Company:Fosun Pharma

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Short description: Chinese pharmaceutical company
Shanghai Fosun Pharmaceutical (Group) Co., Ltd.
Formerly
  • Shanghai Fortune Industrial
  • Shanghai Fosun Industrial
Typelisted
Industry
  • pharmaceutical
  • medical
Founded1994
Founder
  • Fosun High Technology
  • Guangxin Technology
  • and 3 others
Headquarters
Shanghai
,
China
Key people
Chen Qiyu(chairman)
Wu Yifang(CEO)
Servicesprivate hospitals
Increase CN¥03.125 billion (2017)
Total assetsIncrease CN¥61.914 billion (2017)
Total equityIncrease CN¥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%)
Script error: No such module "Infobox multi-lingual name".
Websitewww.fosunpharma.com
Footnotes / references
in consolidated financial statement[1]

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

As of 2018, the A shares of the company is a constituent of SSE 180 Index as well as its sub-index SSE MidCap Index.[3] The company was ranked 1,840th in 2020 edition of the Forbes Global 2000, a list of top listed companies of the world.[4]

Key people

  • 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

Fosun Pharmaceutical is a listed company which started A share[7] initial public offering in 1998 and H share in 2012.[8] The English name of the company was initially known as Shanghai Fortune Industrial Joint-Stock Co., Ltd. (SFIC; Chinese: 上海复星实业股份有限公司),[9] but the transliteration of 复星 was later changed from Fortune to Fosun (as Fosun Industrial[10]), as well as changing the name from Industrial (Chinese: 实业) to Pharmaceutical (Chinese: 医药). The company also shorten the transliteration of the legal suffix 股份有限公司 from 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: 上海复星实业公司) was incorporated in January 1994. The majority shareholders in December 1994 were Fosun High Technology (Chinese: 复星高科技) and its parent company Guangxin Technology (Chinese: 广信科技); Guangxin Technology was owned by Guo Guangchang, Liang Xinjun, Wang Qunbin and Fan Wei.[7][10]:8

In 2003 Fosun Pharmaceutical acquired 49% stake of Sinopharm Group (Chinese: 国药控股).[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: 国药产业投资) instead; the majority owner of the joint venture was state-owned China 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-listed Chindex International, which owned private hospitals in mainland China.[16][17]

In 2016, according to the Financial 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 subsidiary Sisram Medical (parent company of Alma Lasers) was spin-off as a separate listed company on the Stock Exchange of Hong Kong.[21] (As of December 2017), Fosun Pharma owned Sisram Medical 52.83% shares.[22]

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

COVID-19

Initial Responses

The company developed 2019-nCoV nucleic acid detection kit (PCR) which received emergency use authorization (EUA) from the FDA, 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 March 17, 2020, BioNTech received a $135 million investment from Fosun in exchange for 1.58 million shares in BioNTech and the future development and marketing rights of the mRNA vaccine BNT162b2 in China.[29] Also, BioNTech announced a collaboration with Pfizer to 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 August 5, 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 November 4, 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 for COVID-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 in Phase III trials 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 with HKSE-listed Jacobson Pharma to supply 10 million doses of BNT162b2 to Hong Kong and Macau.[34]

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

Shareholders

Fosun Pharmaceutical had two classes of ordinary share: A shares which only traded in mainland China as well as H share which only traded in Hong Kong.

(As of 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 which Fosun 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 the convertible bond (SSE:100196) of Fosun Pharma in 2003.[10]:6

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

Footnotes

  1. ↑ Sinopharm Group was previously transliterated as Sinopharm Holding
  2. ↑ China National Pharmaceutical Group itself 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: 复星实业（香港）有限公司; traditional Chinese: 復星實業（香港）有限公司) was incorporated in Hong Kong.[1]:211

