The "King of Vaccine" is not enough. Chongqing richest man with a value of 100 billion has to have an IPO?

On June 20, Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd. (hereinafter referred to as "Zhixiang Jintai") submitted a prospectus to the Science and Technology Board.

This is a biopharmaceutical company, and the industry is not famous. But its "big brother" is a well -known Zhifei creature. The actual controllers of these two brothers are Jiang Rensheng, known as "the richest man in Chongqing".

Among China's pharmaceutical and medical companies, there are only a few players with a market value of more than 200 billion yuan, only a few players such as Mai Rui, Hengrui, Pianzi, El Ophthalmology, and Tongce Medical. The current market value of Zhifei Bio is 177.6 billion yuan, and it is the most popular vaccine company.

However, Zhifei Bio is strong, which does not mean that "little brother" Zhixiang Jin Tai is also strong.

Zhixiang Jintai was established in October 2015. It is mainly for innovative drugs. So far, no product is listed. During the three years from 2019 to 2021, Zhixiang Jintai's losses reached 804 million yuan. In the pipeline of Zhixiang Jintai, the rapid progress is self -exempting drugs and rabies dual resistance. The current popular tumor drugs are slow.

In the past three years, a large part of Zhixiang Jintai's income came from the affiliated party Zhifei creatures. In 2020, Zhifei Bio contributed 45.97%of Zhixiang Jintai's revenue, and in 2021, the contribution rate of Zhifei creatures reached 99.51%.

As the saying goes, "save urgency without saving the poor", it is not a matter to always rely on the "big brother".

Jiang Rensheng's Capital Road

Zhixiang Jintai is one of the companies invested by Jiang Rensheng.

Jiang Ren was born in Guilin, Guangxi. After graduating from college, he worked at the Health and Epidemic Prevention Station of Guanyang County, Guangxi. In 1999, 46 -year -old Jiang Rensheng resigned from public office to go to the sea and engaged in vaccine sales.

In 2002, Jiang Rensheng, who had a certain family at the bottom of his family, bought Chongqing Jinxin Biological Products Co., Ltd., which was the later Zhifei creature.

In 2005, Zhifei Biotechnology made a lot of money on the campaign of C group streaming in China, but for a long time, Zhifei's biological revenue did not grow much, lacking ace products, and the development bottleneck was obvious.

In 2013, GSK's bribery storm disturbed the domestic and foreign vaccines, and the vaccine industry was cold as a whole. At the end of 2014, the cooperation between the 23 -valent pneumonia vaccine and the liver A vaccine signed by Zhifei and Meridon expired. At that time, the HPV vaccine had not been approved, and the Zhifei creatures were facing the situation of green and yellow. Jiang Rensheng decided to open up more new businesses.

In August 2015, the State Drug Administration launched the reform of the drug review system, and innovative drugs became a market boom. In October 2015, Jiang Rensheng invested in the establishment of Zhixiang Jintai and stepped into the field of antibody drugs.

At that time, Jiang Ren was not only detained the treasure of Zhixiang Jintai, but also established Chongqing Bio, which is mainly used for diabetic drugs, and Chongqing precision creatures that mainly attacked CAR-T technology. In the three areas, as long as one can succeed, Jiang Rensheng can get new opportunities outside the vaccine.

Unexpectedly, Zhifei creatures later leaned on the nine -valent HPV vaccine of the agent Merhado, and suddenly went up. The three innovative pharmaceutical companies that were invested at the beginning seemed insignificant:

Under the squeezing of many competitors and collection, the remaining share of the diabetes market is getting less and less; CAR-T is needed to open the domestic market due to price reasons; Just Zhixiang Jintai.

At the beginning, Zhixiang Jintai did not let the star monoclonal species PD-1/PD-L1. However, the company's PD-L1 monoclonal anti-anti-anti-anti-anti-anti-anti-anti-anti-anti-anti-anti-anti-anti-anti-anti-anti-anti-anti-anti-anti-research study was terminated in March 2022. The official statement is "fierce competition."

Together with the GR1405, the R & D, as well as the EGFR inhibitor GR1401, which is intended and used in conjunction with it. This drug is even worse, and the prospectus states that the drug is found in Phase I in Phase I. The drug is insufficient. The combination of medication is not good, and there is no prospect for single medicine.

