Real creature "counterattack": The founder started from the coal mine, and bought Azf's fixed property rights 10 years ago

Radar finance produce | Li Yihui edited | Deep Sea

The first domestic anti -new crown oral medication aura, the capitalization of real creatures has attracted much attention.

On July 15th, the real creature announced that Azf's fixed tablet for the treatment of new coronary virus pneumonia indications reached expectations and had officially submitted a listing application to the State Drug Administration. Ten days later, Azf was approved by the State Drug Administration for emergency conditions.

On August 2nd, real creatures held the "New Crown Oral Medicine Azf Fixed Positive Putting Ceremony" in Pingdingshan. On August 4, the Hong Kong Stock Exchange disclosed a listing application for the real creature. At this time, it was only 10 days before the Azf's listing was obtained.

In fact, before the impact of the capital market, the real creature was famous. In the case of only 68,000 other income in 2020, by Azf's early clinical data for the new crown treatment, it quickly received the attention of various capitals, and received two rounds of financing for more than two rounds a year.

However, the progress of the progress does not mean that real creatures can enjoy commercial dividends. According to securities company research reports, 4 new crown oral medications have been listed in the world, and Azf's Paxlovid has been the first to be approved to be listed in China before. Essence

In this commercial competition, just looking at the "family" of real creatures alone, it is difficult for existing resources to promote Azf's large -scale production and sales. According to the prospectus, as of the end of 2021, the total assets of real biological biology were only 141 million yuan, and the operating loss was as high as 117 million yuan. As of the end of May this year, the cash was 263 million yuan.

Therefore, the reason for the partner of Fosun Pharmaceutical to share the pressure, the reason is here. However, if the commercialization movement is slow, and the real creature relies on the opportunity of Azf to seize it, it may still be "flattened" by the latecomers.

Founder halfway transit pharmaceutical field

In the prospectus of real creatures, the introduction of the founder Chaoyang is relatively simple.

The prospectus states that the company's actual controller is a dynasty, and people from Pingdingshan, Henan. Before the IPO, Chaoyang held 48.61%, and Du Jin, the chairman and CEO of the real biological biological biology, issued 17.55%.

In September 2012, Chaoyang founded Henan Real Biotechnology Co., Ltd., and served as a real director and legal representative of Henan from September 2012 to September 2018. Before the current chairman and CEO Du Jinfa joined, the group's decision -making and the decision -making and Develop a development strategy.

Since September 2019, Chaoyang has served as a non -executive director, but he has resigned before the real creature went public in Hong Kong. At present, he has not served as a director of the real creature.

According to disclosure, Chaoyang has also served as the representative of the National People's Congress of China since 2013, and since November 28, 2017, he has served as the vice president of the Central Entrepreneurs Association of the Democratic Revolution.

In addition to the business of real creatures, Chaoyang also engaged in other industries, mainly including real estate development, property leasing, asset auction, deep -oil processing, and coal product production and sale.

For example, according to the prospectus, real creatures leased the total construction area of ​​about 22,300 square meters for operations in Henan Xingdingshan Xingyu (a company with 80%of the rights and interests of the dynasty.

In addition to the above -mentioned resumes disclosed by the prospectus, according to media reports, Chaoyang, which does not understand medicine, starts from the mining industry to entering the pharmaceutical field. The entrepreneurial experience is very rich.

Tianyancha shows that Chaoyang controls a total of 18 companies, and its business involves real estate, coal, finance and chemical industry. As of now, 7 of the 18 companies have been canceled.

Combing the above -mentioned company named company, as early as 2003, its capital contributed the establishment of Pingdingshan Baoyuan Coking, and held two coal companies through Baoyuan Coking. One of them was still operating normally. Essence

In 2007, Chaoyang and the partnership of Song County established Songxian Juxin Mining. The company has also been canceled. At the same time, Jinjing Coal Industry in Shilong District, Pingdingshan City, still has continued.

In 2008, Beijing Xingyu Zhongke Investment Co., Ltd. (hereinafter referred to as "Xingyu Zhongke") was established, and the Chaoyang held 95%. Two years later, Xingyu Zhongke invested in the establishment of Chaoyang Real Estate Co., Ltd. and Henan Zhaobang Real Estate Co., Ltd., which are all real estate development.

However, these industries of Chaoyang may not be optimistic. It is reported that Zhaobang Real Estate once won the reconstruction project of the Chengzhong Village in Xigaohuang Village, Pingdingshan City in 2016, but 6 years have passed, and the project has not yet been completed.

And Tianyan Chada shows that the above -mentioned Chaoyang holding 95.5%of Chaoyang Real Estate has been included in the list of the executed persons many times, and the current total execution amount is about 203 million yuan. 12.07 million yuan.

In 2011, the dynasty sun developed in traditional industries had to face the problem of transformation.

A report from the Pingdingshan Daily mentioned that due to the fact that the safety accidents of heavy coal mines were not contained, the safety production situation was severe; the merger and reorganization of local coal companies put a lot of pressure on safety supervision. In this context, Pingdingshan City has introduced many policies and measures such as accelerating the development of strategic emerging industries to guide the optimization and upgrading of the industrial structure.

In this transformation of the large span, Chaoyang ushered in another new stage of his life entrepreneurship, and began to enter the field of new drug research and development.

Azfdin's previous life

The founder became a monk halfway, and there was no medical background. However, in the development of the new crown drug, why is it a real creature in front?

It is necessary to know that a large number of companies such as Junshi Biological and Tuoxin Pharmaceuticals, such as Junshi Biological, Takura Pharmaceutical, have already been listed, and have a mature R & D system and rich R & D pipelines. Theoretically resource and technical reserves are better than real creatures.

