Maiwei Biology (688062. SH) recently issued an issuance announcement and launched online placement. It is expected to be listed on the science and innovation board in the near future. The company will become the 13th biomedical enterprise listed on the science and innovation board according to the fifth set of standards. According to the issuance announcement, Maiwei biology priced 34.80 yuan / share, slightly higher than the previous financing target.
According to the announcement, the R & D investment of Maiwei biology in 2020 reached 581 million, and the issuance market research rate was 23.92 times, which was 64.35 times lower than the average of 25 comparable companies. “The low market research rate indicates that the valuation given by the market is relatively conservative.” Market analysts said. In addition to the market research rate, investors are often more concerned about the future commercialization ability of biomedical innovative enterprises.
whole industry chain layout
Tang Chunshan, chairman of Maiwei biology, said in response to investors’ questions in the public roadshow that the biomedical industry will be divided in the future, and enterprises with the ability to systematize R & D, production, operation and sales will eventually win.
Compared with some single R & D pharmaceutical enterprises, the whole industry chain model built by Maiwei biology is one of the highlights to attract investment institutions. The prospectus shows that among the subsidiaries of Maiwei biology, five companies focus on early discovery, two focus on product development, two are responsible for pilot test and commercial production, and two sales companies have been established. The company as a whole has initially formed a whole industrial chain layout and carried out comprehensive overall management.
From the perspective of Founder’s background, Tang Chunshan, chairman of Maiwei biology, has an industrial background in the pharmaceutical industry and is also the founder of Jiangxi Qingfeng Pharmaceutical Group. He has long focused on marketing and has a unique understanding of the China Meheco Group Co.Ltd(600056) industry, especially the marketing market; Another founder, Dr. Liu Datao, has worked in Shanghai Pharmaceuticals Holding Co.Ltd(601607) for 17 years and has been deeply engaged in the biopharmaceutical industry for more than 20 years. The background of the two founders determined that Maiwei biology was committed to becoming an innovative and industrial company at the beginning of its establishment.
According to the prospectus, a major feature of the layout of the whole industrial chain of Maiwei biology is that it has established a mature early innovation discovery platform system, which has greatly improved the innovation efficiency:
Firstly, the high-throughput hybridoma new molecular discovery platform realizes 4-5 innovative varieties every year, completes discovery research and enters the preclinical development stage. Secondly, the highly efficient B lymphocyte screening platform produced the first ST2 antibody to enter the clinic in China. In addition, when the covid-19 epidemic rose last year, it took the lead in undertaking two national key R & D plans to carry out covid-19 neutralizing antibody research. At present, it is in the phase II clinical stage of international multi center.
In addition, Maiwei biology has also established ADC drug development platform, PEG modification technology platform and bispecific / bifunctional antibody development platform constructed by Maiwei, and developed a series of varieties. Among them, PD-L1 / CD47 without erythrocyte toxicity has achieved Sino US double reporting, and is currently in the climbing stage of international multi center phase I clinic.
These technology platforms complement each other. In the past few years, a large number of intellectual property rights have been generated and unique core technologies have been formed. At present, 4 authorized patents have been obtained and 48 patents have been submitted.
industrialization system complete
The prospectus shows that as a company with the layout of the whole industrial chain, Maiwei biology has started to build a production transformation system since its establishment. This is a system between R & D and large-scale production, which provides necessary technology, experience and talent reserve for future commercial production. The system has been completed in 2019 and obtained the drug production license, which is fully constructed in accordance with GMP standards.
The system has an antibody drug production capacity of 4000L, a recombinant protein (cytokine) production capacity of 4000L and two preparation production lines. The system has greatly promoted the promotion of Maiwei biological project: the company has completed the process, quality and production transformation research of 9 varieties, of which 2 varieties of drug marketing license applications have been accepted, and 3 varieties are in the key clinical stage of registration.
Dr. Liu Datao, director and general manager of Maiwei biology, said: “the production transformation system has successfully passed the EU QP system certification, which can provide developed countries with qualified clinical samples in line with EU GMP standards. More importantly, the system has fully reserved talents for the company’s large-scale industrialization in the future.”
In addition, Maiwei biology currently has two commercial production bases under construction: Shanghai Jinshan base covers an area of 120 mu, the construction capacity of phase I is about 27000l, and the annual antibody output is about 1000 kg. It is expected to be put into use by the end of 2022, and phase II is under planning. Jiangsu Taizhou production base is under planning, which is mainly used for the commercial production of ADC drugs and recombinant protein drugs. At present, it has obtained construction land.
In addition to antibody drug R & D and replenishing the company’s working capital, the financing of Maiwei biology will also be used for the above “antibody industrialization construction project with an annual output of 1000 kg”.
business transformation ability strong
As a whole industry chain company, Maiwei biology has strong commercial transformation ability.
Li Han, deputy general manager of Maiwei biology in charge of China marketing, was once the sales director of Sanofi China and led a team of more than 1900 people. He has a clinician background, starts from a grass-roots sales representative and is familiar with academic marketing and large-scale team operation and management.
In addition, Maiwei biology has established a core marketing management team in China. The backbone of this sales team has more than ten years or even nearly 30 years of industry experience, and a large number of people have more than ten years of experience in the sales of biological agents in the field of rheumatic immunity. Maiwei biological is expected to commercialize adalimumab in the first quarter of 2022, which is a specific drug in the field of rheumatic immunity.
In addition to relying on Chinese sales, Maiwei biology has also built a strong global promotion ability. At present, Maiwei biology has established a professional business development (BD) team and realized the authorization of three varieties outside China in a short time, with a cumulative contract amount of more than 1.5 billion yuan. Through this system, Maiwei biological hopes to actively promote more innovative varieties, such as nectin-4 ADC, CD47 / PD-L1, ST2, etc., realize overseas authorization and bring efficient cash inflow to the company.
In addition, Maiwei biology is also actively layout in emerging markets and has unique advantages. At the same time, Hu Huiguo, director, deputy general manager and Secretary of the board of directors of Maiwei biology, who is in charge of BD business and international business, has more than 15 years of business development and registration experience in emerging markets, and 10 years of overseas promotion experience and business network of finished biological agents. According to the prospectus, Hu Huiguo once served as BD Director of CITIC Guojian ( Sunshine Guojian Pharmaceutical(Shanghai) Co.Ltd(688336) ), general manager of overseas business, general manager of international marketing business department of Sansheng Pharmaceutical Group, etc. According to Hu Huiguo, “these markets have a total population of more than 3 billion and have great economic growth potential. They are mainly aimed at relatively mature varieties such as biological analogues and have great demand. Maiwei biology will make a comprehensive layout in these markets.”
