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路上观察研究日志 - 体验无限创意与乐趣的线上世界!
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作者|陈芋

编辑| 遥望

复星医药、达仁堂、博雅生物、莎普爱思......2025年初至今药企出售旗下资产的案例已超10起。

01

今年已有10余起药企资产出售交易

据赛柏蓝不完全统计,年初至今药企出售旗下资产的案例已超过10起,交易金额从几十万元到几十亿元不等,转让出售的标的涉及医药零售、医疗器械、民营医院等多个赛道。

02

中药老字号彻底退出合营保健品公司

创新药企剥离成熟资产获取现金流

4月15日,达仁堂公告拟向赫力昂(中国)有限公司、HaleonCHSARL分别转让其参股公司中美天津史克制药有限公司4.6%股权、7.4%股权,交易价格分别为6.22亿元、10.01亿元。转让完成后,达仁堂将不再持有天津史克股权。

中美史克是GSK与达仁堂前身天津中新药业在上世纪80年代共同投资设立的消费保健用品公司,拥有新康泰克、芬必得、百多邦、史克肠虫清、舒适达等品牌。

此次交易的买方赫力昂(Haleon),是由GSK将消费健康业务(包括非处方药、营养补充剂等)完全分拆后独立上市的消费保健用品公司。去年9月,赫力昂按35%的溢价率,以约44.65亿元从达仁堂及其控股股东天津市医药集团收回了天津史克13%、20%的股权。

达仁堂表示,赫力昂积极寻求收购其所持有的天津史克剩余12%股权,报价相较于资产评估价值有35%溢价,此次交易既有利于增加达仁堂现金流入,也符合达仁堂聚焦主业的发展思路。

此次剩余的12%股权转让完成后,意味着双方40年的合资经营走到终点。

创新药企则选择通过剥离成熟资产以获取现金流,反哺高风险、高投入的研发管线。

今年开年,和黄医药宣布拟以34.83亿元向金浦健服出售上海和黄药业35%股权、以9.95亿元向上海医药出售上海和黄药业10%股权。

上海和黄药业由上海医药、和黄医药在2001年合资成立,各占一半股份。上海和黄药业前身为上海四家百年药店雷允上、胡庆余、童涵春、蔡同德于1958年合并而成的原上海中药制药一厂。目前,其旗下有74个产品,麝香保心丸为独家中药品种。

和黄医药自身的核心业务集中在肿瘤和免疫治疗领域,主要产品包括呋喹替尼、赛沃替尼和索凡替尼等。

2001年至今,和黄医药从上海和黄药业收取的股息总额超过3.2亿美元。和黄医药表示,中药市场虽然诱人,但与其创新药核心业务存在差异,和黄医药未来将进一步聚焦于推动创新候选产品管线以及核心的创新药业务发展。

和黄医药2024年实现综合收入6.30亿美元,较上年同期的8.38亿美元下滑24.8%;同期,其应占净收益为3770万美元,较上年同期1.01亿美元下降约62%。

按照计划,出售上海和黄药业带来的资金将被和黄医药用于进一步开发其内部产品管线,并推动发展核心业务——发现、全球开发和商业化治疗癌症和免疫性疾病之靶向药物和免疫疗法,包括推进新一代抗体靶向偶联药物项目等。

全球医药行业深度重构,企业通过资产出售、股权转让等举措摆脱非核心业务,转而将资源聚焦至自身优势领域或潜在高附加值赛道,发展逻辑从贪大求全向精耕细作转变。

直面挑战,不少药企选择轻装上阵。

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