Wikipedia

Fosun Pharma

Not to be confused withShanghai Pharmaceuticals.

Shanghai Fosun Pharmaceutical (Group) Co., Ltd.(trade name:Fosun Pharma) is a Chinese pharmaceutical company. It is mostly owned byFosun International.[2]

Shanghai Fosun Pharmaceutical (Group) Co., Ltd.
Formerly
  • Shanghai Fortune Industrial
  • Shanghai Fosun Industrial
Company typelisted
Industry
  • pharmaceutical
  • medical
Founded1994
Founder
Headquarters
Shanghai
,
China
Key people
Chen Qiyu(chairman)
Wu Yifang(CEO)
Servicesprivate hospitals
IncreaseCN¥03.125billion(2017)
Total assetsIncreaseCN¥61.914 billion (2017)
Total equityIncreaseCN¥25.270 billion (2017)
OwnerFosun Int'l(37.94%)
Subsidiaries
Sinopharm Industrial Investment(joint venture, 49%)
Sisram Medical(52.83%)
Gland Pharma(12%)
Fosun Long March(100%)
Fosun Industrial(100%)
Chinese name
Simplified ChineseThượng hải phục tinh y dược ( tập đoàn ) cổ phân hữu hạn công tư
Traditional ChineseThượng hải phục tinh y dược ( tập đoàn ) cổ phân hữu hạn công tư
Transcriptions
Standard Mandarin
Hanyu PinyinShàng hǎi fù xīng yī yào (jí tuán) gǔ fèn yǒu xiàn gōng sī
Chinese short name
Simplified ChinesePhục tinh y dược
Traditional ChinesePhục tinh y dược
Transcriptions
Standard Mandarin
Hanyu Pinyinfù xīng yī yào
former Chinese short name
Simplified ChinesePhục tinh thật nghiệp
Traditional ChinesePhục tinh thật nghiệp
Transcriptions
Standard Mandarin
Hanyu PinyinFù xīng shí yè
Websitewww.fosunpharma.com
Footnotes / references
inconsolidated financial statement[1]

As of 2018, theA sharesof the company is a constituent ofSSE 180 Indexas well as its sub-indexSSE MidCap Index.[3]The company was ranked 1,840th in 2020 edition of theForbes Global 2000,a list of top listed companies of the world.[4]

Key people

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  • Wu Yifang is the president and CEO of Fosun Pharma.[5]
  • Chen Qiyu is co-CEO of Fosun International and Chairman of Fosun Pharma.[6]

History

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Fosun Pharmaceutical is a listed company which startedA share[7]initial public offeringin 1998 andH sharein 2012.[8]The English name of the company was initially known asShanghai Fortune Industrial Joint-Stock Co., Ltd.(SFIC;Chinese:Thượng hải phục tinh thật nghiệp cổ phân hữu hạn công tư),[9]but the transliteration ofPhục tinhwas later changed from Fortune to Fosun (asFosun Industrial[10]), as well as changing the name from Industrial (Chinese:Thật nghiệp) to Pharmaceutical (Chinese:Y dược). The company also shorten the transliteration of the legal suffixCổ phân hữu hạn công tưfrom Joint-Stock Co., Ltd. to just Co., Ltd..

Shanghai Fortune Industrial Joint-Stock Co., Ltd. was incorporated in 1998, but its predecessor,Shanghai Fortune Industrial Company(Chinese:Thượng hải phục tinh thật nghiệp công tư) was incorporated in January 1994. The majority shareholders in December 1994 were Fosun High Technology (Chinese:Phục tinh cao khoa kỹ) and its parent company Guangxin Technology (Chinese:Quảng tín khoa kỹ); Guangxin Technology was owned byGuo Guangchang,Liang Xinjun,Wang QunbinandFan Wei.[7][10]: 8 

In 2003 Fosun Pharmaceutical acquired 49% stake ofSinopharm Group(Chinese:Quốc dược khống cổ).[nb 1][10]: 30 [11]In 2008, a year before the initial public offering of Sinopharm Group, Fosun Pharmaceutical owned the direct parent company of Sinopharm Group, Sinopharm Industrial Investment (Chinese:Quốc dược sản nghiệp đầu tư) instead; the majority owner of the joint venture was state-ownedChina National Pharmaceutical Group(Sinopharm).[nb 2][12][13][14]

An intermediate parent company of Fosun Pharma,Fosun International(parent company of Fosun High Technology), became a listed company in 2007.[15]

