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　　Jiuhua Entertainment official registration today, complex macros Hanlin -B (2696.HK) officially landed HKEx, becoming the first bio-similar drugs share. The IPO issued a total of 6469.54 million shares at an issue price of HK $ 49.6 per share.
　　
　　The IPO investors to bring huge returns. Canopy Capital founding partner Xu Xiaolin told state business, as the lead investor in 2016 square complex macros Hanlin A round, which is currently canopy investment in the medical field one of the highest return on book value.
　　
　　Bell-site complex macros CEO Liu Hanlin high
　　
　　time to set aside seven months ahead, complex macros Hanlin of rituximab injection HLX01 (trade name: Han Likang) became the first drug approved to market bio-similar, It can be used for non-Hodgkin's lymphoma, rheumatoid arthritis treatment. In May, Han Likang began commercial sales, then into the health insurance. Although not new rules last year after the first landing HKEx Hong Kong stocks of biological pharmaceutical companies, but commercial sales of complex biological Hong Han Lin of similar drugs may be more than a year ahead.
　　
　　At the same time, the complex macro Hanlin is also accelerating the pace of international distribution. Previously, its products HLX02 (trastuzumab injection) is the first country to carry out clinical studies three international multi-center similar biological medicine, and in April and June, respectively, the State Food and Drug Administration (NMPA) and the European medicines Agency (EMA) new drug application accepted, and NMPA into priority review process, became the first newspaper produced domestically trastuzumab.
　　
　　Recently, complex macros Han Lin has just announced a partnership with the Indonesian pharmaceutical company PT Kalbe Farma, Tbk owned subsidiary of PT Kalbe Genexine Biologics (hereinafter referred to as "KG Bio") reached a consensus on cooperation, complex macros to grant KG Bio Hanlin self-developed products HLX10 ( anti-PD-1 recombinant humanized exclusive rights to develop and commercialize monoclonal antibody injection) in the first two monotherapy and combination therapy in 10 countries in Southeast Asia, the total amount is expected to reach $ 692 million.
　　
　　In recent years, biomedical a hot market. Since 2015, improve the policy support and review systems to provide for the development of biomedical strong support, along with a large number of capital admission, urging the hot track. In terms of targets, and other indications, biological drug companies homogeneous competition increasingly fierce, which makes speed even become the key to winning or losing the competition to survive.
　　
　　In this fierce racing, the complex macro Hanlin exactly what come out on top?
　　
　　From bio similar drugs into the market
　　
　　was founded before re-Hong Han Lin, Liu high in the US Amgen to do quality control director. Stable life was broken in 2007, his father died of cancer suffering from high to Liu brought a painful blow.
　　
　　In China, cancer patients like his father as well. Medicine too little, too expensive, so the treatment for most patients is very extravagant. So, by virtue of accumulated experience and technology can not make myself so that patients can afford high-quality drugs? Liu grief so high I ask myself.
　　
　　In October 2008, Liu Jiang Weidong encountered high investment conference in Hangzhou, Zhejiang University Alumni Association hosted on. That time, Jiang Weidong in Boston research and development of an antibody drug in pharmaceutical companies, research interests include gene cloning, cell line development. After the exchange, the two found each other not only similar experience, even the idea to start doing biological drugs are the same.
　　
　　"I Weidong hit it off," Liu Gao said. Just one month after Liu left the Amgen high, and Jiang Weidong together in February the following year officially registered company. After much evaluation, they decided to do a similar biological drugs into the market, looking for ways to reduce costs, and gain experience for the future development of more innovative drugs.
　　
　　Choose to return, because two people seen in the increasing aging, increased incidence of cancer cases, yet the country is a huge unmet medical needs. According to Liu high, the domestic cancer patients 5-year survival is less than half of the United States, the drug treatment utilization rate of less than 10%. For this reason, in the future as sales increase, allocated to a single product development costs will be further reduced, companies can get greater economies of scale.
　　
　　However, unlike today's prosperous, then the domestic bio-medicine industry is still chaos. From a policy perspective, the review of the relevant laws and regulations is still unknown, which also led investors can not see the window of this market. High R & D investment but also to discourage entrepreneurs.
　　
　　Hanlin complex macros are lucky. The summer of 2009, Fosun chairman Rudy Chan wants to enter the field of monoclonal antibody drugs, so she took the executive team came to the San Francisco Bay Area looking for technology and team.
　　
　　Fosun chairman Rudy Chan (left) and complex macros CEO Liu Hanlin high (right)
　　
　　talk, the two sides found each other to do almost the same idea of monoclonal antibody drugs, cooperation hit it off. December 2009, Liu and Jiang Weidong high official with Fosun signed on as the latter hatched a team returnees. With the support of Fosun funds, market research and market access, complex macros Hanlin can focus more on research and development itself.
　　
　　Grasp the quality, control costs, make affordable and innovative
　　
　　bio-similar drugs refers to the similarity with the approved biological original drug is a biological drug, have similarities in terms of quality, safety and efficacy and has been approved for registration of the original drug. Compared to generic drugs for chemical, biological drugs similar technology is more complicated.
