Red Star Capital Bureau reported on June 6 that CanSino (688185.SH; 06185.HK) announced yesterday evening that after friendly negotiation, the company and Pfizer signed an agreement on the vaccine product Manhaixin (hereinafter referred to as “MCV4”). Terminate the promotion agreement.
After the termination of the promotion agreement, the CanSino commercialization team will be responsible for the domestic and international market strategy, marketing activity planning and execution of MCV4 .
On June 6, CanSino told the Red Star Capital Bureau, “Originally, this product (MCV4) was only promoted to Pfizer in mainland China, and now this part of the promotion is taken back, We have our own business team to do it.” In addition, Red Star Capital learned from CanSino that CanSino has been responsible for the overseas promotion of MCV4.
As for the reason for the termination of the promotion, CanSino said that it was not the request of which party, but the consensus reached after several rounds of communication between the two parties. “On the whole, Pfizer has adjusted its commercialization strategy in the vaccine sector, and the commercialization team on the company’s side is gradually complete, so the two sides negotiated and signed a termination agreement.”
As of noon In the market, CanSino A shares rose 4.81% to 180.16 yuan per share, with a total market value of 44.58 billion yuan; CanSino Bio’s H shares rose 5.94% to 78.45 Hong Kong dollars per share, with a total market value of 19.41 billion Hong Kong dollars.
In 10 years, it will go bankrupt in half a year
Public information shows that MCV4 is the first case of meningitis in China Coccus quadrivalent conjugate vaccine products. Before MCV4 was launched, there were only polysaccharide vaccines and bivalent conjugate vaccines in the domestic market, and no quadrivalent conjugate vaccine was listed. CanSino once said that the launch of MCV4 fills the gap in my country’s lack of high-end vaccines in this field.
Back in July 2020, CanSino signed a cooperation agreement with Pfizer, and the company authorized Pfizer to cooperate within a maximum period of 10 years from the date of signing the cooperation agreement to the date when MCV4 obtained the drug registration certificate in China The exclusive promotion of MCV4 in mainland China also authorizes Pfizer to use the company’s trademark and technical information in the authorized area for the promotion of MCV4 during the cooperation period.
On December 29, 2021, Manhaixin was officially approved by the State Drug Administration.
This also means that the original ten-year promotion cooperation agreement was terminated after only half a year. As for the reason for terminating the promotion agreement, on June 6, CanSino told the Red Star Capital Bureau that it was not which party made the request, but the consensus reached after several rounds of communication between the two parties. “On the whole, Pfizer has adjusted its commercialization strategy in the vaccine sector, and the company’s commercialization team is gradually complete, so the two sides negotiated and signed a termination agreement.”
CanSino said that Pfizer needs to terminate the agreement according to Agreed to deliver the prescribed documents and materials to the company. At the same time, the company has no associated relationship with Pfizer, and the termination agreement signed this time does not constitute a connected transaction and does not need to be submitted to the company’s board of directors and shareholders’ meeting for consideration.
MCV4 has no revenue yet
CanSino mainly builds its own promotion team
It is worth noting that the promotion cooperation between CanSino and Pfizer created the first model in which Chinese innovative vaccine companies lead the R&D and production, and multinational companies are responsible for promotion /strong>. At the same time, to a certain extent, it also shows that multinational pharmaceutical companies recognize the competitiveness, technical strength and product quality of domestic products.
But in fact, CanSino stated that the company mainly builds its own promotion team, which is mainly carried out by its own sales team through professional promotion. Research to monitor product safety and efficacy.
At that time, although the cooperation between CanSino and Pfizer was regarded by the market as a strong guarantee for the commercialization of MCV4, it still “failed” in the end.
CanSino also added that the company has not yet generated MCV4-related sales revenue, and that there are no outstanding payments due to Pfizer.
The termination of the promotion cooperation is a decision made after friendly negotiation and full communication between the two parties. It is not expected to have a material adverse impact on the company’s financial position and operating results, and will not harm the interests of the company and its shareholders.
Red Star News reporter Deng Lingyao
Editor Yu Dongmei
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