In 2014 Fosun Pharma was part of a consortium to acquire US-listedChindex International,which owned private hospitals inmainland China.[16][17]

In 2016, according to theFinancial Times,Fosun Pharmaceutical made the largest Indian corporate takeover by a Chinese company. The parties have now reached agreement that Fosun Pharma will acquire an approximate 74% stake in Gland Pharma for no more than US$1,091.30 million, including paying no more than US$25 million contingent consideration for Gland Pharma's Enoxaparin sales in the U.S. market.[18]Despite the offer was revised in 2017 to seek approval from Indian regulators.[19][20]In October 2017, the acquisition of 74% stake of Gland Pharma was completed.[1]: 35–36 

In September 2017, Israeli subsidiarySisram Medical(parent company of Alma Lasers) was spin-off as a separate listed company on theStock Exchange of Hong Kong.[21]As of 31 December 2017,Fosun Pharma owned Sisram Medical 52.83% shares.[22]

In October 2017 Fosun Pharmaceutical, via subsidiaries Fosun PharmaceuticalA.G.and Fosun Industrial[nb 3]bought Tridem Pharma, according to theFinancial Times,"an Africa-focused French drug distributor", for not more than €63 million.[23][24]In January 2021, the company entered into a partnership withInsilico Medicine,to facilitate the latter's entry into the Chinese market.[25]

COVID-19

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Initial Responses

The company developed 2019-nCoVnucleic aciddetection kit (PCR) which received emergency use authorization (EUA) from theFDA,was approved by the NMPA, and received CE certification from the European Union, as an in vitro diagnostic reagent.[26][27]By August 2020 Fosun Pharma donated medical masks, protective clothing, medical non-invasive ventilators, negative pressure ambulances, and other equipment and supplies valued at more than RMB 30 million to the epidemic area.[28]

COVID-19 Vaccine -BNT162b2

On 17 March 2020,BioNTechreceived a $135 million investment from Fosun in exchange for 1.58 million shares inBioNTechand the future development and marketing rights of themRNA vaccineBNT162b2 in China.[29]Also, BioNTech announced a collaboration withPfizerto scale-up manufacturing capacity to provide worldwide supply in response to the pandemic. BioNTech and Pfizer would commercialize the vaccine worldwide except in China, which was already covered by BioNTech's agreement with Fosun.[30]

Initial Investment in BioNTech and Early Testing

On 5 August, Fosun and BioNTech announced an initial Phase 1 trial in China that enrolled 144 volunteers to evaluate the safety and immunogenicity of BNT162b1.[31]On 4 November, Fosun announced it would stop further trials of BNT162b1, as results from trials in Germany, United States, and China all showed BNT162b2 to have a better safety profile.[32][33]BNT162b2 had missed an opportunity window to get tested in China, as another vaccine Fosun had started trials of BNT162b1 before trials data showed BNT162b2 as being the safer vaccine. Fosun's Chief Medical Officer Hui Aimin said that he didn't regret testing BNT162b1 without waiting for all the data. “For ordinary vaccines, it does not matter if you wait for a few days, or a month,” Hui said. “But forCOVID-19 vaccines,how many more people would have died had you waited just for one day?”[33]

Regulation and Commercialization

Fosun said it would instead focus on seeking Chinese regulatory approval for BioNTech's other candidate BNT162b2 which was already inPhase IIItrials by Pfizer since July. Fosun would apply for a bridge study on BNT162b2, designed to test if the large trial data done overseas could be extrapolated to the populace of China.[33]

In early August, Fosun and BioNTech signed an agreement withHKSE-listed Jacobson Pharma to supply 10 million doses of BNT162b2 toHong KongandMacau.[34]

On 6 November, Fosun was hopeful BNT162b2 could be available in China as soon as it became available in the United States and Europe.[35]On 20 November,Pfizerapplied for emergency use approval from theFood and Drug Administrationfor BNT162b2.[36]

Shareholders

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Fosun Pharmaceutical had two classes ofordinary share:A shareswhich only traded in mainland China as well asH sharewhich only traded in Hong Kong.

