Event: 1) immune cell therapy line: in December 15, it invested 30 million to hold 60% equity of Invid Fortune; on March 4, it increased 1.1 billion to acquire 100% equity in Collison, 400 million to replenish current; on April 6, 70.5 million acquired and increased its capital in Zhejiang Saishang, acquiring 67% equity; on April 12, 58 million purchased two CAR-T technologies of Blood Research Institute CD19 and CD33, and established Katie Company in 5 million to be responsible for clinical application and filing of related technologies. 2) Stem cell line: on January 26th, 41.29 million yuan increased the capital of Blex Biology to obtain 34% equity; on April 12, it increased the capital of VcanBio Company to US $10.1 million, and set up VcanBio conversion Center for US $5 million, and established HebeCell Company for US $5.0072 million to acquire 72% equity. 3) Gene line: 500000 yuan to establish Vcanbio Institute of Gene Science and Technology.
Comments:
The main results are as follows: 1) immune cell therapy has a complete industrial chain of technical reserve, production equipment and clinical channels, leading the whole country. Yingwei Fosai: Gao Shan of Suzhou Medical Institute of the Chinese Academy of Sciences takes the lead in integrating European and American resources, working with Professor Carl June (inventor of CAR-T technology) to develop and standardize a new generation of cell therapy technologies and products, and to promote clinical applications such as CAR-T, PD1, gp96, BG15, etc. Blood Research Institute: 58 million purchased two CAR-T technologies of CD19 and CD33 for the treatment of acute leukemia. Blood Research Institute has carried out CAR-T treatment of dozens of cases of leukemia, promising that the infection rate of CAR-T virus is more than 40%, the expansion efficiency of CAR-T cells is more than 100 times, and the killing rate of CAR-T cells cultured with patients' leukemia cells in vitro for 48 hours is more than 90%. Zhejiang Saishang: committed to the second generation of immune cell automatic culture equipment, fully automatic monocyte separation equipment research and development and registration at home and abroad, as well as foreign related technical services. Five prototypes of automatic and closed immune cell culture system in vitro have been successfully developed, with hollow fiber tube as cell generator. Collison: one of the leading enterprises of traditional CIK and NK cell therapy in China, it provides long-term cellular immunotherapy services for 35 hospitals in China and has a wide range of clinical market channels.
2) the industry chains of stem cells and genes are gradually enriched. The domestic pattern of the existing cell storage business is stable and strives to be bigger and deeper. The company will provide storage, testing and other related services to its customer base by using the direct sales business and channels of Blex Biology. The company established HebeCell company and introduced Lu Shijiang team to focus on the project of nano-protein factor sustained release preparation, the development and research of induced photoreceptor cells and optic ganglion cells, and the registration of related products in the United States, actively layout reprogrammed cells with broad prospects. In terms of gene testing, Tianjin, Shunde and Shanghai medical laboratories have been set up to carry out gene testing business, and they have contributed to their achievements in the past 15 years. The establishment of Vcanbio Gene Science and Technology Research Institute will expand from the use of current technology to self-research and development technology. lead the future.
Valuation rating: as a leading domestic precision medical enterprise, the company has a complete upstream, middle and downstream layout of stem cells, and continues to expand the field of immune cell therapy and gene detection. It is estimated that the EPS in 15-17 years will be 0.53,0.53,0.70 yuan respectively, corresponding to 82 times, 83 times and 62 times of PE.
Risk hints: stem cell policy uncertainty, new drug approval risk, extension lower than expected and so on.