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Big mergers and acquisitions in the pharmaceutical industry! Trillion-dollar giant Pfizer spent 100 billion dollars to win 100 times bigger bullish stocks

China Funds · Mar 14, 2023 08:37

来源：中国基金报
作者：卢鸰

20年大涨99倍的全球ADC（抗体药物偶联物）龙头，被市值超1.5万亿人民币的全球第一大制药公司收入囊中。

北京时间3月13日晚间，$辉瑞 (PFE.US)$宣布将以每股229美元、总计430亿美元（约合人民币2944亿元）的价格，收购生物医药公司$Seagen (SGEN.US)$。

以Seagen 3月10日172.61美元的收盘价计算，此项并购溢价近33%。Seagen2001年在纳斯达克上市，至今股价最高涨幅达98.5倍。截止发稿，Seagen收涨超14%。

430亿美元大收购

3月13日，美国辉瑞公司宣布，与生物技术公司Seagen达成最终合并协议。

据披露，辉瑞公司将以每股229美元收购Seagen，企业总价值为430亿美元。两家公司的董事会一致通过了这项交易。两家公司预计，将在2023年底或2024年初完成交易，前提是满足惯例成交条件，包括Seagen股东的批准和收到所需的监管批准。

早在2022年6月，《华尔街日报》就报道，默沙东拟收购Seagen；2022年7月，《华尔街日报》又报道称，该项收购的价格预计在250美元/股，收购价格超过460亿美元。不过，最终两家公司未能就价格达成一致，收购告吹。

此次并购的发起方辉瑞，目前是全球第一大制药公司。该公司创建于1849年，总部位于美国纽约，有“宇宙药厂”之称。

20世纪下半叶，在尝到了医药研发高投入的甜头之后，曾误入多元化路径的辉瑞，开始专注于医药，尤其是创新药的研发。但进入21世纪之后，新药研发的风险和难度急剧增加，研发回报率大幅下滑，为提高效率，辉瑞开始通过大规模并购来维持业绩的持续增长，其中，特别重大的有三次。

其一，2000年作价900亿美元收购华纳兰伯特（Warner Lambert），把制药界最畅销的处方药之一——降脂药Lipitor（立普妥）纳入旗下。2006年，立普妥全球销售额达129亿美元，是医药史上第一个销量突破百亿美元的药物。

其二，2002年以600亿美元收购法玛西亚（Pharmacia），将其关节炎治疗药物Celebrex（塞来昔布）收入囊中，这成就了辉瑞“宇宙药厂”的美名。

其三，2009年以680亿美元收购Myeth（惠氏），获得了Enbrel（依那西普）和肺炎疫苗Prevnar 13等明星产品，开始进军生物制药领域。

不过，随着相关重磅产品的专利到期，辉瑞业绩开始受到挤压，但2020年的新冠疫情让辉瑞获得新的机会。然而，随着新冠疫情的逐渐远去，辉瑞又面临新的压力。

2022年，辉瑞的营业收入为1003亿美元，净利润为314亿美元。但如果除去新冠疫苗和口服药物的营收，辉瑞2022年的营业收入不到500亿美元。在全球进入后新冠疫情时代之际，辉瑞的经营压力由此倍增。

因此，此次并购，辉瑞是期望用超过一年的净利润，来获得后新冠疫情时代新的稳定收入来源。

20年大涨100倍

此次的并购对象Seagen，是一家总部位于美国西雅图的生物技术公司，1997年由前百时美施贵宝(BMS)高管ClaySiegall创办，2001年在纳斯达克上市。

作为ADC（抗体药物偶联物）领域的先锋，Seagen在医药圈的核心能力，是其雄厚的ADC管线布局和研发能力。

所谓“ADC药物”，就是由单克隆抗体与小分子药物（细胞毒素）偶联而成的药物。由于杀伤力强大的小分子药物进入肿瘤细胞体内才开始释放，因而不仅显著提高了药物的安全性，大幅降低了副作用，且极大地增强了有效性，疗效优于靶向同靶标的普通单克隆抗体，成为近年来抗体研究的前沿和发展趋势之一。