As of 31 December 2017,there was 2,011,190,000 number of A shares and 483,941,000 number of H shares, for a total of 2,495,131,000,[1]: 174 whichFosun International's wholly owned subsidiary, Fosun High Technology, owned 936,575,490 and 9,989,000 number of shares respectively.[1]: 59 

Fosun High Technology also once owned 23.45% of theconvertible bond(SSE:100196) of Fosun Pharma in 2003.[10]: 6 

As of 31 December 2017,co-founder of Fosun High Technology and now co-owner of the parent company of Fosun International,Guo GuangchangandWang Qunbin,still served as non-executive directors of Fosun Pharmaceutical.[1]: 2 As of 31 July 2019,the market capitalization of the H share of Fosun Pharma wasHK$12,943,004,725.[37]

Footnotes

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  1. ^Sinopharm Groupwas previously transliterated as Sinopharm Holding
  2. ^China National Pharmaceutical Groupitself was also transliterated as Sinopharm Group before the listing of its subsidiary,Sinopharm Group(formerly Sinopharm Holding).
  3. ^Despite it is a namesake of the former name of Fosun Pharmaceutical, Fosun Industrial (simplified Chinese:Phục tinh thật nghiệp ( hương cảng ) hữu hạn công tư;traditional Chinese:Phục tinh thật nghiệp ( hương cảng ) hữu hạn công tư) was incorporated in Hong Kong.[1]: 211 

