NO.1 Boya Biotechnology plans to publicly list and transfer 80% equity of its subsidiary

On April 13th, Boya Biotechnology announced its intention to transfer 80% equity of Jiangxi Boya Xinhe Pharmaceutical Co., Ltd. (referred to as "Boya Xinhe") through listing on the Shanghai United Property Rights Exchange, with an initial listing amount of approximately 213 million yuan. Boya Xinhe was established in 2014, and its main business is the R&D, production and sales of anti infection, diabetes, cardio cerebrovascular drugs. After the equity transfer, the company holds 10.6869% of the equity of Boya Xinhe, and its wholly-owned subsidiary Jiangxi Boya Pharmaceutical Investment Co., Ltd. holds 9.3131% of the equity of Boya Xinhe. Boya Xi

nhe will no longer be included in the company's consolidated statements.

Comment: From January to December 2024, Boya Xinhe's operating revenue was 10.1729 million yuan, total profit was -34.6187 million yuan, and net profit was -34.6187 million yuan. This equity transfer is beneficial for Boya Biotechnology to optimize its business structure, focus on the development of its main business, enhance the company's internal driving force for sustainable development, comply with the company's development strategy, help the company achieve capital flow, and activate existing production capacity, thereby generating incremental benefits and promoting the company's high-quality development. However, there is currently no confirmed transferee for the transaction, and the situation of the counterparty will be based on the final delisted transferee.

NO.2 Hengrui Pharmaceutical's approved clinical trials for tumor drugs and intraoperative medications

On April 13th, Hengrui Pharmaceutical announced that both HRS-9190 and SHR-3792 injections for injection have been approved for clinical trials. HRS-9190 for injection is a Class 1 new drug for intraoperative use, used for tracheal intubation during general anesthesia induction and maintenance of intraoperative skeletal muscle relaxation. SHR-3792 injection is an innovative anti-tumor candidate drug independently developed by the company, which has demonstrated good anti-tumor activity in preclinical animal models. According to research, there are currently no similar drugs approved for marketing domestically or internationally. As of now, the cumulative R&D investment for these two drugs is approximately 6.26 million yuan and 32.71 million yuan, respectively.

Commentary: Two pieces of news are expected to enhance market confidence in Hengrui Pharmaceutical's future performance growth, attract more investors' attention, drive up the stock price, and enhance the company's valuation and competitiveness in the capital market. However, the process of drug development, clinical trial approval, and production is long and involves multiple stages. Drug development and market launch are easily affected by some uncertain factors. It is recommended that investors make cautious decisions and pay attention to preventing investment risks.

NO.3 Boya Biotech Subcutaneous Injection of Human Immunoglobulin Approved for Clinical Trial

On April 13th, Boya Biotechnology announced that subcutaneous injection of human immunoglobulin has obtained clinical trial approval and has been approved to conduct clinical trials for primary immunodeficiency disease. At present, the subcutaneous injection of human immunoglobulin blood products approved for market overseas mainly include HIZENTRA, CUVITRU, and XEMBIFY (all of which are trade names). Due to the prohibition of subcutaneous injection of human immunoglobulin blood products from overseas from applying for market in China, and the lack of approval for subcutaneous injection of human immunoglobulin by domestic enterprises, there are currently no subcutaneous injection of human immunoglobulin products on the market in China.

Comment: Obtaining the "Drug Clinical Trial Approval Notice" regarding subcutaneous injection of human immunoglobulin is beneficial for improving Boya Biotech's research and development enthusiasm, and further accelerating the progress of the company's products under development. This progress not only enhances the company's competitiveness in the field of blood products, but also provides new impetus for future performance growth. Although this matter has limited impact on the performance of 2025, it is expected to bring new profit growth points to the company in the long run. At the same time, it helps to enhance investors' confidence in the future development of the company.

Novartis announces plans to invest $23 billion over the next five years

Recently, Novartis announced plans to invest $23 billion over the next five years in infrastructure construction in the United States to ensure that all key Novartis drugs for American patients are produced in the United States. The United States is an important market for Novartis. Over the next five years, Novartis expects a total investment of nearly $50 billion in its US business. The CEO of Novartis stated that the company is prepared to respond to changes in the external environment and is confident in its performance expectations for 2025, medium - to long-term sales growth prospects, and core profit margin target of over 40% by 2027.

Comment: Novartis' strategic layout can effectively avoid potential tariff risks, ensure supply chain stability and cost controllability. In fact, with the increasing uncertainty of tariff policies, pharmaceutical companies are seeking diversification and localized production in their supply chains.

The world's first new formulation of FcRn antagonist, NO.5, has been approved for marketing in the United States

Recently, Argenx, a partner of Zaiding Pharmaceutical, announced that the US FDA (Food and Drug Administration) has officially approved the launch of pre filled subcutaneous injection of Aigamode for the treatment of adult patients with systemic myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP) who are positive for acetylcholine receptor (AChR) antibodies. Efgartigimod is the world's first approved FcRn antagonist, and its intravenous (IV) and subcutaneous (SC) formulations have previously been approved for market by the FDA (US Food and Drug Administration).

Comment: The approval of the pre filled subcutaneous injection version further enriches the product form of Aijiamod and improves the convenience of patient medication. This not only consolidates Argenx's leading position in the field of FcRn antagonists, but also brings new market opportunities for Zaiding Pharmaceutical. With the continuous expansion of Aijiamod in the global market, Zaiding Pharmaceutical is expected to share its growth dividends in the field of rare diseases through cooperation, and enhance its valuation and attractiveness in the capital market.

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