China's Pharmaceutical Administration & under the new inflection point of global financing, focusing on industrial chain M & A and emerging technologies
1. Since 2021, the revenue growth of the world's leading pharmaceutical enterprises has helped the M & A integration of the industrial chain
Stimulated by the covid-19 epidemic and the increase in the penetration rate of leading products, the overall growth rate of the revenue of leading international innovative drugs from 2020 to 2021 is relatively fast. Represented by international leading companies such as Pfizer, Johnson & Johnson, renewable yuan and Moderna, the amount of foreign investment increased significantly in 2021, and the growth trend continued until 2022q1. The investment amount of some pharmaceutical enterprises in a single quarter has reached the level of US $5 billion.
In the same period, the US biotechnology index has remained in the decline range since reaching its peak in 2021, further increasing the difficulty of IPO of start-up biotech companies, and providing a loose market environment for the global leader in innovative drugs with a large amount of investment. Therefore, from 2021 to 2022, there have been many mergers and acquisitions of heavy enterprises, and the overall industrial chain has entered the stage of integration.
\u3000\u30002. Under the requirements of high-quality development of China's innovative pharmaceutical industry, emerging technologies show a structural boom
Since the CDE released the clinical guiding principles of cancer drugs in 2021, which marked the development of China's innovative drug policy environment to high quality, new drug ind and NDA have begun to show significant changes since this year. From the current acceptance number of innovative drug ind from January to April 2022, the overall acceptance number has remained stable compared with the base, the differentiation between chemical drugs and biological drugs has further increased, the number of chemical drug ind applications has decreased by 18% year-on-year, and the number of biological drug ind applications has increased by 25% year-on-year. Among them, the acceptance number of ADC and stem cell therapy ind increased by 40% and 100% year-on-year. The industry as a whole has developed into emerging innovative drugs with high technical barriers, showing a high-quality development trend.
Investment suggestion: the bottom layout is the leader of the next generation of innovative drugs. At present, the legendary biological cilta cel products of kingship biotechnology subsidiary have been successfully listed in Europe and the United States. Rongchang biological tetasip has carried out phase II Research on the first-line treatment of IgA nephritis in the United States. Xinda biological orient-15 has carried out global multi center clinical research on the indications of esophageal squamous cell carcinoma, The 3CL protease inhibitor for covid-19 of Xiansheng pharmaceutical has started phase I clinical trial. Considering the internationalization of innovative drug enterprises, independent R & D capability, the thickness of the next generation innovative drug pipeline and the oversold degree of stock price, it is suggested to pay attention to the oversold Kingsley biotechnology, Rongchang biology and Xinda biology with the leading potential of the next generation innovative drugs.
