板块主题窝 --- 生物和化学制药

BlueH2O

一系列很精彩的讨论，受教了。
顶顶顶。希望斑竹收入精华区。

maomi

119# spy2009

Kind of surprise to learn that though, so I Just had a close look at WX website. The scientific management team is very strong, consists of tens of Ph.Ds. Most of them have degree from States, and working experience in big pharm.

The company has ~3,800 employee, a pretty decent size for a pharma.
Since I could not visit the company in person, here is some info I decoded from WX website.

1) Majority of the directors have Ph.D in organic chemistry, making me feel that WX focuses more on providing R&D service (more in drug discovery stage) for small molecule synthesis, ADME study, analytical service etc. Their business strategy is to be a contract research organization (CRO). The R&D contract that WX signed with Pfizer, explained why Pfizer laid off hundreds scientists (if I recalled right) recently.

2) It also implies that their biological related service is not as strong as small molecule based service, this hypothesis was confirmed by lacking of typical biophysical instruments (CD, DLS) for biomolecule formulation from the list of instrument on their website. Well, for CRO of biomolecule, they may not need. The website is well-designed in a way to fool people who don't know the area, making them think WX is strong in all areas.

I am not familiar with CRO business, I don't know how profitable it might be. However, I am very familiar with Contract Manufacturing Organization (CMO) business, and the big bucks or profit is from commercial manufacturing, not from producing drugs for clinical trials. I am not sure if WX has signed any contract for commercial manufacturing. that's where big bucks come from.

CRO or CMO is more recession proof than big pharm, as the business strategy for big pharm during recession is to outsourcing.

Just my 2 cents, feel free to correct me if I am wrong.

spy2009

122# maomi
Well said! Thanks,

李革是搞有机合成的，搞生物是外行。WX涉及生物制药，并购了一家美国公司：

无锡药明康德公司日前在纽约宣布，斥资1.63亿美元全资收购了美国艾普科技实验室服务公司(以下简称艾普科技)，此桩收购开创了国内CRO海外扩张的先河。

中国的CRO主要包括化合物研究外包、原料药研究外包、制剂临床前研究外包和临床研究外包4个领域。药明康德主要承接外国制药企业的化合物研究外包和原料药研究外包。

艾普科技是美国一家提供药物测试、研发和生物药品制造服务的公司，专门为医药企业、医疗设备生产商提供研究和测试服务。

双方发表的声明称：此次收购，使药明康德能够迅速获得生物服务产能及专业技术，掌握重要的美国业务，并扩大其客户基础及市场规模。药明康德和艾普科技在中美两国的业务合并，使药明康德能够向全球制药、生物制药和医疗仪器客户提供一整套化学和生物外包服务。

maomi

123# spy2009

I tends to be very skeptical to buy a biotech stock. It is just my personal opinion, may or may not be right. WX does have a very good website. it sure is a promising company, with so many collaboration with big pharm. It reminds me the time I worked in a proteomics based start-up biotech company. I knew very well, as a employee or a scientist, that the company future does not look good. However, the info from company website is always promising, the website also includes a list of well-known scientists or professors in the scientific board. I went to the stock discussion group for my company, the investors were apparently fooled. I am sorry for them, but due to confidentiality agreement, I cannot say anything.

One thing I do want to point out "even though the era of small-molecule based drug is over, it still has the majority of market share. comparing to biomolecule based drug.

spy2009

124# maomi

呵呵，MorningStar(晨星)的分析师，也怀疑，WX为什么不集中精力继续搞有机合成外包？而是搞了一大堆其它东东。被买下的那家美国公司，利润率也没有原来WX的高。

maomi

125# spy2009

With so many Ph.Ds in the company, WX needs a lot of revenues just to keep the company rolling, and need more to grow or expand. You could calculate how much salary WX needs to pay each month for those "Hai Gui" (sorry, I don't have guts, and don't have big vision either). I was told by a friend that I could get a salary in China the same amount of $USD, but in RMB, not in WX though. I guess CRO of small molecules is not profitable enough. I am just guessing, no experience with small molecule, or CRO, what so ever.

SPY2009, you did a lot of research in WX. I only started this weekend :) Thanks for sharing. I learned a lot from your postings.

spy2009

呵呵，我们谈了那么多FA的东东，胡同那么多TA高手，一定看得不耐烦了。

不管怎么样，买不买个股，看FA；什么时候买，得看TA。

Lemontree

老大能再讲讲PFE么? 有个朋友被深套中, 还想着能回来不肯割. 谢谢先.

spy2009

128# Lemontree

整个是破位走势，现在割也太惨了，等反弹吧，但别老想着会回到原来价格。

Lemontree

是. 谢谢啦. 他21进的,已经套一年了.....

spy2009

WK，让他来胡同吧，先跟蛇老大和酷老大，学学TA吧。

Lemontree

他平时不能上网.....也不会打字什么的, 老人家了. 英语不够好, 你们前面几个很好的FA观点都是我翻译后读给他听的, 呵呵. TA懂一点点, FA就不行了. 总之提他多谢你.

casper

127# spy2009


星爷俨然是个老毒物的样子.
愚以为XLV 在 JNJ  ABT  PFE 等熊头老大的带领下,已经超卖的不成样子.
很有可能会短期弹一下,周二的可能性比较大.已经不太敢买RXD了.
各股方面,想看看HUM的好戏.只是看看.
谢谢各位对偶的教育.

