On March 25, Asymchem Laboratories (Tianjin) Co.Ltd(002821) ( Asymchem Laboratories (Tianjin) Co.Ltd(002821) ) announced that in order to promote the development of cdmo (customized R & D and production in the pharmaceutical field), including macromolecular drugs, antibody coupled drugs, cell gene therapy drugs and mRNA drugs, and meet the capital expenditure and operating expenditure of the subsidiary Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) Biotechnology Development Co., Ltd. (hereinafter referred to as ” Asymchem Laboratories (Tianjin) Co.Ltd(002821) biotechnology development”), Haohong, chairman of the company and chairman of the company The subsidiary Asymchem Laboratories (Tianjin) Co.Ltd(002821) biotechnology development and Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology plan to sign the investment agreement with Haihe Asymchem Laboratories (Tianjin) Co.Ltd(002821) fund, Gaoling Qirui, Zhuhai daiheng and Kailai Tongxin. According to the terms and conditions agreed in the investment agreement, after Asymchem Laboratories (Tianjin) Co.Ltd(002821) biotechnology development completes the wholly-owned acquisition of Asymchem Laboratories (Tianjin) Co.Ltd(002821) biotechnology, each investor invests in Asymchem Laboratories (Tianjin) Co.Ltd(002821) biotechnology development and subscribes for the new registered capital of Asymchem Laboratories (Tianjin) Co.Ltd(002821) biotechnology development.
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 according to the investment agreement, which will not exceed RMB 2.534 billion, of which the maximum capital contribution of the company 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%.
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.
The company said that the target company introduced 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.
Public information shows that cdmo, that is, customized R & D and production institutions, mainly provide 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.
At present, affected by the decline of medical expenses and the potential rate of return of innovative drugs, pharmaceutical enterprises gradually peel off their production functions, establish customized contract production with third-party CMO institutions, and realize professional division of labor. Globally, large-scale cdmo are diversified and independent institutions, such as Lonza / catalyst / thermo fly, which are involved in the fields of chemical drugs, biological drugs and cell and gene therapy. According to the different subjects of cdmo enterprises, it is mainly divided into two different institutions: professional third-party cdmo and cdmo providers attached to pharmaceutical enterprises.
Huaxi Securities Co.Ltd(002926) research report points out that with multinational pharmaceutical enterprises focusing on front-end R & D and R & D and production of new treatment technologies, the current production function of chemical drugs will be gradually transferred to cdmo enterprises, and the overall outsourcing proportion is expected to continue to increase. According to the analysis of the research report, the market scale of biological medicine cdmo industry in 2019 is US $14.3 billion, which is 4.88% of the market scale of biological medicine. Considering the continuous rapid growth of biological medicine and the gradual improvement of outsourcing rate, it is expected that the market scale of biological medicine cdmo / biological medicine will reach 8.57% and US $46.66 billion by 2025, with a compound growth rate of 21.79%.
