Shanghai Fosun Pharmaceutical (Group) Co.,Ltd. (trade name:Fosun Pharma) is a Chinese pharmaceutical company. It is mostly owned by Fosun International.[2]
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 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 31December2017,[update] 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 €63million.[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]
On 17 March 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 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 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 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,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 31December2017,[update] 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 31December2017,[update] 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]:2As of 31July2019[update],the market capitalization of the H share of Fosun Pharma was HK$12,943,004,725.[37]
Footnotes
↑ Sinopharm Group was previously transliterated as Sinopharm Holding
↑ 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
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Fosun International Limited is a Chinese multinational conglomerate holding company. Founded in 1992 by Guo Guangchang and four others, the company is headquartered in Shanghai and was incorporated in Hong Kong in 2004. Its Co-CEOs are Chen Qiyu and Xu Xiaoliang. Wang Qunbin joined Guo Guangchang as co-chairman in early 2020. The company is located in over 35 countries and is one of the largest privately owned conglomerates in China. It was ranked 371st on the Forbes Global 2000 ranking in 2020.
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References
1 2 3 4 5 6 2017 Annual Report(PDF). Fosun Pharmaceutical. 17 April 2018. Retrieved 5 August 2018– via Hong Kong Exchanges and Clearing website.
1 2 上海复星实业股份有限公司(筹)招股说明书概要[Prospectus of Shanghai Fortune Industrial] (in Chinese (China)). Shanghai Fortune Industrial. 23 June 1998. Retrieved 5 August 2018– via jrj.com.cn.
↑ 1999年年报[1999 Annual Report](PDF) (in Chinese (China)). Shanghai Fortune Industrial. 16 February 2000. Retrieved 5 August 2018– via Shanghai Stock Exchange website.
1 2 3 4 2003年年报[2003 Annual Report](PDF) (in Chinese (China)). Fosun Industrial. 24 April 2004. Retrieved 5 August 2018– via Shanghai Stock Exchange website.
↑ 国药集团复星联合成立首家混合所有制药企. 企业观察报 (in Chinese (China)). 4 August 2014. Retrieved 5 August 2018– via Sina.
↑ 2009年年报[2009 Annual Report](PDF) (in Chinese (China)). Fosun Pharmaceutical. 25 March 2010. Retrieved 5 August 2018– via Shanghai Stock Exchange website.
↑ "Connection Transaction"(PDF) (Press release). Shanghai: Fosun International. 20 June 2008. Retrieved 6 August 2018– via Hong Kong Exchanges and Clearing website.
↑ 復星醫藥減持國藥控股. "財話短說" column. Apple Daily (in Chinese (Hong Kong)). Hong Kong: Next Media. 23 June 2008. Retrieved 6 August 2018.
↑ Waldmeir, Patti (22 April 2014). Written at Shanghai. "TPG snaps up Chinese hospital operator". Financial Times. Additional reporting by Zhang Yan. London. Retrieved 5 August 2018.
↑ "Report of the Directors". 2017 Annual Report(PDF). Sisram Medical. 25 April 2018. pp.31–32. Retrieved 5 August 2018– via Hong Kong Exchanges and Clearing website.
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CN¥ 3.125 billion (2017)
