M & A of international pharmaceutical giants together，Unintentionally brought new opportunities to Harbin Pharmaceutical Group Co., Ltd. (hereinafter referred to as Harbin Pharmaceutical Group)。 
June 10，Harbin Pharmaceutical Group bids more than 300 million yuan，Acquisition US Pharmaceutical Enterprise Pfizer's pig supporting animal vaccine business in China，Since the promulgation of China's "Anti -Monopoly Law"，The first case involving the acquisition of assets in China in the mergers and acquisitions of multinational companies。
　stake online sports bettingearly 2009，Pfizer acquired Wyeth Company for $ 68 billion。June 9 of that year，The Ministry of Commerce received a centralized application for the acquisition of Wyeth's acquisition of Wyeth。The Ministry of Commerce reviewed the transaction for the transaction in accordance with Article 27 of the Anti -Monopoly Law。
The products of both parties in China have some reunion in the products of the market in China，1 is human medicine，Specific J1C (broad -spectrum penicillin) and N6A (antidepressant and emotional stabilizer); second, animal health products，Specifically includes pig support primary pneumonia vaccine、Pseudo -pseudo -rabies vaccine and dog use seedlings。
The Ministry of Commerce thinks，The above two types of human drugs, as well as the fields of animal health products in the two animal health products of pig pseudo -rabies vaccine and dogs for pseudo -rabies，After the merger, the market competition structure has not changed substantially。but，In view of the Chinese pig branch primary pneumonia vaccine market belongs to a highly concentrated market，The market competitive structure after the merger of Pfizer and Wyeth has changed substantial changes，The effect of restricting or excluding competition。
The reason for the Ministry of Commerce is，The market share after the merger increases significantly，Market concentration has increased significantly，New enterprises will be more difficult to enter。According to data from stake sports betting appthe Ministry of Commerce，After the merger of the two companies，The share in this market is 49.4%(of which Pfizer is 38%，Wyeth is 11.4%)，far higher than other competitors，The second place in Intelviow is only 18.35%，The market share of other competitors is less than 10%。After the merger, the entity will be able to use its scale effect to expand the market，Then control the product price。Another，The Ministry of Commerce said，Drug development is characterized by high cost and long cycle，Pfizer acquired Wyeth，It is likely to use its scale advantage to further expand the market in China，Suppress other competitors。According to statistics，Development of a new product takes about 3 to 10 years and investment of US $ 2.5 million to $ 10 million。and market research show，Technical barriers to enter the pork support primary pneumonia vaccine market higher。
September 29, 2009，The Ministry of Commerce issued the "Announcement on the Decision of the Corporation of Pfizer's acquisition of Wyeth Corporation"。The so -called "Conditional Approval"，Ask Pfizer to peel off its Ruibi and Ruizi Risse-Wangzhu supporting primary pneumonia vaccine business。
This is the implementation of the 2008 Anti -Monopoly Law，China's first rule of asset stripping on the anti -monopoly issues involved in the mergers and acquisitions involved in the mergers and acquisitions of multinational companies。
This decision by the Ministry of Commerce of China is not special。New Pfizer after the merger is the world's largest pharmaceutical company，Main countries have conditional approval in antitrust review。The premise of the US Federal Trade Commission (FTC) and the Canadian Competition Bureau is，Requires Pfizer to sell half of the equity of the original Wyeth's and animal health business，At the same time, Wyeth's horse vaccine business will be sold at the same time。In addition，EU、Australia also requires Pfizer to separate some animal and drug business。
After antitrust approval by the above countries and regions，October 15, 2009，Pfizer and Wyeth completed the merger。At the same time，Dipping away from pig branch pneumonia vaccine in China also entered the final stage，Harbin Pharmaceutical Group and Pfizer signed a confidentiality agreement in early November，Formally start negotiation。
　　"Copy Close Road" opportunity
Pfizer's technical advantages in the field of pork supported pneumonia vaccine are obvious。The current market share in China is 38%，In 2009, sales revenue of more than 70 million yuan，One -third of its animal health care business。More importantly，This business has high growth ?? The compound annual growth rate of product has reached 42%since 2006，The annual market share increases by about 10%。There is also a pharmaceutical factory in China to produce this type of vaccine，But you need to injected directly to the pork chest，Insufficient use，Promotion is unfavorable。
My stake betting appHan Yun, the manager of Harbin Pharmaceutical Group Biological Vaccine Co., Ltd. to this magazine reporter，The incidence of pig pneumonia is as high as 90%，But due to the large scale and refinement of domestic pigs in China，The vaccine usage is not high，Pfizer's penetration rate is only 5%。
Many investors have seen the leading advantages of Pfizer's product and market potential。The first round of bidding offer on December 3, 2009，Including Novartis Pharmaceutical、More than 20 companies including foreign pharmaceutical companies such as Lilly Lili come together，Ha Yao is also in it。December 21，Supervision and authorized by the Ministry of Commerce came to Harbin Pharmaceutical to inspect。
The predecessor of Harbin Pharmaceutical Group Biological Vaccine Co., Ltd. is the Heilongjiang Veterinary Pharmaceutical Manufacturing Factory, which was established 50 years ago，1992 changed its name to Heilongjiang Biological Products Factory 1，Current total assets 410 million yuan。Since the production of bird flu vaccines in 2006，Its market share ranks first in the country。Harbin Yao hopes to enrich its product line through acquisition。
