收购河南新帅克制药股份有限公司股份可行性研究报

[收购]乐普医疗：收购河南新帅克制药股份有限公司股份可行性研究报告时间：2013年06月22日15:16:40中财网收购河南新帅克制药股份有限公司股份可行性研究报告乐普（北京）医疗器械股份有限公司2013年06月目录第一节项目的必要性与可行性···············································································1一、项目实施是乐普医疗产品多元化战略发展的必然选择·········································1二、项目对乐普医疗未来发展将产生重大影响························································1三、新帅克在国内心血管药物领域的竞争优势························································2四、医改政策有利于心血管药物快速发展······························································2五、协同效应令人期待······················································································3第二节国内外市场分析························································································4一、国内外医药行业发展趋势·············································································4二、我国化学药行业分析···················································································6三、新帅克核心产品市场分析·············································································7第三节技术分析································································································14一、我国化学药技术发展历史············································································14二、我国药品审批现状·····················································································15三、新帅克的产品创新与研发············································································15第四节竞争力分析·····························································································17一、硫酸氢氯吡格雷片竞争分析·········································································17二、复方甘草酸苷片竞争分析············································································19三、全身抗感染药物竞争分析············································································20四、其他产品竞争分析·····················································································20五、竞争力分析······························································································21第五节公司概况································································································22一、公司的法律架构························································································22二、公司的历史沿革························································································23三、主营业务及核心产品··················································································23四、企业生产与销售························································································23第六节收购方案································································································24一、尽职调查情况···························································································24二、收购方案介绍···························································································24第七节经济效益分析··························································································26一、财务现状分析···························································································26二、未来财务预测···························································································26三、投资回报总体分析·····················································································27第八节风险与对策分析·······················································································29一、产品市场风险···························································································29二、研发风险·································································································29三、公司经营管理的风险··················································································29四、渠道与产品整合的风险···············································································30第九节结论·······································································································31附录已获批产品································································································32第一节项目的必要性与可行性一、项目实施是乐普医疗产品多元化战略发展的必然选择乐普医疗上市前后，制定了围绕心血管领域拓展产品的多元化发展战略。几年来，公司一直致力于心血管介/植入治疗领域产品线的横向扩张和完善以及产业链的纵向延伸，先后完成了封堵器、心脏瓣膜、起搏器等高端心脏介/植入产品以及心血管领域大型医疗器械企业的并购。近年来，高端心血管介/植入医疗器械细分行业面临越来越激烈的市场竞争，乐普医疗主要依靠心血管支架单一产品盈利的模式已不能保证公司未来的持续发展。从乐普医疗多元化发展战略角度看，收购心血管领域的制药企业，不断获得心血管领域的核心药品批文、丰富并完善的产品线与研发平台将是乐普医疗未来发展的重要方向之一。业内普遍共识，由于心血管药物领域技术门槛高，市场空间大，产品价值高，一直是国内外医药巨头最重要的产品领域。近年来，由于国家政策的扶持，医保覆盖率和报销比例不断提升，国内医保体系的保障水平得到不断提高。随着我国人口老龄化加速，医疗资源的发展以及人们健康理念的提升，我国心血管药物市场已进入并将保持快速发展的趋势。本项目的实施使乐普医疗获得心血管药物领域中的核心重大产品，将占据市场先发优势，分享未来心血管药物细分行业快速成长的收益，是乐普医疗尽快实现快速增长的必然选择。二、项目对乐普医疗未来发展将产生重大影响硫酸氢氯吡格雷片多年处于全球销量排名第2位，在中国已成为单一专科药销售额“冠军”产品。目前，包括新帅克在内国内仅有三家供应商，竞争格局相对可控。如果成功并购新帅克，则乐普医疗能够实现快速进入心血管药物领域的战略目标，并极有可能迅速成长为乐普医疗的第二条业务主线，有利于加强乐普医疗在整个心血管医疗领域的影响力。根据初步测算，随着新帅克加入乐普医疗，两年之内其利润贡献将达到次席，并极可能在今后一段时间成为乐普医疗成长最快的产品线，这将对乐普医疗未来持续快速发展产生重大影响。三、新帅克在国内心血管药物领域的竞争优势长期以来，新帅克在化学药尤其是心血管药物领域的研发、生产以及销售服务方面积累了丰富经验，尤其是新帅克是目前国内除赛诺菲（原研）、信立泰（首仿）之外唯一获得硫酸氢氯吡格雷片剂生产批文的制药企业。新帅克整体的竞争优势明显，主要表现为：1.新帅克是目前国内少有的掌握心血管药物领域研发和生产多项核心产品的国内企业，无论在产品的成熟度还是新产品的研发进度以及研发团队的经验和专业性方面都领先于其他国内竞争对手。2.新帅克拥有国内除赛诺菲、信立泰之外唯一的硫酸氢氯吡格雷片剂批文，目前具备参与国内招标和产品销售的先决条件。3.新帅克通过多年实践，已经形成一套相对成熟的生产管理流程和质量控制体系，生产满足新版GMP认证要求，处于国内先进水平，综合生产成本保持明显的竞争优势。4