并购还存在整合风险和协同不足、财务及商誉风险等一系列问题。 对于新诺威也是如此，2024年，新诺威归属于上市公司股东净利润为5372.63万元，较上年同期下降87.63%。新诺威解释称，业绩下滑幅度较大：一是功能性原料咖啡因产品受到市场因素影响，价格较2023年的高位价格回落，导致功能食品及原料业务分部主营业务收入较去年同期减少6.1亿元；二是加大研发创新投入，全年投入研发费用8.42亿元，同比增长25.44%。 这些高额的研发费用主要是因巨石生物产生，目前来看，巨石生物依旧处于亏损状态。2024年，巨石生物营收8839.95万元，归母净利润为-7.27亿元。 创新药转型投入高但短期难见回报可能不止于此。2024年6月，新诺威的恩朗苏拜单抗注射液（重组抗PD-1全人源单克隆抗体）获批上市，2024年9月，注射用奥马珠单抗（重组抗IgE人源化单克隆抗体）获批上市，虽然两个产品上市后有望快速进入商业化销售阶段，但PD-1赛道内卷严重，短期内贡献收入难以预估。 目前，新诺威完成巨石生物股权的交割，战略转型到生物创新药领域，但从其业务来看，营收的大头依然是功能性原料和保健食品类产品。2024年生物制药收入8779.63万元，同比增长153%，约占总营收的4.43%。具体如下： 传统业务如何稳住基本盘，创新药转型高投入、长周期之下，新诺威如何突破困境依然需要继续观察。 END内容沟通：郑瑶（13810174402）

NewLimit’s lead asset uses lipid nanoparticles to deliver mRNA to liver cells that codes for transcription factors known to make hepatocytes look—and act—younger.\n Anti-aging biotech NewLimit plans to push a liver-rejuvenating mRNA medicine into the clinic with the aid of a $130 million series B fundraising round.The round was led by Kleiner Perkins alongside new investors Nat Friedman/Daniel Gross, Khosla Ventures and Human Capital, the company announced in a May 6 release.The preclinical company’s lead asset uses lipid nanoparticles to deliver mRNA to liver cells that codes for transcription factors known to make hepatocytes look—and act—younger, NewLimit co-founder and President Jacob Kimmel, Ph.D., told Fierce Biotech in an interview.“Old and young cells use different genes,” Kimmel said, “and then, more importantly, old cells have a loss of function that occurs in the cell types that we\'re going after.” In the liver, for example, older cells aren’t as good at processing alcohol and caffeine as younger cells, Kimmel added.The company’s first target is alcohol-related liver disease, Kimmel said, with plans to enter the clinic in the next few years. But, just like GLP-1s before them, NewLimit hopes to use early indications as a stepping stone to broader and broader patient populations. “We\'ve really been inspired by GLP-1s, medicines that started in a group of diabetic patients that later expanded through obesity and later to a number of other indications as well,” Kimmel said. “Following an approval in alcoholic liver disease, if we are so lucky, we would then hope to expand to earlier stage liver disease patients for multiple etiologies, and eventually to treating patients who have metabolic syndrome.” Kimmel said the company is developing intravenous drugs with the goal of dosing every three weeks at the shortest, similar to Alnylam’s small interfering RNA drug Onpattro (patisiran).“You can dose that medicine every three weeks, and this is something where it\'s both demonstrated to be safe and effective and commercially viable,” Kimmel said. “We see that as sort of the minimum bar, and we think we\'ve got some early evidence today that we\'re on track.”NewLimit’s science builds on discoveries in epigenetic reprogramming, the idea that tweaks to how genes are expressed can make cells behave differently or even switch cell types entirely. For example, Shinya Yamanaka, Ph.D., won a Nobel Prize in 2012 for demonstrating that mouse skin cells could be induced to turn into stem cells, at which point they could then develop into many other possible cell types.NewLimit was founded in 2022 with the goal of making medicines that reprogram old cells to extend patients’ health spans, a term that has been growing in popularity. Last month, Flagship Pioneering debuted a preemptive medicine biotech called Etiome with $50 million in financing and a goal of “increasing our health spans, not just our lifespans,” company CEO Avak Kahvejian, Ph.D., told Fierce.