德邦证券医药研究团队对中国基金报记者表示，Seagen拥有全球领先的ADC开发平台，目前共有3款ADC药品已上市。2022年Seagen总营收为20亿美元，产品净销售额为17亿美元，同比增长23%。其中，3款ADC药物分别贡献了8.39亿美元（+19%，ADCETRIS）、4.51亿美元（+33%，PADCEV）、0.63亿美元（+923%，TIVDAK），总计占比达80%；预计该公司2023年营收将达22亿美元，2030年营收有望超过100亿美元。

Seagen在ADC领域深耕多年，积累了大量的ADC相关专利，根据NextPat专利数据库检索显示，Seagen拥有超过100件专利族，且专利申请量逐年递增，其申请的专利类型对ADC赛道的覆盖非常全面，包括化合物、序列、医药用途和组合物等类型的专利。

2022年，Seagen研发支出为13亿美元，约占当年营业收入的65%。2023年，Seagen的研发费用将进一步增加，达到14.24-15.25亿美元。

从上市以来的股价表现来看，Seagen堪称一只超级大牛股，其股价从2001年在纳斯达克上市至今，2003年最低时跌至2.15美元，2020年最高上涨到213.94美元，最高涨幅达98.5倍。

全球药企竞逐

ADC药物被认为是市场的下一波重磅药品，目前正在全球受到相关医药公司的追捧，罗氏、阿斯利康、GSK、第一三共、荣昌生物、恒瑞医药等国内外企业，都在ADC领域进行布局。

据业内权威行业媒体医药经济报统计，截至2022年年底，全球已有近20款ADC药物获得监管机构批准上市，其市场销售总额已经接近70亿美元，相比2021年的市场容量，扩大了近三成。

从默沙东的情况来看，尽管该公司最终未能收购Seagen，但这家全球医药巨头，正通过其他交易进军ADC领域。

2022年5月和7月，默沙东和A股上市公司科伦药业先后达成了两项ADC药物合作，分别以总价13.63亿美元引进Trop2ADC药物SKB264，以总价9.01亿美元引进Claudin18.2ADC新药SKB315。不仅如此，默沙东还在B轮融资中投入重金，成为科伦药业子公司科伦博泰的第二大股东。

2022年12月，默沙东又与科伦药业签订《独占许可及合作协议》），科伦博泰将其管线中七种不同在研临床前ADC候选药物项目，以全球独占许可或独占许可选择权形式，授予默沙东在全球范围内或在中国大陆、香港和澳门以外地区进行研究、开发、生产制造与商业化。

科创板上市公司荣昌生物自主研发的维迪西妥单抗，则是中国首款自主研发的ADC创新药。

据德邦证券医药研究团队介绍，2021年8月，荣昌生物将维迪西妥的海外权益授权给Seagen，荣昌生物由此获得2亿美元首付款和最高可达24亿美元的里程碑付款；2022年9月，再鼎医药以3000万美元的预付款另加里程碑付款获得TIVDAK中国区权益。

不过，据荣昌生物发布的2022年业绩预告显示，该公司2022年营业收入为7.94亿元，同比减少44.33%；净利润-9.59亿元，扣非净利润为-10.79亿元。

对此，荣昌生物称，随着公司新药研发管线持续推进，多个创新药物处于关键试验研究阶段，研发投入保持较高水平；同时，公司商业化能力尚处于建设阶段，仍需持续投入较多的团队建设费用和学术推广活动开支。

编辑/Somer

Source: China Fund Daily
Author: Lu Xun

The global leader of ADC (antibody drug coupling), which has risen 99 times in 20 years, has been acquired by the world's largest pharmaceutical company with a market capitalization of more than 1.5 trillion yuan.

On the evening of March 13, Beijing time$Pfizer (PFE.US)$Announced that it would buy a biomedical company for a total of $43 billion (294.4 billion yuan) per share.$Seagen (SGEN.US)$.