From January 6, 2010 to acquisition to the 21st，By February 11, the two parties signed asset purchase、Intellectual property permit、Production license and transitional service agreement，Harbin medicine quickly finalized the transaction with lightning-Harbin Yao obtained these two vaccines in China (referring to Mainland China，excluding Hong Kong、Macau and Taiwan) All intellectual property rights、Production technology、Product brand and market business。
The two sides have arranged a three -year transition period，Pfizer will provide technical support and guidance。In reaching production、Before testing standard，Products are still produced in the United States。"The development of this product is very complicated，But production is not complicated，Leave such a long transition period，It may take one year because Harbin Yao obtains the production approval of the product in China。"Han Yun from Harbin Pharmaceutical Group。
From the perspective of Jiang Linkui, general manager of Harbin Pharmaceutical Group，This acquisition is "Copy Ladies"，shortened the research and development and market cultivation time of Harbin Pharmaceutical，Step in one step into the production of high -end animal vaccines。In addition to the two products that have been transferred above，Six pig vaccine products accumulated in the past few years will also wait for the opportunity to follow up。
Jiang Linkui said，"This year is the low tide period of the pig farming market，Epidemium more、Feed price increase，It is difficult for farmers to make money，But pig food safe，I believe that pig vaccine will develop like a market in the US。"He expects，After six years，The sales of Harbin Pharmaceutical Vaccine can reach 1 billion yuan from the current 300 million My stake betting appyuan，profit reaches 300 million yuan。
　Harbin Medicine Controller
Jiang Linkui told this journal reporter，This time the pig vaccine acquisition project，The board of directors is very supportive，And the board of directors also allows future acquisitions to acquire companies with similar high -quality products，"Once this road is connected，Will go further "。
December 2004，Harbin Pharmaceutical Group introduced CITIC Capital and the United States Huaping Investment Group，Two companies invested a total of 2 billion yuan to account for 45%of the shares，It is equivalent to holding shares with the Harbin State SASAC，Another 10%of the shareholders holding the shares are Heilongjiang Chenneng High -tech Risk Investment Co., Ltd.。Three investment institutions have one place on the board of directors，Joined Harbin Pharmaceutical Group's five -person board of directors。Adding of new investors to make the company's management start to feel different constraints。
For five years，Investors have obtained a not low return。Income 13.9 billion yuan，Harbin Pharmaceutical Group's profit is only 340 million yuan，revenue of 7.4 billion yuan; profit of 1.5 billion yuan in 2009，Income 13.9 billion yuan。Current，Harbin Yao holds more than 2 billion yuan in cash，And the interest liabilities of the Harbin Pharmaceutical (600664.SH) and the three essence (600829.SH) are only about 150 million yuan。
Under the intervention of the board，Harbin Pharmaceutical Group holding a large amount of cash is quite cautious。It is reported，From 2005 to 2009，Harbin Pharmaceutical Group invested 1.222 billion yuan，Implement 27 technical reform projects。An investor who is familiar with Harbin said，Foreign shareholders' selection of the project、Due to diligence、The management requirements after investment are very strict，"Investment cannot lose money。If the control is not strict，The money will be spent soon。”
Jiang Linkui also admits，"Be careful" is related to the style of the board of directors，"Enterprise is the seller's thinking，Sometimes it is necessary to take some risks，Risks and benefits are equivalent; and financial investors are buyers' thinking，If you are risky, do not do。Combination constitutes stable，This is a good thing。”
Jiang Linkui expects，This year's Harbin Pharmaceutical revenue can reach 17 billion-18 billion yuan。but，A familiar person thinks，Enterprises will reach 15%-20%of growth every year on this basis，It means that the annual income will increase billions of billions，This is a big challenge for the development of subsequent products。
At present, Harbin Pharmaceutical invested hundreds of millions of yuan each year，This number is not large compared to its income。"Now the board of directors is studying future product strategies，How to optimize the product structure，Increase profit margin。We have thirty and fifty stake online sports bettingproducts each year for research and development、Approval，Can be approved more than a dozen，Some will be transferred out，Four or five new products every year，This can ensure the quality。"Jiang Linkui said。He also admits，The potential and structure of the product is important to the growth of pharmaceutical companies，The lack of new products will reduce the gross profit margin and market competitiveness。
A foreign shareholder of Harbin Pharmaceutical told this journal reporter，The board of directors reached a consensus，Do something at the strategic level、，Because China is very lacking in pharmaceutical companies with independent research and development capabilities，The opportunity to acquire new drugs by acquiring equity is rare，Good companies may not be willing to sell equity。Elephant acquisition of Pfizer's animal vaccine is in line with Harbin Pharmaceutical Strategy，So I spend 300 million yuan to get it; and some hospitals were previously used for some hospitals、Investment channel investment in other provinces is tentative。He thinks，Generally speaking, 80%of the mergers and acquisitions are failed，Shareholders should be calm，Avoid these 80%failure probability。
Investment focus on the next step，Jiang Linkui did not disclose too much，But the pharmaceutical business must be one of them，His goal is clear ---- Be the boss in Heilongjiang Province，without the national layout。Current，Harbin Pharmaceutical has about 1,000 pharmaceutical retail chain companies，It is mainly located in Harbin City，Insufficient coverage and density to other parts of Heilongjiang。"Heilongjiang has 36 million people，We hope to form absolute coverage，Establish a relative monopoly，We also want to spread out cities outside Harbin，to increase the right to talk about negotiating with domestic and foreign industrial enterprises。But if you rashly carry out national layout，will be broken by each。"Jiang Linkui said。