Haihe Pharmaceutical Co., Ltd. steps on the brake

After two rounds of inquiries, Shanghai Haihe pharmaceutical research and Development Co., Ltd. (hereinafter referred to as “Haihe pharmaceutical”) pressed the pause button to sprint the scientific innovation board.

On July 20, the review status of Haihe pharmaceutical on the official website of Shanghai Stock Exchange was changed to suspend the review. According to the prospectus, Haihe pharmaceutical plans to publicly issue no more than 221 million shares and raise 3.15 billion yuan for new drug R & D projects, Taizhou production base construction projects and supplementary working capital.

According to the announcement on the results of the 48th review meeting of the municipal Party committee in 2021 on the science and innovation board, Haihe pharmaceutical is required to make a detailed description on core technology, related party transactions, equity transfer and other issues. At present, Haihe pharmaceutical has not responded to this.

On July 30, on several issues disclosed in the announcement of the results of the review meeting, the reporter of times weekly called the Board Secretary Office of Haihe pharmaceutical for many times. As of press time, the phone had not been connected.

Capital holdings, R & D capacity in doubt

Founded in 2011, Haihe pharmaceutical is an independent innovative biotechnology company focusing on the discovery, development and commercialization of anti-tumor innovative drugs.

According to the data of Anxin International Research Report, the global tumor drug market has broad prospects. The market value of global targeted therapy and immunotherapy will reach US $125.8 billion in 2020 and is expected to increase to US $433.3 billion in 2030. China’s tumor drug market has grown rapidly in recent years. The market value was US $19.2 billion in 2016 and increased to US $30.4 billion in 2020, in line with the annual growth rate of 12.1%.

Aiming at the track of tumor drugs, Haihe drugs has made a lot of layout. The prospectus shows that Haihe drugs has carried out more than 15 clinical trials around compounds in seven clinical research stages. As of the signing date of the prospectus, Haihe pharmaceutical has focused on promoting 8 compounds in the field of antitumor, of which 7 compounds are in the stage of clinical research and 1 compound is in the stage of preclinical research.

The market value of cancer drugs has attracted the attention of many capital. Sky eye survey shows that the investors of Haihe pharmaceutical include well-known investment institutions such as Hillhouse capital, China Merchants Bank International, CICC capital and Boyuan capital. Warburg Pincus capital, which holds more than 5% of the company’s shares, said in the round B financing of Haihe pharmaceutical that the leading products of Haihe pharmaceutical are expected to be approved for listing within two years, with great commercial potential, while other products take a relatively longer time.

The investment of Haihe pharmaceutical in R & D expenses has also increased year by year. According to the prospectus, from 2018 to 2020, the R & D expenses of Haihe drugs were 106 million yuan, 303 million yuan and 482 million yuan respectively. However, it is puzzling that the R & D equipment investment of Haihe drugs, which focuses on the R & D of innovative drugs, is far lower than that of its peers.

According to the prospectus, the original value of Haihe drug R & D equipment was 6.5533 million yuan, the book value of depreciated R & D equipment was 2.6168 million yuan, and the equipment newness rate was 39.93%. The original value of R & D equipment disclosed in the respective prospectus of microchip Biology (688321. SH) and Zejing Pharmaceutical (688266. SH) is more than 10 million yuan.

Taking microchip biology as an example, as of December 31, 2018, in the fixed assets of microchip biology, the original book value of R & D equipment was 14.5849 million yuan, the net book value was 6.5311 million yuan, and the equipment newness rate was 44.78%.

In the first round of inquiry letter, the municipal Party Committee on the science and Innovation Board questioned this, requiring Haihe pharmaceutical to explain the specific role of the main R & D equipment on product R & D in combination with the core technology, and explain the rationality of the book value of the R & D equipment according to the situation of the contract industry.

In its reply to the first round of inquiry letter, Haihe pharmaceutical said that at this stage, the company’s drug production is mainly carried out by entrusting cdmo institutions, and has not purchased drug production equipment on a large scale.

In addition, there are data fights on the number of R & D personnel of Haihe pharmaceutical.

The prospectus disclosed that from 2017 to 2020, the number of employees of Haihe pharmaceutical was 120, 96, 129 and 195 respectively. The national enterprise credit information publicity system shows that from 2017 to 2020, the total number of employees who paid endowment insurance and medical insurance by Haihe pharmaceutical was 93, 90, 1226 and 141 respectively.

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