Based on Seagen's closing price of $172.61 on March 10, the merger was priced at a premium of nearly 33 per cent. Seagen2001 listed on Nasdaq last year and its share price has risen as much as 98.5 times so far. As of press time, Seagen closed up more than 14%.

A $43 billion acquisition

On March 13th, Pfizer Inc announced that it had reached a final merger agreement with biotech company Seagen.

It has been revealed that Pfizer Inc will buy Seagen for $229 per share, with a total enterprise value of $43 billion. The board of directors of the two companies unanimously approved the deal. The two companies expect the deal to be completed by the end of 2023 or early 2024, provided that customary closing conditions are met, including approval from Seagen shareholders and receipt of required regulatory approvals.

As early as June 2022, the Wall Street Journal reported that Merck & Co Inc planned to buy Seagen; in July 2022. The Wall Street Journal also reported that the price of the acquisition is expected to be 250 US dollars per share, and the purchase price is more than 46 billion US dollars. In the end, however, the two companies failed to agree on a price and the acquisition fell through.

Pfizer, the sponsor of the merger, is currently the largest pharmaceutical company in the world. The company was founded in 1849, headquartered in New York, the United States, known as the "Universe Pharmaceutical Factory."

In the second half of the 20th century, after tasting the benefits of high investment in medical research and development, Pfizer Inc, who had strayed into a diversified path, began to focus on medicine, especially the research and development of innovative drugs. However, after entering the 21st century, the risk and difficulty of new drug research and development have increased sharply, and the rate of return on R & D has dropped sharply. in order to improve efficiency, Pfizer Inc began to maintain sustained performance growth through large-scale mergers and acquisitions, especially three times.

First, Warner Lambert (Warner Lambert) was bought in 2000 for $90 billion, including Lipitor, one of the best-selling prescription drugs in the pharmaceutical industry. In 2006, Lipitor's global sales reached US $12.9 billion, making it the first drug in medical history whose sales exceeded US $10 billion.

Second, in 2002, it bought Pharmacia for $60 billion and acquired its arthritis drug Celebrex (celecoxib), which earned Pfizer Inc the reputation of "Universe Pharmaceutical Factory".

Third, it bought Myeth (Wyeth) for $68 billion in 2009, acquired star products such as Enbrel and pneumonia vaccine Prevnar 13, and began to enter the biopharmaceutical field.

However, Pfizer Inc's performance began to be squeezed as the patents for the relevant blockbuster products expired, but the COVID-19 epidemic in 2020 gave Pfizer Inc new opportunities. However, with the gradual disappearance of COVID-19 's epidemic situation, Pfizer Inc is facing new pressure.

In 2022, Pfizer Inc had operating income of $100.3 billion and a net profit of $31.4 billion. But excluding COVID-19 's revenue from vaccines and oral drugs, Pfizer Inc's revenue in 2022 was less than $50 billion. At a time when the world has entered the post-COVID-19 epidemic era, Pfizer Inc's operating pressure has doubled.

Therefore, in this merger and acquisition, Pfizer Inc expects to use more than one year's net profit to obtain a new and stable source of income in the post-COVID-19 epidemic era.

A 100-fold increase in 20 years

The acquisition target, Seagen, is a Seattle-based biotechnology company founded in 1997 by ClaySiegall, a former Bristol-Myers Bristol-Myers Squibb Co executive, and listed on Nasdaq in 2001.

As a pioneer in the field of ADC (antibody drug coupling), the core competence of Seagen in the pharmaceutical circle is its strong ADC pipeline layout and R & D capabilities.

The so-called "ADC drug" is a drug formed by coupling monoclonal antibodies with small molecular drugs (cytotoxins). Because the powerful small molecular drugs are released into the tumor cells, not only the safety of the drugs is significantly improved, but also the side effects are greatly reduced, and the effectiveness is greatly enhanced. The curative effect is better than that of ordinary monoclonal antibodies with the same target, which has become one of the frontiers and development trends of antibody research in recent years.