spy2009

美国东方生物技术有限公司(AOB)就房地产购置发表评论 2009/01/10

纽约, 1月9日/美通社-PR Newswire/ -- 国药品和保健品领先经销商、分销商和制
造商美国东方生物科技有限公司(American Oriental Bioengineering, Inc.) 纽约
, 1月9日/美通社-PR Newswire/ --国药品和保健品领先经销商、分销商和制造商美
国东方生物科技有限公司(American Oriental Bioengineering, Inc.) （简称「AOBO」
或「该公司」）今天就其最近在北京经济技术开发区购置了大约7000万美元的建筑
物和土地的举措发表了有关评论。 （简称「AOBO」或「该公司」）今天就其最近在
北京经济技术开发区购置了大约7000万美元的建筑物和土地的举措发表了有关评论。

AOBO 总裁兼行政总裁刘书军(Tony Liu) 先生表示：「我们最近在北京经济技术开
发区购置房地产是对AOBO 的一种长期投资，这将扩大我们的多功能总部规模并将在
北京实行集中管理，同时还将深化我们在那些注重吸引先进制药公司的重点开发区
的影响力。另外我们认为，当我们大量的现金头寸产生实际收益负值时，这样的固
定资产配置不会影响我们的财务灵活性，反而会使我们获得政府各种形式的支持，
如与中国刺激计画相关的研发资助以及可能的低利率银行贷款。」 AOBO总裁兼行政
总裁刘书军(Tony
Liu)先生表示：「我们最近在北京经济技术开发区购置房地产是对AOBO的一种长期
投资，这将扩大我们的多功能总部规模并将在北京实行集中管理，同时还将深化我
们在那些注重吸引先进制药公司的重点开发区的影响力。另外我们认为，当我们大
量的现金头寸产生实际收益负值时，这样的固定资产配置不会影响我们的财务灵活
性，反而会使我们获得政府各种形式的支持，如与中国刺激计画相关的研发资助以
及可能的低利率银行贷款。」
刘先生继续表示：「虽然当时由于经济、竞争等其他原因我们没有总是详细说明我
们的动机，但我们却一直有效地掌控了中国复杂的经济和竞争格局，并且在这个过
程中创造出重大的股东价值。我们相信此次购置的房地产举措并未与AOBO 的成功经
验相违背。」 刘先生继续表示：「虽然当时由于经济、竞争等其他原因我们没有总
是详细说明我们的动机，但我们却一直有效地掌控了中国复杂的经济和竞争格局，
并且在这个过程中创造出重大的股东价值。我们相信此次购置的房地产举措并未与
AOBO的成功经验相违背。」
刘先生总结道：「我们的目标始终如一。我们继续专注于成为中国制药公司五强之
一，我们仍然积极并且慎重地追求有机增长和购置带来的增长。我们强调，中国富
有挑战性的经济环境和即将到来的医疗改革所造成不稳定性要求使我们在购置策略
上必须保持灵活性、影响力和创造性。为了能最终创造长期股东价值，我们打算对
涉及技术、新产品、合作以及大小股东的各种策略机遇进行评估。最后，我们需要
指出的是，AOBO 稳定的内部现金流确保我们不必寻求外部资本，并巩固了我们在同
类企业中的竞争力和谈判优势。」
刘先生总结道：「我们的目标始终如一。我们继续专注于成为中国制药公司五强之
一，我们仍然积极并且慎重地追求有机增长和购置带来的增长。我们强调，中国富
有挑战性的经济环境和即将到来的医疗改革所造成不稳定性要求使我们在购置策略
上必须保持灵活性、影响力和创造性。为了能最终创造长期股东价值，我们打算对
涉及技术、新产品、合作以及大小股东的各种策略机遇进行评估。最后，我们需要
指出的是，AOBO稳定的内部现金流确保我们不必寻求外部资本，并巩固了我们在同
类企业中的竞争力和谈判优势。」

BlueH2O

126# maomi

我看到过一些关于WX薪水的讨论。其中一贴 BY supangpang (苏胖胖)，引起我的关注。
http://www.mitbbs.com/article_t/Pharmaceutical/31170755.html
不知是否是谣传，慎重起见，如果国内有相关的朋友可以打听一下是否属实。

spy2009

135# BlueH2O

NND，偶第二次说了，打倒WX！！！

还是美国大药厂，把化学工程师，当人。

注：炒股，纯粹是为了赢钱，与其它无关。

spy2009

A few companies are working on this such as IMGN,SGEN, MDEX, and DNA. DNA has the first drug in phase III trial using Transtuzumab-DM1 to treat her2 positive breast cancer. I personally believe ADC would be revolutionary if is successful.
mab 发表于 2009-3-1 11:46

今天一早，IMGN玩个逆市大反弹和高开。

TNND，还真有点“老三既出，谁与针锋”的味道。

老亥

great, support!

mab

今天一早，IMGN玩个逆市大反弹和高开。

TNND，还真有点“老三既出，谁与针锋”的味道。
spy2009 发表于 2009-3-2 12:17

I played a lot of small biotechs. My experience is that do not count on becoming millionaire, run when you get a big profit.

mab

今天一早，IMGN玩个逆市大反弹和高开。

TNND，还真有点“老三既出，谁与针锋”的味道。
spy2009 发表于 2009-3-2 12:17

Correction: It is MEDX