Domestic medical development trend for half a year, M&A scale exceeded last year
A few days ago, it was reported that China Resources Group intends to join hands with foreign investors to acquire a 45% stake in the Australian cancer therapy provider Genesis Care for $1.7 billion. If confirmed, this will be the largest amount involved in the case of domestic industrial capital acquisition of overseas medical enterprises. Behind this, overseas pharmaceutical assets are replacing the previous mines, oil fields, and even wineries, and become a new hot spot for domestic companies. According to statistics, in the first half of this year, domestic companies' purchases of overseas pharmaceutical, biotechnology, and medical assets reached US$3.9 billion, exceeding the full year of 2015, which is ten times that of 2012. Among them, A-share listed companies are the most active acquisition entities. Two major "acquisition logics" It is understood that the China Resources Group intends to form a consortium with Australia Macquarie Group to acquire 45% equity of Genesis Care from KKR Group and use funds of approximately RMB 9 billion to create a record of overseas acquisitions of such assets. According to relevant sources, since the China-Australia Free Trade Agreement came into effect in December last year, similar cross-border acquisitions have become more active, because after the acquisition of Australian medical and pharmaceutical assets, it is easier to connect with the Chinese market. However, Australia is not the only option. According to statistics from relevant departments, the acquisition of overseas pharmaceutical, biotechnology and medical assets by domestic companies in the first half of this year has exceeded 3.9 billion US dollars (statistically announced projects), exceeding the full year of 2015, ten times that of 2012. In terms of the proportion of cases, 20% of medical and pharmaceutical industry mergers and acquisitions in the first half of this year were overseas mergers and acquisitions. In this regard, some insiders believe that 2015 is the year of the acquisition of overseas medical and pharmaceutical assets, and 2016 is a comprehensive year. In an interview with reporters, Yan Wanyi, a researcher at Shenwan Hongyuan Pharmaceutical Industry, said that this round of listed companies went to the sea to acquire medical and pharmaceutical assets, and their "acquisition logic" has two major aspects: First, many companies like to acquire some mature projects. For example, Tibet Pharmaceuticals plans to acquire overseas drug varieties and brand “Imdo†is a classic product for treating cardiovascular diseases. It has been on the market for more than ten years, and the domestic research still does not. come out. This is not like some old products that have been on the market for 20 or 30 years. After being sold to domestic companies, they will immediately attract many competitors of generic drugs. At present, Immo is mainly used in the top three hospitals in China, and there is still a large market penetration space for primary hospitals. If the market develops smoothly, Tibet Pharmaceuticals can see the results. Second, the acquisition of relatively high-end and leading overseas technology or business models directly enhances the valuation of listed companies. The reporter reviewed the acquisition cases in the past year. Most of the listed companies' acquisitions are projects with mature business models and stable performance support. Hospital assets are one of the more popular targets. Typical cases such as Winbond Health, the company's overseas acquisition first selected a mature medical institution in Europe, and acquired the entire shareholding of TÜV Rheinland in September last year for 5.87 million euros. This is a medical institution specializing in medical rehabilitation and nursing, 2014 The company realized an operating income of 65.73 million yuan (RMB) and a net profit of 2.9 million yuan. A few months later, Winbond Health acquired a 70% stake in Swiss Bio for RMB 210 million. The Swiss-based Parasar Hospital is a well-known and comprehensive bio-therapeutic institution with a relatively mature technical system. It has obvious advantages in the fields of cancer treatment, various chronic disease treatment and rehabilitation, bio-dental, physical examination and diagnosis. According to Winbond Health, cross-border acquisitions are mainly located in the top international specialty hospitals. Both of the existing projects have mature operating systems, which serve high-end groups with income and cash flow. In this round of acquisitions, A-share listed companies basically chose to expand their peers. For example, Aier Ophthalmology acquired a 100% stake in Asia Medical Group in December last year for HK$182 million. The relevant personage of the company said: The direction of overseas layout must be in the field of ophthalmology, but first of all, the acquired assets can not become a burden, such acquisition is sustainable, and after completing the first step, there will be a second step, third step. At the same time, there are also some listed companies outside the pharmaceutical industry, hoping to take advantage of overseas acquisitions to enter the field. For example, Tongsuo, which is mainly engaged in liquor sales, announced in early July that it plans to set up a medical and health investment company in Hong Kong, China for US$15 million. In the future, it will invest in stem cells and biomedical testing with overseas investment institutions. The company hopes to step into the top of the industry through acquisitions. Similarly, the Jianghe Group, which is mainly engaged in the construction of curtain walls and interior decoration, has also positioned the medical and pharmaceutical industry as one of its main businesses in the future. Last year, it successfully acquired the largest chain eye hospital in Australia, Vision, and implemented the latter in the local market. Privatization. Suction Pump,Laparoscopic Suction Pump,Laparoscopic Irrigation Pump,Led Light Souce ZHEJIANG SHENDASIAO MEDICAL INSTRUMENT CO.,LTD. , https://www.sdsmedtools.com