Asymchem Laboratories (Tianjin) Co.Ltd(002821) continue to write the leading edge with Hillhouse.
On March 25, Asymchem Laboratories (Tianjin) Co.Ltd(002821) announced that the subsidiary plans to introduce external investors such as Hillhouse, with a total capital increase of no more than about 2.534 billion yuan.
once again holding hands in a strategically advantageous position
Asymchem Laboratories (Tianjin) Co.Ltd(002821) subsidiary plans to introduce external investors
On March 25, Asymchem Laboratories (Tianjin) Co.Ltd(002821) said in the announcement that in order to promote the development of cdmo business including macromolecular drugs, antibody coupled drugs, cell gene therapy drugs and mRNA drugs of Asymchem Laboratories (Tianjin) Co.Ltd(002821) Pharmaceutical Group, and meet the capital needs of subsequent capital expenditure and operating expenditure of its subsidiary Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) Biotechnology Development Co., Ltd. (hereinafter referred to as ” Asymchem Laboratories (Tianjin) Co.Ltd(002821) biotechnology”), Mr. Hao Hong, chairman of the company and the company Asymchem Laboratories (Tianjin) Co.Ltd(002821) biotechnology development, Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology plans to sign the investment agreement with Haihe Asymchem Laboratories (Tianjin) Co.Ltd(002821) fund, hilling Qirui, Zhuhai daiheng and Kailai Tongxin.
According to the terms and conditions agreed in the investment agreement, after the target company completes the wholly-owned acquisition of Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology, each investor will invest in the target company and subscribe for the new registered capital of the target company. Each investor will increase the total capital of the target company by stages in accordance with the investment agreement, which will not exceed RMB 2.534 billion, of which the maximum contribution of Asymchem Laboratories (Tianjin) Co.Ltd(002821) pharmaceutical to the target company is RMB 1.66 billion. After all parties complete the first capital increase transaction, the shareholding ratio of Asymchem Laboratories (Tianjin) Co.Ltd(002821) pharmaceutical to the target company will be changed from 100% to 83%. This transaction constitutes a connected transaction.
overweight cdmo field
According to the announcement, after the transaction, the subsidiary Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology will exclusively engage in the main business, namely the contract R & D and production services of macromolecular drugs, antibody coupled drugs, cell gene therapy drugs and mRNA drugs Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology and Asymchem Laboratories (Tianjin) Co.Ltd(002821) medicine promise that all the proceeds collected according to the capital increase will be used for the main business operation of the target group and other purposes agreed by the contracting parties.
The pricing of this transaction is determined through negotiation by all parties to the transaction. The price is fair and does not harm the interests of small and medium-sized investors. After the capital increase, the board of directors of the target company is composed of three directors, including two directors nominated by Asymchem Laboratories (Tianjin) Co.Ltd(002821) pharmaceutical, one director nominated by Hillhouse, one chairman nominated by Asymchem Laboratories (Tianjin) Co.Ltd(002821) pharmaceutical and one vice chairman nominated by Hillhouse.
Asymchem Laboratories (Tianjin) Co.Ltd(002821) also mentioned in the announcement that the guarantor will try its best to make the target company achieve a qualified initial public offering before December 31, 2026, including trying its best to make the target company meet the listing conditions according to its main business scope before the above date.
Asymchem Laboratories (Tianjin) Co.Ltd(002821) said that the company, together with the Gaoling and Haihe Asymchem Laboratories (Tianjin) Co.Ltd(002821) funds, intends to jointly invest to build the target company into a global leader in the field of contract R & D and production services (cdmo) of biological drugs and advanced therapies, and leverage the rapidly growing cdmo Market of biological drugs and advanced therapies at home and abroad with high-level one-stop professional R & D and production services. In the future, the target company will be positioned as an exclusive contract R & D and production service (cdmo) enterprise in Asymchem Laboratories (Tianjin) Co.Ltd(002821) Pharmaceutical Group, including macromolecular drugs, antibody coupled drugs, cell gene therapy drugs and mRNA drugs. All parties will also rely on the resource advantages in their respective fields to carry out comprehensive and in-depth strategic cooperation in the field of industry ecology and capital market.
This time, the target company introduces external investors by increasing capital and shares, which is in line with its future development strategy. This capital increase is conducive to enhancing its capital strength, meeting the capital needs of its subsequent capital expenditure and operating expenditure, improving its overall competitiveness and promoting the development of the company’s cdmo business. This transaction will not affect the scope of the company’s consolidated statements. After the completion of the transaction, Asymchem Laboratories (Tianjin) Co.Ltd(002821) pharmaceutical will still be the controlling shareholder of Asymchem Laboratories (Tianjin) Co.Ltd(002821) biotechnology development. This transaction will not have a significant adverse impact on the company’s financial and operating conditions.
Hillhouse capital once invested 1 billion in shares Asymchem Laboratories (Tianjin) Co.Ltd(002821)
has been in the pharmaceutical field for a long time
The origin of “star organization” Hillhouse capital and Asymchem Laboratories (Tianjin) Co.Ltd(002821) can be traced back to 2020. In October 2020, Hillhouse capital invested 1 billion yuan to take a strong stake in Asymchem Laboratories (Tianjin) Co.Ltd(002821) . According to the announcement, the amount of non-public offering was RMB 1018202187 million. There are 9 issuers, of which 4.453 million shares were allocated to Hillhouse capital, with an allocation amount of about 1 billion yuan.