Debang Securities Pharmaceutical Research team told China Fund News that Seagen has the world's leading ADC development platform, and a total of three ADC drugs have been put on the market. In 2022, Seagen's total revenue was $2 billion and net sales of its products were $1.7 billion, up 23% from a year earlier. Of these, the three ADC drugs contributed US $839 million (+ 19% journal ADCETRIS), US $451 million (+ 33% PowerPADCEV) and US $63 million (+ 923% TIVDAK), respectively, accounting for 80% of the total; the company's revenue is expected to reach US $2.2 billion in 2023 and is expected to exceed US $10 billion in 2030.

Seagen has been ploughing in the field of ADC for many years and has accumulated a large number of ADC-related patents. According to the search of NextPat patent database, Seagen has more than 100 patent families, and the number of patent applications is increasing year by year. The types of patents applied for cover ADC track very comprehensively, including compounds, sequences, medical uses and compositions.

In 2022, Seagen spent $1.3 billion on research and development, accounting for about 65 per cent of revenue that year. In 2023, the R & D cost of Seagen will further increase to US $14.24-1.525 billion.

In terms of stock price performance since its listing, Seagen can be called a super bull stock. Since it was listed on Nasdaq in 2001, its share price has fallen to $2.15 in 2003 and rose to $213.94 in 2020.

Global pharmaceutical companies compete

ADC drugs are considered to be the next wave of blockbuster drugs in the market, and they are being sought after by relevant pharmaceutical companies all over the world. Roche, AstraZeneca PLC, GSK, first Sangong, Rongchang Biological, Hengrui Pharmaceutical and other domestic and foreign enterprises are all distributed in the field of ADC.

According to the statistics of the industry authoritative industry media Pharmaceutical Economics News, by the end of 2022, nearly 20 ADC drugs have been approved to be listed by regulators, and their total market sales have been close to 7 billion US dollars, which is nearly 30% larger than the market capacity in 2021.

In Merck & Co Inc's case, although the company ultimately failed to acquire Seagen, the global pharmaceuticals giant is moving into ADC through other deals.

In May and July 2022, Merck & Co Inc and Coren Pharmaceutical, an A-share listed company, successively reached two ADC drug partnerships, introducing Trop2ADC drug SKB264 at a total price of US $1.363 billion and Claudin18.2ADC new drug SKB315 at a total price of US $901 million. Not only that, Merck & Co Inc also invested a lot of money in the B round of financing, becoming the second largest shareholder of Karen Pharmaceutical subsidiary Karen Botai.

In December 2022, Merck & Co Inc signed an exclusive license and Cooperation Agreement with Koren Pharmaceutical). Under the exclusive license or option, seven different preclinical ADC drug candidates in its pipeline are granted to Merck & Co Inc to conduct research, development, manufacturing and commercialization globally or outside Chinese mainland, Hong Kong and Macau.

Vidixituximab, independently developed by Rongchang Biology, a listed company of Science and Technology Innovation Board, is the first independently developed ADC drug in China.

According to the Debang Securities Pharmaceutical Research team, in August 2021, Rongchang granted the overseas rights of Vidixituo to Seagen, from which Rongchang received a down payment of US $200 million and a milestone payment up to US $2.4 billion; in September 2022, Zai Lab Limited obtained the TIVDAK China equity with an advance payment of US $30 million plus milestone payment.

However, according to the 2022 performance forecast issued by Rongchang Biology, the company's operating income in 2022 was 794 million yuan, down 44.33% from the same period last year; the net profit was-959 million yuan, deducting non-net profit of-1.079 billion yuan.

In this regard, Rongchang Bio said that with the continuous progress of the company's new drug research and development pipeline, a number of innovative drugs are in the key experimental research stage, and the R & D investment remains at a high level; at the same time, the company's commercialization capacity is still in the construction stage, and more team-building costs and academic promotion activities still need to be invested.

Edit / Somer

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