\u3000\u3 Shengda Resources Co.Ltd(000603) 590 Beijing Konruns Pharmaceutical Co.Ltd(603590) )
Matters: the company plans to use its own funds of 134 million yuan to purchase the intellectual property rights and all rights under the class 1.2 new Chinese medicine jingucao Total Iridoid Glycoside tablets (Jincao tablets), including but not limited to the approval document for drug clinical trial, relevant technical achievements, patent rights and patent application rights of Jincao tablets. At present, “Jincao tablet” has completed phase II clinical trial and is about to enter phase III clinical trial.
Jincao tablet is the first type 1.2 innovative traditional Chinese medicine variety accurately approved with the indication of “pelvic inflammatory disease sequelae chronic pelvic pain”. Compared with the compound preparation for the treatment of pelvic inflammatory disease that has been listed and is under research, Jincao tablet is the extract of Ajuga grass, and the main component is “Total Iridoid Glycosides”. As an effective substance and special preparation extracted from natural drugs, its material basis and action mechanism are more clear, and it is accurately positioned in “chronic pelvic pain, the sequelae of pelvic inflammatory disease”. The clinical application scene is clear, which can solve the unmet clinical medication needs.
Jincao tablet has a definite clinical effect in the treatment of chronic pelvic pain, the sequelae of pelvic inflammatory diseases. It has a significant effect of eliminating chronic inflammation and analgesia at large and small dose levels, with good safety, tolerance and high medication compliance. At present, Jincao tablet has completed phase II clinical trial, with a total of 180 subjects. The effectiveness results showed that the analgesic effect of Jincao tablet was significantly better than that of placebo group, which could significantly reduce the VAS score and significantly improve the pain disappearance rate of patients. In terms of pain disappearance rate, after 12 weeks of continuous treatment, the pain disappearance rates of Jincao tablet high-dose group and low-dose group were 53.45% and 43.33%, which were significantly better than 11.86% in placebo group. Other efficacy evaluation indexes (including signs, McCormack scale score, SF-12 scale score and TCM syndrome score) showed the same efficacy trend. The safety results showed that Jincao tablet was safe and well tolerated, the subjects had high compliance, no potential safety risks were observed, and the evaluation results of various safety indexes were equivalent to placebo. In terms of treatment-related adverse events, the incidence of high-dose group and low-dose group were 3.45% and 1.67% respectively, which were lower than that of placebo group (5.08%).
Jincao tablet is expected to be approved for listing in 2024 and is expected to reach a sales peak of 600 million yuan. According to the number of users of Jincao tablets and the first cure cost of a single person, it is expected to achieve a sales revenue of 330 million yuan and a net profit of 100 million yuan in 2028 and a sales peak of 600 million yuan in 2034.
The company is committed to building a “global new” innovative new drug, taking multiple measures at the same time, improving the layout of the innovation system, and forming a product system dominated by new drugs, with remarkable curative effect and outstanding market competitiveness. The 134 million yuan acquisition of jincaojian project reflects that the company attaches great importance to R & D and innovation, takes multiple measures to enrich the pipeline under research and improve the layout of innovation system. The company has sufficient funds in the account and the pipeline is advancing smoothly. At present, the two anti-tumor innovative drugs kc1036 and cx1003 are in the clinical stage, and kc1036 has completed the clinical phase IA. Cx1003 is in clinical phase I. Cx1026 is in preclinical stage. At the same time, suling carries out clinical research on canine hemostasis, which is expected to open up the pet market.
Profit forecast and investment suggestions. It is estimated that the EPS from 2021 to 2023 will be 1.16 yuan, 1.35 yuan and 1.52 yuan respectively, and the corresponding PE will be 26x / 22x / 20x respectively. With the consolidation of the company’s existing business, taking multiple measures to improve the innovative product system, gradually promoting the R & D pipeline, and suling is expected to open up growth space and maintain the “buy” rating by entering pet medicine.
Risk tips: market competition risk, downward risk of drug price and risk of new drug research and development.