In fact, the real creatures of the Chaoyang can go on the road of innovative drugs to develop this nine deaths. Join.

Azfdin's inventor was Chang Junbiao, and his identity at that time was the vice president and professor of chemistry at Zhengzhou University. According to the above reports of Pingdingshan Daily, since 2003, Chang Junbiao has begun to develop special effects of AIDS Azfdin for AIDS, and later obtained a compound patent in 2009.

In 2011, Chang Junbiao transformed from Zhengda's laboratory and found the Azf's fixed project to find the dynasty's sun. Beijing Xingyu Zhongke bought all the patents of Azfdin for 40 million yuan.

After the establishment of real creatures in 2012, Xingyu Zhongke once again entered into a supplementary agreement with Zhengzhou University to transfer relevant intellectual property rights to real creatures.

In 2013, the new type of anti -AIDS drugs independently developed by the real creature Azf was scheduled to obtain phase I clinical approval. The next year was opened in China, and the phase II clinical trial was launched two years later.

At this time, Azfdin's business direction is mainly "broad -spectrum antiviral, treating AIDS". However, Chaoyang understands that the medical field does not understand itself. It is only necessary to pass through the transformation of compounds to new drugs to the market. "I must invite people over. As long as Dr. Du is coming, this can be done."

Dr. Du in the Chaoyang Pass is Du Jinfa, who worked in the United States. It is reported that Du Jinfa is a PhD in drug chemistry at the Institute of Drugs of the Chinese Academy of Medical Sciences. He has a 23 -year new drug research and development experience in the United States. He has served as a senior chief scientist of Pharmasset (later acquired by Geelyand), which has basically achieved the transformation of Geilide to TOP10 pharmaceutical companies.

Later, the real creatures have dug up the chief scientist of the United States Merck, the Dr. and Mass Dr. of the Vice President of the Stone Medicine Group, and Dr. Guo Changyue and Dr. Li Pan of the current vice president of real biological biology.

After the emergence of the new crown epidemic, in February 2020, after Azf was found to be able to resist the new coronal virus, it was approved by the State Drug Administration to conduct a phase III clinical trial in April of that year.

This has also become a turning point in real creatures. In February 2021, by Azf's early clinical data for the new crown, real creatures quickly attracted capital attention and completed a round A financing of 149 million yuan.

As Azft has entered the third phase of the clinic, more capital rushes to real creatures. After the round B financing of 563 million yuan in April 2022, the company's post -investment valuation was about 3.56 billion yuan. The investors were Yingke Capital, Yifeng Capital, Asian Capital, Fugu Financial, and Shanghai Disano Pharmaceutical Co., Ltd.

It can be seen from the prospectus that before the entry of external funds, real creatures are in a state of "incompleteness". Because in addition to Azf, which has a better curative effect on the new crown virus, the company's fastest progress is the anti -tumor drug Dokinib. It is currently clinical in Phase I and is far away from the market.

Although Azf was approved for listing in July 2021 as anti -HIV drugs, it did not create much revenue.

From the beginning of 2020 to the end of May 2022, the cumulative revenue of real creatures was 9.895 million yuan, of which 6.434 million yuan was a net exchange income, and the rest were government subsidies and bank interest. Yuan.

As of the end of May this year, the cash and cash equivalents of real creatures were only about 263 million yuan. From the perspective of the "burning money" of 1122 in the first five months of 2022, these funds will not be supported for a long time. Therefore, grasping the window period of the listing of the Azf's fixed film to raise funds for the capital market, becoming the most important thing for real creatures.

What is the space for commercial dividends?

If you only look at financial data, the past performance of real creatures is lacking. The biggest highlight of its future is nothing more than the sales performance of the new crown oral Yhazf's final list.

According to the prospectus, in terms of commercialization, real creatures have been fully prepared to start Azfdin's commercial sales.

On the evening of July 25, Fosun Pharmaceutical Announcement, its holding subsidiary Fosun Pharmaceutical Industry and the real creature signed the "Strategic Cooperation Agreement" to promote the joint development of both parties and the exclusive commercialization of Fosun Pharmaceutical Industry Azfding and other matters. Strategic cooperation.

According to the announcement, real creatures will be responsible for Azfdin's preclinical research (such as) and process, production, and quality research, and bear the corresponding costs; The approved clinical trials and the corresponding costs.

The new crown oral medication is regarded as the last puzzle of resistance. According to Founder Securities forecast, my country's new crown small molecular drug market space is about 42 billion yuan.

Pfizer's first quarterly report of the 2022 show that Paxlovid, the new crown oral medication of FDA on December 22 last year, achieved $ 1.47 billion in revenue in the first quarter of this year.

The industry expects that under the fame of the first domestic new crown oral medication, Azf's fixed tablet is expected to add a lot to real biological performance. However, from the analysis of risk factors of more than 60 pages of real creatures, it is still too early to determine the market space. Taken together, many factors such as the duration of the epidemic, the mutation of the virus, the patient's willingness to take medicine, the government procurement price, the efforts of Fosun, and other factors will affect Azfdin's sales.

In addition, it is not necessary to ignore that the company is facing increasingly fierce competition from global pharmaceutical companies.

As of the end of 2021, 50 companies around the world have promoted the treatment of new anti -virus candidate drugs to the clinical development stage. More than 10 companies including pioneering pharmaceuticals, pilot pharmaceuticals, cutting -edge biology, Tengsheng Bo Pharmaceutical, and Junshi creature Promote the clinical trials of their respective crown oral medications.

Simple comparison, compared with multinational pharmaceutical giants, Azf, a real creature, has a price advantage and has the first opportunity to compare with domestic peers. However, in the face of many uncertain factors, whether real creatures can convert the first advantage into real income, it is not well known.

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