Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.</li>
<li>Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.</li>
<li>PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.</li>
</ul>


China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.
Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.
PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.


APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

<ul>
<li>Hansoh Pharmaceutical entered outlicense agreement with Roche for upfront and milestone payments of $2B+. Leads Biolabs and Dianthus Therapeutics entered into exclusive global license agreement for pre-clinical asset.</li>
<li>Chugai Pharmaceutical’s partner Eli Lilly announced positive results from Phase 3 trials of orforglipron. SanBio Co announced that their partial change application for AKUUGO is one step ahead for approval.</li>
<li>Celltrion launched Actemra biosimilar, Aptozma in the U.S. at ~35% discount to original drug. Samsung Biologics shareholders approved biologics business spin-off plan to transform the company into a pure-play CDMO.</li>
</ul>


Hansoh Pharmaceutical entered outlicense agreement with Roche for upfront and milestone payments of $2B+. Leads Biolabs and Dianthus Therapeutics entered into exclusive global license agreement for pre-clinical asset.
Chugai Pharmaceutical’s partner Eli Lilly announced positive results from Phase 3 trials of orforglipron. SanBio Co announced that their partial change application for AKUUGO is one step ahead for approval.
Celltrion launched Actemra biosimilar, Aptozma in the U.S. at ~35% discount to original drug. Samsung Biologics shareholders approved biologics business spin-off plan to transform the company into a pure-play CDMO.


APAC Healthcare Weekly (October 19) – Hansoh, Leads Biolabs, Chugai, SanBio, Celltrion, Samsung Bio

<ul>
<li>WuXi Biologics’ Ireland facility has been approved by EMA as a commercial manufacturing site for a global client’s innovative biologic. Ab&amp;B Bio-Tech received approval for RSV vaccine in Chian.</li>
<li>Ascletis Pharma announced encouraging preclinical efficacy results for ASC47, a first-in-class muscle-preserving weight loss drug candidate. Remegen entered outlicensing agreement with Santen Pharmaceutical for a proprietary intravitreal injection.</li>
<li>Daiichi Sankyo’s Ifinatamab deruxtecan has been granted Breakthrough Therapy Designation by the FDA for small cell lung cancer. CSL intends to lay off 15% workforce and demerge CSL Seqirus.</li>
</ul>


WuXi Biologics’ Ireland facility has been approved by EMA as a commercial manufacturing site for a global client’s innovative biologic. Ab&amp;B Bio-Tech received approval for RSV vaccine in Chian.
Ascletis Pharma announced encouraging preclinical efficacy results for ASC47, a first-in-class muscle-preserving weight loss drug candidate. Remegen entered outlicensing agreement with Santen Pharmaceutical for a proprietary intravitreal injection.
Daiichi Sankyo’s Ifinatamab deruxtecan has been granted Breakthrough Therapy Designation by the FDA for small cell lung cancer. CSL intends to lay off 15% workforce and demerge CSL Seqirus.


APAC Healthcare Weekly (Aug 24) – Wuxi Bio, Ab&B Bio, Ascletis Pharma, Remegen, Daiichi Sankyo, CSL

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The National Health Commission (NHC) of PRC released the NHC's Departmental Budget for 2022, further reducing the health expenditure of public hospitals compared with 2021.</li>
<li>So far, there are no strong “signals” about when the IPO environment will turn around. The transaction of control rights and M&amp;A between listed companies could become the mainstream.</li>
<li>The growth of enterprises takes time and is cyclical, but the secondary market won’t give enterprises the time for accumulation, which needs to be aware of by primary market investors.</li>
</ul>


The National Health Commission (NHC) of PRC released the NHC's Departmental Budget for 2022, further reducing the health expenditure of public hospitals compared with 2021.
So far, there are no strong “signals” about when the IPO environment will turn around. The transaction of control rights and M&amp;A between listed companies could become the mainstream.
The growth of enterprises takes time and is cyclical, but the secondary market won’t give enterprises the time for accumulation, which needs to be aware of by primary market investors.


China Healthcare Weekly (Apr.1)- Lower Budget of Public Hospitals, IPO Environment, Impatient Market

<ul>
<li>The domestic provider business subsector fell sharply due to a document leaked out of the industry.Although rebounded, before the policy is clear, we do not recommend to buy the dips.</li>
<li>The reasonable market value of a biotech company in HKEX is the price that Big Pharma is willing to pay for it, or the valuation of its products.</li>
<li>Obtaining CE certificate is one of an important (or “easier”) ways for domestic medical device companies to enter global markets. However, the game rule changes.</li>
</ul>


The domestic provider business subsector fell sharply due to a document leaked out of the industry.Although rebounded, before the policy is clear, we do not recommend to buy the dips.
The reasonable market value of a biotech company in HKEX is the price that Big Pharma is willing to pay for it, or the valuation of its products.
Obtaining CE certificate is one of an important (or “easier”) ways for domestic medical device companies to enter global markets. However, the game rule changes.


China Healthcare Weekly (Mar18)-Leaked Document On Medical Service,Biotech Valuation,CE Mark Upgrade

China

Sihuan Pharmaceutical is a pharmaceutical and medical aesthetic company engaged in the research, development, manufacturing, and sale of products. It offers drugs across therapeutic areas such as oncology, metabolism, diabetes, and cardiovascular diseases, alongside medical aesthetic solutions. The company was founded in 2001 and is headquartered in Wan Chai, Hong Kong.

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Sihuan Pharmaceutical (460 HK)

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

China published 2025 NRDL, adding 114 new drugs. Fosun Pharma inked outlicensing deal with Pfizer for obesity drug candidate. PeptiDream achieved...

Tina Banerjee

APAC Healthcare Weekly (October 19) – Hansoh, Leads Biolabs, Chugai, SanBio, Celltrion, Samsung Bio

Hansoh and Leads Biolabs bag global outlicensing deals. Chugai’s partner Lilly announced positive P3 result for orforglipron. Celltrion launched...

Tina Banerjee

APAC Healthcare Weekly (Aug 24) – Wuxi Bio, Ab&B Bio, Ascletis Pharma, Remegen, Daiichi Sankyo, CSL

Wuxi Bio got EMA nod for Ireland manufacturing facility. Daiichi Sankyo got breakthrough therapy designation for its drug candidate in US. CSL...

Tina Banerjee

China Healthcare Weekly (Apr.1)- Lower Budget of Public Hospitals, IPO Environment, Impatient Market

The NHC's budget for 2022 further reduced the expenditure of public hospitals, affecting the payment cycle; For investors in both primary and...

Xinyao (Criss) Wang

China Healthcare Weekly (Mar18)-Leaked Document On Medical Service,Biotech Valuation,CE Mark Upgrade

We analyzed the impact of leaked document on medical service. We also analyzed the logic of the reasonable market value of a biotech in HKEX. The...

Xinyao (Criss) Wang

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