The first model in which Chinese companies took the lead in vaccine research and development and multinational companies were responsible for promotion came to an end.
The ten-year promotion agreement has been terminated
The cooperation between the two parties began in July 2020. CanSino and Pfizer Investment signed the "Promotion Service Agreement", authorizing Pfizer to conduct sales in mainland China during the cooperation period The region exclusively promotes the company's ACYW135 meningococcal polysaccharide conjugate vaccine (CRM197 vector) product Menhaixin_.
According to the agreement, the company authorizes Pfizer to exclusively promote the company's MCV4 vaccine product Manheixin in mainland China for a maximum cooperation period of 10 years from the date of signing of the cooperation agreement to the date when MCV4 obtains the drug registration certificate. _, authorizes Pfizer to use the company's trademark and technical information within the authorized area to promote MCV4 vaccine products during the cooperation period.
According to data, as early as December 2019, China's National Medical Products Administration had included Menhexin into the list of priority review varieties, becoming the first domestic quadrivalent meningococcal conjugate vaccine to enter the list. ; In December 2021, Manhaixin_ product was officially approved by the State Food and Drug Administration, becoming the first and only meningococcal conjugate vaccine covering the four serogroups A, C, W135, and Y in China, filling the gap between the four serogroups in the country. Gaps in meningococcal conjugate vaccine.
In addition to the innovation of vaccine products, the cooperation model between the two parties is also unprecedented. According to reports, Mannhexin_ was independently developed and developed by CanSino Biologics. After approval, Pfizer Investment Co., Ltd. will be responsible for its promotion in the domestic market. The cooperation between the two parties has launched the first innovative model in which China's innovative vaccine companies take the lead in R&D and production, and multinational companies are responsible for promotion. CanSino Biologics and Pfizer will give full play to their respective advantages and jointly open a new pattern for the prevention of meningococcal disease in infants and young children in China.
This cooperation model is also considered an endorsement of CanSino products. In the annual report, CanSino stated that signing a promotion agreement with Pfizer shows that multinational pharmaceutical companies recognize the competitiveness, technical strength and product quality of the company's products, and also provides guarantee for the commercialization success of Mannhexin_, and contributes to the company's brand building and Lay a solid foundation for the establishment of a marketing system that meets international standards.
In addition, MCV4 is also one of CanSino’s products implementing its globalization strategy. In an institutional survey in May, CanSino executives pointed out that the company is also currently actively exploring the promotion of MCV4, new crown vaccines, etc. in overseas markets. In the future, the thirteen-valent pneumonia conjugate vaccine PCV13i and component diphtheria-tetanus vaccine will also be promoted. The potential of overseas markets. At this stage, the company does not have a large-scale sales team overseas. It mainly promotes the commercialization of the company's products with partners in various countries around the world. The cooperative relationship established with the new crown vaccine can help quickly promote the overseas commercialization of other vaccines.
However, this promotion cooperation, which originally lasted for up to 10 years, lasted only about half a year. On June 4 this year, the two parties signed an announcement to terminate the agreement, and CanSino did not disclose the specific reasons for the termination. The company pointed out that it has not yet generated MCV4-related sales revenue and does not have any payable but unpaid amounts to Pfizer. The decision to terminate the promotion cooperation is based on friendly consultations and full communication between the two parties. It is not expected to have a significant adverse impact on the company's financial status and operating results, and will not harm the interests of the company and shareholders.
As for follow-up planning, CanSino stated that both parties will hand over unfinished matters upon termination of the agreement. At present, the company has established a complete commercial operation center, and the company's commercialization team will be responsible for MCV4's domestic and foreign market strategies, marketing activity planning and execution. The commercialization of MCV4 will narrow the gap between China and developed countries and fill the gap of China's lack of high-end vaccines in this field. Therefore, it has broad prospects in the Chinese market.
Public information shows that CanSino Biologics (600201)’s main business is the research and development, production and commercialization of innovative vaccines that meet Chinese and international standards. The company's product pipeline includes 17 innovative vaccine products for 12 indications including the prevention of Ebola virus disease, meningitis, COVID-19, pneumonia, diphtheria-tetanus pertussis, tuberculosis, and herpes zoster.
The new coronavirus vaccine has been included in the WHO "Emergency Use List"
CanSino's product pipeline is aimed at preventing Ebola virus disease, meningitis, new coronavirus pneumonia, pneumonia, diphtheria-tetanus pertussis and tuberculosis 17 innovative vaccine products for 12 indications, including shingles and herpes zoster.
As the recombinant new coronavirus vaccine (type 5 adenovirus vector) has obtained conditional marketing approval and emergency use authorization from many countries at home and abroad, the commercial sales of the product have increased its performance. In 2020, the company's net profit turned around and achieved 1.914 billion yuan; this year In the first quarter, the company achieved a net profit of 121 million yuan.
On May 19, the World Health Organization disclosed that CanSino's recombinant new coronavirus vaccine (type 5 adenovirus vector) Kwisha_ was included in the "emergency use list"; CanSino said that it still needs to The future sales of the product will be subject to commercial negotiations with the intended countries. If overseas countries increase the purchase and use of the product in the future, it will have a certain positive impact on the performance of the listed company.
In a recent institutional survey, CanSino executives found from the financial performance perspective that although overseas orders are expected to pick up in the second quarter, business negotiations, order landing, shipment and final revenue recognition require a period of time. process. In terms of production capacity guarantee, the adenovirus vector COVID-19 vaccine is produced by the Tianjin and Shanghai production lines, with a designed annual raw solution production capacity of 200 million doses. As the epidemic situation in Shanghai improved, on-site GMP inspections began at the end of May and are currently progressing smoothly. At the same time, the company is also stepping up construction of its mRNA production capacity in Shanghai, with a view to starting trial production by the end of the year. The designed production capacity of the first phase is 100 million doses.
In addition, CanSino has not yet developed the monkeypox vaccine as a formal project, but it is already working on the construction of virus strains in the early evaluation department. It will be based on early data, market and national needs. Follow-up development will be carried out as appropriate.
As of the close of trading on June 2, the latest stock price of CanSino A shares was 171.9 yuan. It hit a record high of 798 yuan in July last year, with the largest cumulative decline so far of 82%.
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