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 2017 Annual Report. Fosun Pharmaceutical. 17 April 2018. http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0417/LTN20180417564.pdf. Retrieved 5 August 2018. 
  2. ↑ Li, Jane (3 April 2018). "Fosun Pharma chief cites Huawei as model for overseas expansion". South China Morning Post (Hong Kong). https://www.scmp.com/business/china-business/article/2139979/fosun-pharma-chief-cites-huawei-model-overseas-expansion. 
  3. ↑ "SSE MidCap Constituents List". China Securities Index. http://www.csindex.com.cn/uploads/file/autofile/cons/000044cons.xls. 
  4. ↑ "Shanghai Fosun Pharmaceutical". Forbes. https://www.forbes.com/companies/shanghai-fosun-pharmaceutical-group/. 
  5. ↑ "Wu Yifang, Shanghai Fosun Pharmaceutical: Profile and Biography" (in en). https://www.bloomberg.com/profile/person/19136526. 
  6. ↑ "Interview: Chen Qiyu – Chairman, Fosun Pharma, China" (in en-US). https://pharmaboardroom.com/interviews/interview-with-chen-qiyu-chairman-fosun-pharma-china/. 
  7. ↑ 7.0 7.1 (in zh-cn). Shanghai Fortune Industrial. 23 June 1998. http://stock.jrj.com.cn/share,disc,1998-06-23,600196,00000000000000nv4p.shtml. Retrieved 5 August 2018. 
  8. ↑ Chan, Ray (16 October 2012). "Fosun Pharmaceutical begins taking IPO orders from big investors". South China Morning Post (Hong Kong). https://www.scmp.com/business/companies/article/1062066/fosun-pharmaceutical-begins-taking-ipo-orders-big-investors. 
  9. ↑ (in zh-cn). Shanghai Fortune Industrial. 16 February 2000. http://static.sse.com.cn/disclosure/listedinfo/announcement/c/600196_1999_0.pdf. Retrieved 5 August 2018. 
  10. ↑ 10.0 10.1 10.2 10.3 (in zh-cn). Fosun Industrial. 24 April 2004. http://static.sse.com.cn/disclosure/listedinfo/announcement/c/2004-04-24/600196_2003_n.pdf. Retrieved 5 August 2018. 
  11. ↑ (in zh-cn)企业观察报. 4 August 2014. http://finance.sina.com.cn/china/20140804/112519905279.shtml. 
  12. ↑ (in zh-cn). Fosun Pharmaceutical. 25 March 2010. http://pg.jrj.com.cn/acc/CN_DISC/STOCK_TIME/2010/03/25/101000742_nb_0000000000000310lg.pdf. Retrieved 5 August 2018. 
  13. ↑ "Connection Transaction" (PDF) (Press release). Shanghai: Fosun International. 20 June 2008. Retrieved 6 August 2018 – via Hong Kong Exchanges and Clearing website.
  14. ↑ (in zh-hk)Apple Daily (Hong Kong: Next Media). 23 June 2008. https://hk.finance.appledaily.com/finance/daily/article/20080623/11264637. 
  15. ↑ Chan, Carol (27 June 2007). "Fosun increases price range of IPO shares". South China Morning Post (Hong Kong). https://www.scmp.com/article/598383/fosun-increases-price-range-ipo-shares. 
  16. ↑ "Fosun and partners buy US hospital operator Chindex for US$433m in sweetened deal". South China Morning Post. Bloomberg (Hong Kong). 23 April 2014. https://www.scmp.com/business/china-business/article/1494688/fosun-and-partners-buy-us-hospital-operator-chindex-us433m. 
  17. ↑ Waldmeir, Patti (22 April 2014). written at Shanghai. "TPG snaps up Chinese hospital operator". Financial Times (London). https://www.ft.com/content/d23a083a-ca01-11e3-8a31-00144feabdc0. 
  18. ↑ "Fosun Pharma--News--News Content". https://www.fosunpharma.com/en/news/news-details-3700.html. 
  19. ↑ Weinland, Don (18 September 2017). written at Hong Kong. "Fosun revises its offer for India's Gland Pharma". Financial Times (London). https://www.ft.com/content/fafe8cf8-9bb0-11e7-8cd4-932067fbf946. 
