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>