References

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  1. ^abcdef2017 Annual Report(PDF).Fosun Pharmaceutical. 17 April 2018.Retrieved5 August2018– via Hong Kong Exchanges and Clearing website.
  2. ^Li, Jane (3 April 2018)."Fosun Pharma chief cites Huawei as model for overseas expansion".South China Morning Post.Hong Kong.Retrieved1 August2018.
  3. ^"SSE MidCap Constituents List"(Microsoft Excel). China Securities Index.Retrieved5 August2018.
  4. ^"Shanghai Fosun Pharmaceutical".Forbes.Retrieved20 December2020.
  5. ^"Wu Yifang, Shanghai Fosun Pharmaceutical: Profile and Biography".Bloomberg.com.Retrieved7 September2020.
  6. ^"Interview: Chen Qiyu – Chairman, Fosun Pharma, China".PharmaBoardroom.Retrieved7 September2020.
  7. ^abThượng hải phục tinh thật nghiệp cổ phân hữu hạn công tư ( trù ) chiêu cổ thuyết minh thư khái yếu[Prospectus of Shanghai Fortune Industrial] (in Chinese (China)). Shanghai Fortune Industrial. 23 June 1998.Retrieved5 August2018– via jrj.com.cn.
  8. ^Chan, Ray (16 October 2012)."Fosun Pharmaceutical begins taking IPO orders from big investors".South China Morning Post.Hong Kong.Retrieved5 August2018.
  9. ^1999 niên niên báo[1999 Annual Report](PDF)(in Chinese (China)). Shanghai Fortune Industrial. 16 February 2000.Retrieved5 August2018– via Shanghai Stock Exchange website.
  10. ^abcd2003 niên niên báo[2003 Annual Report](PDF)(in Chinese (China)). Fosun Industrial. 24 April 2004.Retrieved5 August2018– via Shanghai Stock Exchange website.
  11. ^Quốc dược tập đoàn phục tinh liên hợp thành lập thủ gia hỗn hợp sở hữu chế dược xí.Xí nghiệp quan sát báo(in Chinese (China)). 4 August 2014.Retrieved5 August2018– viaSina.
  12. ^2009 niên niên báo[2009 Annual Report](PDF)(in Chinese (China)). Fosun Pharmaceutical. 25 March 2010.Retrieved5 August2018– via Shanghai Stock Exchange website.
  13. ^"Connection Transaction"(PDF)(Press release). Shanghai: Fosun International. 20 June 2008.Retrieved6 August2018– via Hong Kong Exchanges and Clearing website.
  14. ^Phục tinh y dược giảm trì quốc dược khống cổ."Tài thoại đoản thuyết" column.Apple Daily(in Chinese (Hong Kong)). Hong Kong: Next Media. 23 June 2008.Retrieved6 August2018.
  15. ^Chan, Carol (27 June 2007)."Fosun increases price range of IPO shares".South China Morning Post.Hong Kong.Retrieved6 August2018.
  16. ^"Fosun and partners buy US hospital operator Chindex for US$433m in sweetened deal".South China Morning Post.Hong Kong. Bloomberg. 23 April 2014.Retrieved5 August2018.
  17. ^Waldmeir, Patti (22 April 2014). Written at Shanghai."TPG snaps up Chinese hospital operator".Financial Times.Additional reporting by Zhang Yan. London.Retrieved5 August2018.
  18. ^"Fosun Pharma--News--News Content".www.fosunpharma.com.Retrieved20 November2020.
  19. ^Weinland, Don (18 September 2017). Written at Hong Kong."Fosun revises its offer for India's Gland Pharma".Financial Times.London.Retrieved5 August2018.
  20. ^"JOINT ANNOUNCEMENT - DISCLOSEABLE TRANSACTION - PROGRESS ON ACQUISITION OF THE CONTROLLING INTEREST IN GLAND PHARMA LIMITED"(PDF)(Press release). Shanghai: Fosun International, Fosun Pharmaceutical. 17 September 2017.Retrieved5 August2018– via Hong Kong Exchanges and Clearing website.
  21. ^He, Laura (18 September 2017)."Fosun unit Sisram Medical's Hong Kong share offer draws strong investor interest, nets company US$88 million".South China Morning Post.Hong Kong.Retrieved5 August2018.
  22. ^"Report of the Directors".2017 Annual Report(PDF).Sisram Medical. 25 April 2018. pp. 31–32.Retrieved5 August2018– via Hong Kong Exchanges and Clearing website.
  23. ^"Fosun Pharmaceutical to buy French drug distributor Tridem".Financial Times.London. 30 October 2017.Retrieved5 August2018.
  24. ^"VOLUNTARY ANNOUNCEMENT - ENTERING INTO SECURITIES PURCHASE AGREEMENT IN RELATION TO THE ACQUISITION OF THE ENTIRE EQUITY INTEREST IN TRIDEM PHARMA S.A.S"(PDF)(Press release). Shanghai: Fosun Pharmaceutical. 29 October 2017.Retrieved5 August2018– via Hong Kong Exchanges and Clearing website.
  25. ^Liao, Rita (6 June 2022)."Hong Kong's AI drug discovery firm Insilico closes $60M Series D".TechCrunch.
  26. ^"Fosun Pharma gets FDA EUA nod for COVID-19 detection kit".www.biospectrumasia.com.Retrieved1 September2020.
  27. ^"Coronavirus Tests From Fosun Pharma, Osang Healthcare Receive FDA Emergency Use Authorization".GenomeWeb.20 April 2020.Retrieved1 September2020.
  28. ^"Fosun Pharma Announces 2020 Interim Results".Bloomberg.com.26 August 2020.Retrieved1 September2020.
  29. ^Ludwig Burger (15 March 2020)."BioNTech in China alliance with Fosun over coronavirus vaccine candidate".Reuters.Retrieved10 November2020.
  30. ^"Pfizer and BioNTech Announce Further Details on Collaboration to Accelerate Global COVID-19 Vaccine Development".www.businesswire.com.9 April 2020.Retrieved21 November2020.
  31. ^SE, BioNTech (5 August 2020)."BioNTech and Fosun Pharma Announce Start of Clinical Trial of mRNA-based COVID-19 Vaccine Candidate in China".GlobeNewswire News Room(Press release).Retrieved21 November2020.
  32. ^Walsh, Edward E.; Frenck, Robert; Falsey, Ann R.; Kitchin, Nicholas; Absalon, Judith; Gurtman, Alejandra; Lockhart, Stephen; Neuzil, Kathleen; Mulligan, Mark J.; Bailey, Ruth; Swanson, Kena A. (28 August 2020). "RNA-Based COVID-19 Vaccine BNT162b2 Selected for a Pivotal Efficacy Study".medRxiv10.1101/2020.08.17.20176651v2.
  33. ^abc"China's Fosun to end BioNTech's COVID-19 vaccine trial, seek approval for another".Reuters.4 November 2020.Retrieved21 November2020.[dead link‍]
  34. ^"Fosun Pharma to supply Covid-19 vaccine to Hong Kong, Macau once approved".South China Morning Post.27 August 2020.Retrieved21 November2020.
  35. ^"Fosun hopes to launch Covid-19 vaccine in China at same time as US, Europe".South China Morning Post.6 November 2020.Retrieved21 November2020.
  36. ^Weiland, Noah; Thomas, Katie (20 November 2020)."Pfizer Applies for Emergency F.D.A. Approval for Covid-19 Vaccine".The New York Times.ISSN0362-4331.Retrieved21 November2020.
  37. ^"List of H Share Companies".Hong Kong Exchanges and Clearing Limited. 31 July 2019.Retrieved28 August2019.
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Scholiahas a profile forFosun Pharmaceutical(Q11071241).
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