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新型血管介入器械“药物涂层球囊”高增长 建议关注蓝帆医疗(002382.SZ)等

The high growth of the novel vascular intervention device “drug-coated balloons” suggests focusing on Blue Sail Medical (002382.SZ), etc.

Zhitong Finance ·  Oct 26, 2022 11:50

According to a research report released by Cinda Securities, Swiss medical technology company MedAlliance announced on October 18 that it had reached an acquisition agreement with Cordis, which demonstrates market confidence in the future development of rapamycin drug balloons, Zhitong Financial APP learned. As a new type of vascular interventional device, drug-coated balloon has many advantages, such as no foreign body implantation, no risk of in-stent thrombosis, treatment of special lesions and so on. With the improvement of market recognition of clinical value of drug-coated balloon, it is expected that the scale of domestic drug-coated balloon market will maintain rapid growth. The bank believes that cardiovascular intervention as a continuous innovation of technology and treatment, the market demand is large, the industry prospect is promising.

Investment advice:It is recommended to pay attention to Blue Sail Medical (002382.SZ), Lepu Medical (300003.SZ), Cardiac Medicine (688016.SH), Xianjian Science and Technology (01302), Xianruida Medical-B (06669) and so on.

Events:MedAlliance, a Swiss medical technology company, announced that it had reached an acquisition agreement with Cordis, including an initial investment of $35 million and an advance of $200 million, a $125 million regulatory milestone and a $775 million business milestone up to 2029, with a total consideration of $1.135 billion.

The main points of Cinda Securities are as follows:

The intervention giant spends a lot of acquisitions, and "intervention without implantation" is approaching.

Of the 11 executives shown on MedAlliance's website, seven are from Parkson International. Among them, Jeffrey B. Jump is the chairman and chief executive officer of MedAlliance. He has nearly 40 years of experience in the international medical device industry and was once the CEO of Parkson International. MedAlliance's core product, Selution SLR, is a sustained sirolimus drug-eluting balloon that uses the latest generation of drug-coated technology to achieve the same efficacy and safety as drug-eluting stents without leaving any traces in the human body. Selution can achieve controlled and continuous release of sirolimus for up to 90 days. The bank believes that the acquisition demonstrates the market's confidence in the future development of rapamycin drug balloons.

The advantage of medicine ball is obvious, and the market scale is expected to maintain rapid growth.

As a new type of vascular interventional device, drug-coated balloon has the advantages of no foreign body implantation, no risk of in-stent thrombosis, treatment of special lesions and other advantages. in recent years, the market penetration rate is increasing and the market scale is expanding. According to the "2022-2026 Drug coated Balloon (DCB) Industry Deep Market Research and Investment Strategy recommendation report" released by the New thinking Industry Research Center, the domestic drug coated balloon market was 2.535 billion yuan in 2021, up 55.2% from the same period last year. With the improvement of drug coated balloon clinical value market recognition, the domestic drug coated balloon market is expected to maintain rapid growth.

A number of medicine balls have been approved, and rapamycin has come to the fore.

At present, there are 7 DCB certified enterprises in China, namely, Lanfan Medical, Lepu Medical, Cardiac Medical, Beijing Xianruida, Dalian Dianyi, Shanghai Shenqi and Suzhou Dingke. In addition to Lanfan Medical, Paclitaxel with fat-soluble characteristics was used as the choice of anti-proliferative drugs. On September 20, 2022, Biolimus A9 ™(BA9), a new generation of rapamycin derivative of Lanfan Medical, was approved through the national innovation channel. Compared with the primary generation of rapamycin of MedAlliance, BA9 is the third generation rapamycin derivative, which overcomes the barrier that rapamycin drugs are difficult to be used in drug balloons, and provides drug choices with wider safe dose range and higher safety for drug balloons. It fills the gap in the application of rapamycin and its derivatives in DCB field.

Risk factors:Research and development is not as expected, policy regulatory risk, market risk, cost risk, R & D risk.

The translation is provided by third-party software.


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