HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Says Goodbye to COVID-19 and Reopens Borders - Here Are Some Points Worth the Attention

China Healthcare Weekly (Jan.6) - Dental Implant VBP, “Long COVID” Effect, 2023 Is Better than 2022

Presentation for Webinar: China Healthcare - Outlook and Opportunities in 2023

Akeso Biopharma (9926.HK) - Behind the Deal with Summit: A Snake Swallows an Elephant?

Sichuan Kelun Pharmaceutical (002422.CH) - The Deal with Merck Brightens the Outlook; A Dark Horse?

Interpretation of China’s Central Economic Work Conference for 2023

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Sichuan Kelun Pharmaceutical / Equity Bottom-Up

<ul>
<li>Merck entered into an agreement with Kelun to develop seven new ADC candidates. Merck will pay an upfront payment of US$175 million, with milestone payments worth up to US$9.3 billion.</li>
<li>It's a strong signal that Merck gives up acquiring Seagen and fully embraces Kelun. Merck may not just simply recognize Kelun’s ADC candidates but is optimistic about its ADC platform/technology.</li>
<li>Chinese pharmaceutical enterprises are becoming more pragmatic and peaceful in licensing cooperation, which has more trend significance for the development of industry than the value of a product or an enterprise. </li>
</ul>


Merck entered into an agreement with Kelun to develop seven new ADC candidates. Merck will pay an upfront payment of US$175 million, with milestone payments worth up to US$9.3 billion.
It's a strong signal that Merck gives up acquiring Seagen and fully embraces Kelun. Merck may not just simply recognize Kelun’s ADC candidates but is optimistic about its ADC platform/technology.
Chinese pharmaceutical enterprises are becoming more pragmatic and peaceful in licensing cooperation, which has more trend significance for the development of industry than the value of a product or an enterprise. 


Merck Puts Eye-Popping $9.3B in ADC Deal with Kelun - The "New Story" Is About to Begin