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细分领域第四、市占率不到3%的维亚生物,能否在港交所顺利上市?

青瓦 青瓦 来源:医药魔方
2019-03-11
IPO
原文


去年12月17日,维亚生物首次向联交所主板刊发聆讯后资料集,中金公司为独家保荐人。但是维亚生物的赴港之路没有想象中顺利。3月5日,维亚生物提交了第2版聆讯材料。这也是继康希诺之后,第二家递交了两版聆讯材料的企业。


招股书披露了此次募资6个方面的用途。分别是:


30%的募集资金用于扩大EFS(服务换股权)模式,将更多前景可观的中国及海外生物科技初创公司加入孵化投资企业组合;


30%的募集资金用于建立商业及研究制作能力及生物CMO及化学CMO的能力,包括收购地块、建设相关设施、完成装修及扩大办公空间;


10%用于按扩充计划购置实验室设备及物料;


10%的资金用于招聘、培训及保留生物及化学药物研发人员,预计到2019年底将达到500名员工,由生物学或化学相关专业的学士、硕士和博士组成;


10%用于扩充CMO业务,可能包括收购新技术、业务或服务;


10%的资金用作一般资金用途。


维亚生物成立于2008年8月,其服务涵盖客户对早期药物发现的全方位需求,包括靶标蛋白的表达与结构研究、药物筛选、先导化合物优化直到确定临床候选化合物。该公司主要提供的基于结构的药物发现(SBDD)服务,后者可更快确认药物结合特性,使筛检过程中更容易发现“中靶”化合物。



(一)连续三年盈利


截至2018年12月31日,该公司已为全球逾350名生物科技及制药客户提供药物发现服务,研究过超过1000个独立药物靶标,向客户交付约9500个独立蛋白结构。


截至2016-2018年,公司实现营收分别为9649.2万元、1.48亿元(+53.38%)及2.1亿元(+41.89%);毛利分别为人民币5414.3万元、8618.9万元、10545.7万元(50.2%);净利润分别为人民币2447.3万元、7626.0万元、9055.0万元。


 

(二)细分领域第四,市占率仅2.6%


根据弗若斯特沙利文报告,中国药物发现市场规模于2017年按收入计约为6.98亿美元。CharlesRiver、WuXiAppTec、Pharmaron及QuintilesIMS等许多大型跨国CRO提供包括药物发现一系列服务。尽管该公司目前处于行业第四位,然而,前两名市场领先企业合计市占率占比超80%,其市场份额占有率为2.6%。



(三)中国营收占比仅20%


弗若斯特沙利文报告显示,全球制药外包市场的规模由2013年的514亿美元增至2017年的741亿美元,至2022年预期将增加至1270亿美元,2017年至2022年的复合年增长率为11.4%。其中中国的制药外包市场预期在未来五年将增长超过一倍,CRO市场发展速度要远远高于全球水平。



遗憾的是,2018年维亚生物来自中国客户的收益仅为4822.3万元,占比仅20%,而来自海外的收益达到1.62亿元,占比接近8成。


在CRO行业已出现“强者恒强”的情况下,维亚生物等CRO企业的发展可以用“夹缝当中求生存”来形容。可见即便是连续三年实现了盈利,维亚生物能否在港交所顺利IPO,还不能过早下结论。


机器翻译

On December 17, last year, Via Bio first published a post-hearing data set to the main board of the Stock Exchange. CICC is the sole sponsor. However, the path of Via Bio's visit to Hong Kong was not as smooth as expected. March On the 5th, Via Bio submitted the second edition of the hearing materials. This is the second company to submit two versions of the hearing materials after Consono.

The prospectus disclosed the fundraising The use of six aspects. They are:

30% of the funds raised are used to expand the EFS (service-for-equity) model, and more prospective Chinese and overseas biotech start-ups are added to the incubator portfolio.

30% of the funds raised are used to build commercial and research production capabilities and bio-CMO and chemical CMO capabilities, including acquisition of land. Construction of related facilities. Complete renovation and expansion of office space.

10% is used to purchase laboratory equipment and materials according to the expansion plan.

10% of the funds are used for recruitment. Training and retention of biological and chemical drug developers, it is expected to reach 500 by the end of 2019. Employees, bachelor's degree in biology or chemistry. Master and Ph.D.

10% for expanding CMO business May include the acquisition of new technologies. Business or services.

10% of the funds are used for general funding purposes.

Via Bio is established in August 2008 and its services cover customer pairs. Comprehensive needs for early drug discovery, including target protein expression and structural studies. Drug screening. Lead compound optimization until clinical candidate compounds are identified. The company primarily provides structure-based drug discovery (SBDD) services, which allow for faster confirmation The drug binding properties make it easier to find "medium target" compounds during the screening process.

1) Profit for three consecutive years

As of December 31, 2018, the company has More than 350 biotech and pharmaceutical customers worldwide provide drug discovery services, researching more than 1,000 independent drug targets, and delivering approximately 9,500 unique protein structures to customers.

As of 2016-2018, the company achieves revenue They were 96.492 million yuan, 1.48 billion yuan (+53.38%) and 210 million yuan (+41.89%) respectively. The gross profit was RMB 54.143 million, 86.189 million yuan, 10.545.7 million yuan (50.2%). The net profit was RMB 24.437 million yuan, 76.260 million yuan, 90.55 million yuan.

2) Market share is only 2.6%

According to the Frost & Sullivan report, the size of the Chinese drug discovery market is approximately US$698 million in revenue in 2017. Many large international companies such as Charles River.WuXiAppTec.Pharmaron and QuintilesIMS CRO offers a range of services including drug discovery. Although the company is currently ranked fourth in the industry, the top two market leaders account for more than 80% of the market share, with a market share of 2.6%.

3) China's revenue accounted for only 20%

The Frost & Sullivan report shows that the global pharmaceutical outsourcing market has increased from $51.4 billion in 2013 to $74.1 billion in 2017. It is expected to increase to US$ 127 billion by 2022 and a compound annual growth rate of 11.4% from 2017 to 2022. Among them, China's pharmaceutical outsourcing market is expected to more than double in the next five years, and the CRO market will develop much faster. Above the global level.

Unfortunately, in 2018, the revenue of Via Bio from Chinese customers was only 48.223 million yuan, accounting for only 20%, while the income from overseas reached 162 million yuan, accounting for Close to 80%.

In the CRO industry, there has been a situation of “stronger and stronger” The development of CRO companies such as Via Bio can be described as “survival in the cracks.” It can be seen that even if it is profitable for three consecutive years, whether Via Bio can successfully IPO on the Hong Kong Stock Exchange, it is not possible to draw conclusions too early. /p>

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