　　
　　For complex macro Hanlin concerned, in order to allow the patient can be used for affordable high-quality biopharmaceuticals, we need under the premise of guaranteeing quality, reduce production costs. "We believe that high quality and low cost can co-exist." Liu told the high state business.
　　
　　To this end, the team through the introduction of advanced production technology or to reduce development costs by taking on more independent research and development, and to ensure even improving quality. Hanlin complex macro expression will be the introduction of high technology production cell line when the founder, increase yield per unit volume. The team also through a disposable single-use bioreactor and other production technologies to reduce construction costs and total production costs, but also reduces the risk of cross-contamination.
　　
　　That time, the domestic biological assessment criteria for similar drugs not yet clear, the team will adhere to the quality standards of the international market standard of research and development, from the production of GMP standard to the quality of the final product, including purity, impurity, biological activity, immunological properties etc. At the same time, the complex macro Hanlin and other leading monoclonal antibody domestic enterprises came into contact with the Food and Drug Administration to help participate in rulemaking, hoping that China biological medicine with international standards.
　　
　　"Quality standards to enhance patient is also beneficial for" high Liu said, "China should have the right to enjoy the patients with patients in Europe and America as good medicine."
　　
　　By 2015, launched the "guiding principles similar drugs," the first clear similar to the definition of biological drugs. After clear regulations, barriers to research and development increased dramatically, bad money gradually expelled. According to adhere to international standards of research and development of complex macros Han Lin biological enterprises in the next 1 to 3 clinical and approval of, was able to achieve "overtaking", its international advantage has gradually emerged in Europe, Indonesia, South Korea and other regions and countries .
　　
　　Product development at the same time, Wang Hanlin complex structures gradually realized the key technology system, including production technology research and development, and other cell lines, developed a listing of analytical methods, quality systems, manufacturing operations and other platforms. Increasingly sophisticated technology platform, but also for the development of new products provide a strong support team. Up to now, complex macros Hanlin total of more than 30 drug candidates in the pipeline to carry over the same period.
　　
　　Source: complex macro Hanlin prospectus
　　
　　capital market recognition
　　
　　arrived in 2016, the complex macro Hanlin R & D pipeline grew, soon to open HLX01 clinical Phase III trials and three other clinical-stage pipeline also requires a lot of capital investment . Therefore, the introduction of Fosun Pharma hopes to VC, and took the opportunity to observe the re-evaluation of the capital market of Hong Han Lin.
　　
　　The other end of the story is a canopy capital. 2015, Xu Xiaolin from going to their limited funds in a dish, set aside some of the gambling biomedical track. That time, investors look at this track there, but not many dare to shot.
　　
　　Acer CEO Liu Hanlin complex high (left) and canopy Capital founding partner Xu Xiaolin (Right)
　　
　　"You may feel that the trend is coming, but exactly how this industry valuation, time to market deals, sales revenue and profit after listing how a series of questions that remain unanswered. "Xu Xiaolin told the entrepreneurial state. But in his view, after 2007 years ago, scientists returned to the founder of biological pharmaceutical companies should be made very achievements in the past decade cycle.
　　
　　Looked around the subject, or improper valuation or lead investor can not do, do not meet the canopy of logic. Until 2016 encounter complex macros Han Lin, Xu Xiaolin really under the re-injection. In addition to the recognition of the team, Xu Xiaolin also very optimistic about the biological medicine similar track, "more secure approval from the perspective of foreign domestic almost simultaneously, for patients and more reliable."
　　
　　In February of this year, re-Hong Han Lin HLX01 Han Likang first to break through the finish line, become the first approved the listing of bio-similar drugs. "The company's first product Han Likang successful listing, is a real" decade sword. " This is the team accumulated more than 600,000 hours brainchild. "Liu wrote in the high internal letter.
　　
　　Today, complex macros with Han Lin's first bio-similar drugs landing HKEx, has been recognized by the secondary market, but for the team it is just the beginning. With the biopharmaceutical industry chain the core capabilities of the platform, to build complex macro Hanlin is now a comprehensive "bio-similar drugs + + bio innovative drug combination therapy" product line.
　　
　　R & D investment growth can be used as evidence, according to the complex macro Hanlin prospectus, which overall R & D spending from 2017's 637 million yuan in 2018 increased to 9.73 billion yuan, up 52.6%; at the end of March this year, the company's overall R & D expenditure reached 225 million yuan.
　　
　　in addition, the international road is being re-Lin Wang Han advance. currently, the company has conducted 11 clinical trials in the region while the United States, Australia, the Philippines, Ukraine, etc. Meanwhile, the team successfully applied to join Accord HLX02 marketing license application to the European medicines Agency, which was recently awarded KG Bio was restored Wang Hanlin self-developed products HLX10 the first two monotherapy and combination therapy exclusive development and commercialization rights in 10 countries in Southeast Asia.
　　
　　review Of course, believe that high Liu Wang Hanlin complex was fortunate enough to catch up with the weather, geography. " 'Man proposes, God disposes' is my motto. Do their should be done, waiting for an opportunity soon enough. "