At that time, Asymchem Laboratories (Tianjin) Co.Ltd(002821) was in the high-speed growth period of cdmo industry, and the company’s performance maintained growth for seven consecutive years. Zhang Lei, founder of Hillhouse capital, has also publicly stated that as a long-term supporter of Asymchem Laboratories (Tianjin) Co.Ltd(002821) it will continue to promote the breadth and depth of Asymchem Laboratories (Tianjin) Co.Ltd(002821) service innovation drug company.
It is worth noting that Hillhouse capital has been in and out of Asymchem Laboratories (Tianjin) Co.Ltd(002821) shareholder seats in recent years. In the third quarter of 2020, Hillhouse Investment Management Co., Ltd. newly became the ninth largest circulating shareholder of Asymchem Laboratories (Tianjin) Co.Ltd(002821) but disappeared from the top ten circulating shareholders at the end of 2020. At the end of the second quarter of 2021, Hillhouse Capital Management Co., Ltd. reappeared in the field of vision and became the sixth largest circulating shareholder of Asymchem Laboratories (Tianjin) Co.Ltd(002821) , holding 2202700 shares, accounting for 0.95%. Only one quarter later, Hillhouse capital reduced its holdings and left again.
As one of the world’s top investment institutions, Hillhouse entered the fields of medicine, medical treatment and general health in about 2012, and invested heavily in many tracks to invest in leading enterprises. In the field of innovative medicine, the investment is more than 20 billion yuan, and four pharmaceutical enterprises including Baiji, Hengrui, Junshi and Xinda are arranged; In the field of medical devices, it has successively invested in Peijia medical treatment and Qiming medical treatment to increase minimally invasive medical treatment; Even in the niche field of pharmaceutical R & D and production outsourcing services, it has invested heavily in Asymchem Laboratories (Tianjin) Co.Ltd(002821) and Hangzhou Tigermed Consulting Co.Ltd(300347) which are the leaders in China’s cdmo and clinical cro fields.
According to the statistics of it orange data, the medical and health field occupies the most important position of Hillhouse capital in terms of total investment and investment quantity.
Zhang Lei has repeatedly disclosed in public that Hillhouse capital is firmly optimistic about China’s development prospects in the fields of biomedicine and Internet technology. Hillhouse’s total investment in big health and big medical care has exceeded 120 billion. At the same time, cro / cdmo track layout in the field of biomedicine has been for a long time.
Public information shows that cdmo is a customized R & D and production organization, which mainly provides pharmaceutical enterprises and biotechnology companies with clinical new drug process development and preparation, as well as listed drug process optimization and large-scale production services, including the production of preclinical and clinical trial research drugs and commercial drug production.
Asymchem Laboratories (Tianjin) Co.Ltd(002821) re sign large new orders
future performance growth is expected
In terms of operating conditions, the performance of Asymchem Laboratories (Tianjin) Co.Ltd(002821) year grew strongly, and large orders were frequently signed. On February 20, 2022, Asymchem Laboratories (Tianjin) Co.Ltd(002821) issued the announcement of signing major contracts for daily operation: Recently, Jilin Asymchem Laboratories (Tianjin) Co.Ltd(002821) Pharmaceutical Chemistry Co., Ltd., a wholly-owned subsidiary of the company, signed a new batch of supply contracts for related products with customers. The contract amount is equivalent to about RMB 3.542 billion, and the contract supply time is 2022.
Minsheng Securities pointed out that within three months, Asymchem Laboratories (Tianjin) Co.Ltd(002821) signed three major orders, all of which were small molecule chemical innovative drugs cdmo, highlighting the hard power of cdmo, the first tier in the world. In addition, the delivery of new production capacity in the two production bases was started, and the release of production capacity was comprehensively accelerated. Small molecule and emerging businesses drive high growth, while overweight overseas strategic layout companies maintain the global leading position of small molecule cdmo, and the growth trend of orders and production capacity is strong; At the same time, it is also rapidly promoting the development of emerging business sectors such as chemical macromolecules, biological macromolecules cdmo, preparations and clinical cro.
Huaxi Securities Co.Ltd(002926) believes that the company has been deeply engaged in the field of small molecule cdmo for more than 20 years and has established a world-class R & D platform with nearly 3000 scientists and engineers. At the same time, the company has upgraded and established four technology platforms since 2020, including process science center, continuous Science and technology center, biosynthesis technology R & D center and intelligent manufacturing technology center, for R & D and reserve of various technologies, Support the continuous improvement of cdmo + service capacity of Asymchem Laboratories (Tianjin) Co.Ltd(002821) , and realize the continuous empowerment of the company’s pipeline under research. Looking forward to the next three years, considering the order increment brought by continuing to cultivate key customers and accelerating the development of long tail customers, as well as the supply side acceleration brought by the acceleration of superimposed capital expenditure, we generally judge that the company’s performance will realize the trend of accelerated growth.
Since the beginning of this year, affected by multiple factors, Asymchem Laboratories (Tianjin) Co.Ltd(002821) ‘s share price has changed the previous soaring mode and performed weakly. During the year, the stock has fallen by nearly 20% and its market value has already fallen below 100 billion. So far, the stock has reported 351 yuan, with a total market value of 89.9 billion yuan.