The two drugs terminated R & D, and the early investment of 212 million yuan was drifting. However, the company does not seem to care at all, saying that it is "there is no major adverse effect."

At present, Zhixiang Jintai's revenue mainly comes from the blood transfusion of Zhifei creatures. The prospectus shows that Zhixiang Jintai provides non-main business services such as technical services, transfer authorization, and a small amount of raw material sales. From 2019 to 2021, it will account for 31,100 yuan, 1.0877 million yuan, and 39.1754 million yuan, respectively. Among them, the contribution rate of Zhifei Biological in 2021 reached 99.51%.

Once I leave Zhifei creatures, can Zhixiang Jintai still live well?

Pipeline ability is worrying

From the perspective of the pipeline, Zhixiang Jintai's business monetization ability is limited.

At present, there are 16 pipelines in Zhixiang Jintai, especially for the pipelines of autoimmune diseases and rapid progress. The fastest progress is GR1501, which is treated with severe plaques in the treatment, and is expected to be available in 2024; followed by GR1801, which is passive immunity for rabies, is expected to be available in 2025.

The prospectus is not clear about the market prospects of GR1501. Zhixiang Jintai only gave a reference data: the global sales of Zuqiyu Monkey Monkey Monkey Monochurium in 2021 were US $ 4.718 billion, and the sales in China were 1.5 billion yuan.

The Sikuchu monoclonist is the IL-17A monoclonal resistance that Nuohua entered the Chinese market in 2019. The target is the same as the GR1501. In addition, the domestic IL -17A monoclonal anti -anti -anti -Reliers of the IL -17A monoclonal anti -anti -resistance in China and the Brolei Uli Mippitary of the Kirin Kirin. Nuohua and Lilly's product therapy has entered the national medical insurance in severe plaques. In addition, Kangfang Biological and Three Lives are all developing IL-17A target drugs. IL-17A monoclonal resistance not only has internal competition, but also faces other self-free drug competition.

"Medicine King" Xiu Meile is also well -known in the field of psoriasis. In recent years, with the patent of "Xiu Meile", many companies at home and abroad have developed Adamu Mipida -resistant medicines. In June of this year , Pfizer, Bo Jian, Fuhong Hanlin, Cinda Bio, etc. are all developing or have already been listed.

Competition has continued to decline in drug prices, and patients have increased room for patients. IL-17A monoclonal anti-anti-anti-psoriasis indications will be influenced by Ada Mummy.

Another rabies passive immunotherapy GR1801 can complement the rabies vaccine of Zhifei creatures. According to the 2021 annual report, the rabies vaccine of Zhifei Biological is in the clinical clinical phase III, which is similar to the GR1801 stage.

But this rabies double resistance also faces mature products competition. Earlier this year, the Omuto Weitan of North China Pharmaceutical was approved for listing, which was the first rabies of rabies approved for listing in China. Following the North China Pharmaceuticals is the Xingmeng Pharmaceutical. Its rabies monoclonal anti -anti -resistance has been submitted to the listing application. It is said that the protection rate of the protection rate in the phase III clinical clinical clinical clinical clinical was 100%within 150 days after medication.

The characteristics of Zhixiang Jintai GR1801 can only be attributed to "the only rabies passive immune dual resistance". However, the protection rate of competitive products can reach 100%, and I don't know how big the market prospects are.

As we all know, the current commercialization capabilities of pharmaceutical companies are the indicators that the science and technology board values ​​very much. In this piece, Zhixiang Jintai's short board is obvious.

This time Zhixiang Jin Tai intends to log in to the secondary market with the fifth set of science and technology board. According to the prospectus, as of December 31, 2021, a total of 313 employees in Zhixiang Jintai, of which 273 were technical research and development personnel, accounting for 87.22%of the total number. The sales team is 0.

In the fundraising project, Zhixiang Jintai plans to invest in the first phase of the antibody industrialization base project, the second phase of the antibody industrialization base project, the antibody drug research and development project, and the supplementary funds, and did not leave money for commercial construction.

In terms of sales, Zhixiang Jintai will continue to take the "big brother"?

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