The pharmaceutical industry frequently acquires large and single PE precision lurking

Recently, the “Baowan” dispute has attracted too many eyeballs in the market. In the meantime, the pharmaceutical industry has been doing the same thing. Among them, there is no shortage of Jialin Pharmaceuticals for about 8.4 billion yuan to borrow A-shares from Tianshan Textile, and Furen Pharmaceuticals 78.5. 100 million yuan to acquire the 100% equity of Kaifei Group.

In less than half a month, two mergers and acquisitions of about 8 billion yuan added another fire to the hot pharmaceutical industry at the end of the year. The "Daily Economic News" reporter noted that two PE (private equity investment institutions) are accurately betting, while ambushing in the list of shareholders of Jialin Pharmaceutical and Kaifei Group, it is a veritable pharmaceutical industry "God pitcher." It is worth mentioning that one of the PE partners also has the name of Chen Dashu, the capital of the company.

The pharmaceutical industry frequently acquires large orders for mergers and acquisitions

At the end of the year, funds often choose to hedge. However, the defensive medical sector is often more popular with investors at the end of the year. Since the fourth quarter, according to incomplete statistics, more than 20 pharmaceutical listed companies have issued refinancing plans, including more than 10 companies involved in mergers and acquisitions.

On December 15, Tianshan Textile announced that the company intends to set up and sell all assets and liabilities, and at the same time issue shares to purchase the entire share capital of Beijing Jialin Pharmaceutical Co., Ltd. (hereinafter referred to as Jialin Pharmaceutical) (for a price of 8.4 billion yuan) . According to the data, Jialin Pharmaceutical focuses on cardiovascular and cerebrovascular drugs and anti-tumor drugs. The company has realized a total income of 2.855 billion yuan in the past three years and accumulated a net profit of 721 million yuan.

Coincidentally, in less than half a month, another medical merger and acquisition big single reproduces A shares. On the evening of December 21, Furen Pharmaceutical announced that the company plans to issue 456 million shares at a non-public offering of 16.50 yuan/share and pay about 320 million yuan in cash for a total of 7.85 billion yuan to acquire 100% of the shares of Kaifei Group. According to the data, the assets and profitability of the Kaifei Group have clearly surpassed the listed companies and are the best quality pharmaceutical assets under the Furen Group.

Shi Lichen, a pharmaceutical partner of Peking University Management Consulting Group, told the reporter of "Daily Economic News" that there are two main reasons for the hot mergers and acquisitions in the pharmaceutical industry by the end of the year. The first is that the GMP certification is limited to January 1, 2016. After the expiration of the above-mentioned major limit, many enterprises are unable to obtain the corresponding certificates. It should be even more hot in the first half of next year. Secondly, the relevant policies of the pharmaceutical industry have led to a decline in the overall industry profit rate, and competition has intensified, providing space for mergers and acquisitions among enterprises. .

Two PEs are lurking

In a short period of time, two large-scale mergers and acquisitions emerged. In the interest of relevant investors, the reporter found that in the list of shareholders of Jialin Pharmaceutical and Kaifei Group, two PEs achieved precise lurking, which is a veritable “God pitcher”.

According to the Furen Pharmaceutical Acquisition Plan, the Kaifei Group has a total of 14 shareholders, among which a number of investment institutions are lurking. According to the data, Shenzhen Zhufeng Basestone Equity Investment Partnership (Limited Partnership) (hereinafter referred to as Everest Cornerstone) holds 3.34% of the shares of Kaifei Group with a capital contribution of 6.84 million yuan; Shenzhen Zhongou Cornerstone Equity Investment Partnership ( Limited partnership) (hereinafter referred to as the cornerstone of China Europe) holds 0.1% of its shares with a capital contribution of 210,000 yuan.

In the list of shareholders of Jialin Pharmaceutical, the names of the above two investor institutions also appeared. According to the data, the base stone of Everest holds 671,000 shares of Jialin Pharmaceutical, accounting for 2.20% of its registered capital; the core stone of China and Europe holds 183,300 shares of Jialin Pharmaceutical, accounting for 0.60% of the registered capital.

It is worth mentioning that the above two PEs are not very close, and their general partners are Urumqi Phoenix Keystone Equity Investment Management Limited Partnership.

Shi Lichen said that the two institutions have appeared in the two mergers and acquisitions have a certain coincidence. However, if investment institutions seize high-quality pharmaceutical assets, they will not easily let go. High-quality pharmaceutical assets, both in terms of value-added efficiency and speed, are very fast.

The reporter of "Daily Economic News" noticed that Chen Fashu’s name appeared in the list of Sino-European cornerstone partners who participated in the above two major pharmaceutical targets. It accounted for 19.23% of the capital contribution of 10 million yuan, becoming the highest proportion of partnerships. people. In terms of the amount of capital invested by 10 million yuan, the "Chen Fashu" is probably the capital of the market, Chen Fashu, but the reporter has not confirmed this. Chen Fashu is familiar with the pharmaceutical listed companies. He has bought Yunnan Baiyao, Tasly and other pharmaceutical white horse stocks, and his holding time is generally long, indicating that he is optimistic about the company's long-term investment value.