Event: a non-public offering of no more than 50 million shares raised 1.5 billion yuan to acquire Rongyuan's 100% stake in Collison with a valuation of 1.1 billion, and another 400 million to supplement Collison's liquidity and repay bank loans.
Comments:
The main results are as follows: 1) the acquisition of Collison has realized the combination of strong and strong cell therapy, and the sales channel of the hospital has been greatly expanded. Collison is one of the leading enterprises of traditional CIK and NK cell therapy in China. It has a wide range of channel resources and currently provides long-term cellular immunotherapy services for more than 30 hospitals in China. The scale of the business has continued to increase in the past three years, with revenue and net profit of 296 million and 40 million respectively in 15 years, and is expected to maintain a good growth rate in 16 years. At present, the cell business of listed companies includes the cryopreservation of stem cells, the research and development of stem cell therapy technology and preparations, and the research and development of products and technologies related to cellular immunotherapy, but they have not invested more resources to open up the hospital clinical sales market. Collison's acquisition enables the company to achieve one step in terms of channel resources.
2) listed companies will bring Collison three resources to help it develop healthily and rapidly. When Collison transferred from the former industrial shareholders to the merger and acquisition fund Rongyuan Ruikang, the listed companies have begun to expect to dock some resources, such as strengthening the management and helping it expand the channels of five hospitals in half a year. Officially included in the listed company, the company will promote its rapid development from the following aspects: a, technology input, Collison's current main technology is the traditional CIK, NK cell therapy technology, listed companies reserve more advanced Car-T, PD-1 and other technologies tumor immune cell technology, later will gradually import technology B, hospital channel expansion and management standardization, the company has long-term cooperative relationship with a number of domestic tertiary hospitals for many years, hospital resources can be quickly transferred to Collison to promote its rapid growth. C, financial support, this non-public offering will have 400 million to replenish Collison's liquidity and repay bank loans, which will make Collison get rid of the burden of debt. with the help of the nature of the financing platform of listed companies to mobilize more funds to open up more hospital treatment centers.
Valuation rating: as a domestic precision medical leading enterprise, the company is the only cell and gene binuclear-driven company in the market, with a complete upstream, middle and downstream layout of stem cells, and continues to expand the genetic field, with strong extension expectations. Excluding denotation, we estimate that the EPS in 15-17 years will be 0.53,0.53,0.70 yuan respectively, corresponding to 75 times, 76 times and 57 times of PE.
Risk hints: stem cell policy uncertainty, new drug approval risk, extension lower than expected and so on.