  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. Retrieved 5 August 2018 – 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). https://www.scmp.com/business/companies/article/2111622/fosun-unit-sisram-medicals-hong-kong-share-offer-draws-strong. 
  22. ↑ "Report of the Directors". 2017 Annual Report. Sisram Medical. 25 April 2018. pp. 31–32. http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0425/LTN20180425515.pdf. Retrieved 5 August 2018. 
  23. ↑ "Fosun Pharmaceutical to buy French drug distributor Tridem". Financial Times (London). 30 October 2017. https://www.ft.com/content/dd7ca00d-6912-37f2-b8b0-0db62a5a9a6d. 
  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. Retrieved 5 August 2018 – via Hong Kong Exchanges and Clearing website.
  25. ↑ Liao, Rita (June 6, 2022). "Hong Kong's AI drug discovery firm Insilico closes $60M Series D". TechCrunch. https://techcrunch.com/2022/06/06/hong-kongs-ai-drug-discovery-firm-insilico-50m-series-d/. 
  26. ↑ "Fosun Pharma gets FDA EUA nod for COVID-19 detection kit" (in en). https://www.biospectrumasia.com/news/25/15816/fosun-pharma-gets-fda-eua-nod-for-covid-19-detection-kit.html. 
  27. ↑ "Coronavirus Tests From Fosun Pharma, Osang Healthcare Receive FDA Emergency Use Authorization" (in en-us). 20 April 2020. https://www.genomeweb.com/molecular-diagnostics/coronavirus-tests-fosun-pharma-osang-healthcare-receive-fda-emergency-use. 
  28. ↑ "Fosun Pharma Announces 2020 Interim Results" (in en). Bloomberg.com. 2020-08-26. https://www.bloomberg.com/press-releases/2020-08-26/fosun-pharma-announces-2020-interim-results. 
  29. ↑ Ludwig Burger (15 March 2020). "BioNTech in China alliance with Fosun over coronavirus vaccine candidate". Reuters. https://www.reuters.com/article/biontech-fosunpharma-vaccine-collaborati/biontech-in-china-alliance-with-fosun-over-coronavirus-vaccine-candidate-idUSL8N2B90UW. 
  30. ↑ "Pfizer and BioNTech Announce Further Details on Collaboration to Accelerate Global COVID-19 Vaccine Development" (in en). 2020-04-09. https://www.businesswire.com/news/home/20200409005405/en/Pfizer-and-BioNTech-Announce-Further-Details-on-Collaboration-to-Accelerate-Global-COVID-19-Vaccine-Development. 
  31. ↑ SE, BioNTech (2020-08-05). "BioNTech and Fosun Pharma Announce Start of Clinical Trial of mRNA-based COVID-19 Vaccine Candidate in China". GlobeNewswire News Room (Press release). Retrieved 2020-11-21.
  32. ↑ Template:Cite medRxiv
  33. ↑ 33.0 33.1 33.2 "China's Fosun to end BioNTech's COVID-19 vaccine trial, seek approval for another" (in en). Reuters. 2020-11-04. https://ca.reuters.com/article/health-coronavirus-fosunpharma-idINL4N2HQ1UU. 
  34. ↑ "Fosun Pharma to supply Covid-19 vaccine to Hong Kong, Macau once approved" (in en). 2020-08-27. https://www.scmp.com/business/companies/article/3099003/shanghais-fosun-pharma-track-bring-german-partners-covid-19. 
  35. ↑ "Fosun hopes to launch Covid-19 vaccine in China at same time as US, Europe" (in en). 2020-11-06. https://www.scmp.com/business/companies/article/3108801/fosun-hopes-launch-biontech-and-pfizers-covid-19-vaccine-china. 
  36. ↑ Weiland, Noah; Thomas, Katie (2020-11-20). "Pfizer Applies for Emergency F.D.A. Approval for Covid-19 Vaccine" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2020/11/20/health/pfizer-covid-vaccine.html. 
  37. ↑ "List of H Share Companies". Hong Kong Exchanges and Clearing Limited. 31 July 2019. http://www.hkex.com.hk/Market-Data/Statistics/Consolidated-Reports/China-Dimension?sc_lang=en&tabName=Main%20Board. 

External links



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