Experience a bribery scandal, GanLi pharmaceutical restart the IPO, whether shut again?

once involved in commercial bribery affair GanLi pharmaceutical co., LTD. (hereinafter referred to as & other; Throughout GanLi pharmaceutical &;) Restart the IPO, but new prospectus shows, the focus on the biosynthesis of insulin analogue major drug companies, in the past three and a half years of time, fee is as high as $6.07.


a few days ago (January 16), GanLi pharmaceutical in the SFC website to its prospectus & other; Update throughout & disclosure in advance; : the company in Shanghai public offering is not more than 40.2 million shares, plans to raise about 2.519 billion yuan, of which 558 million yuan used to supplement working capital, the rest will be to the marketing network construction project, recombinant insulin products the United States registered listing, industrialization projects such as insulin.

in 2014, the first IPO captured, GanLi pharmaceutical commercial bribery charges in the wave of public opinion. GanLi pharmaceutical restart the IPO in 2016, have instructions in advance disclosed in the prospectus, indirectly confirmed & other related; A bribery scandal & throughout; .


but up to now, the IPO is still on the road. The personage inside course of study analysis, compliance with huge fee? For impact of IPO GanLi pharmaceutical again, is the key.

fee will exceed 600 million

sales cost of rising year by year

new, according to the prospectus GanLi pharmaceutical sales cost is high. In 2014, 2015, 2016, 2017 between January and June respectively: 342 million yuan, 437 million yuan, 342 million yuan and 293 million yuan.

sales fee structure, the participation fee spending most, 2014, 2015, 2016 and January 2017 – June 144 million yuan respectively, 144 million yuan, 181 million yuan and 142 million yuan, the total amount is 607 million yuan, accounting for 38.39% of the proportion of cost of sales by the end of 2016 rose to 48.39% at the end of June 2017.

the GanLi pharmaceutical explanation is that the company Marketing Department to further intensify the professional academic promotion, through participate in and organize large and medium-sized conferences, to further improve the academic level of the company, set up the professional brand image.

in the famous economist Song Qinghui, medicine company’s technology, the promotion fee has always been a bribe.

as early as in July 2014, the first IPO GanLi pharmaceutical terminated by the CSRC. The industry generally believe that, when GanLi pharmaceutical or involved in medicine commercial bribery affair. GanLi pharmaceutical restart the IPO process again since then, in June 2016 in advance disclosure in the prospectus have explanation. DetailPic


although GanLi pharmaceutical industry is not the case of the parties, GanLi pharmaceutical company and its subsidiaries also has not been listed in the state development planning commission, Beijing/hubei health development planning commission website for purchase and sale of medical field of commercial bribery bad record, but also reflects the company’s internal control system construction and implementation flaws.

according to the above events, GanLi pharmaceutical said in the prospectus, has made a targeted rectification, increased the business ethics training to the staff, strengthening the sales compliance management and financial control management.

six new drugs in research

trying to get rid of the risk of a single product

GanLi pharmaceutical is focus on the biosynthesis of insulin analogues of the professional company, main revenue comes from insulin preparations. In 2002, GanLi pharmaceutical industry developed China’s first three generations of insulin & other; Throughout the early show & long; At the end of 2005, the early long show in domestic listed in the first year, 10 million yuan of sales value namely 2015, & other; Throughout the early show & long; Achieve sales of 10.04 million, sales reached 1.1 billion yuan.

in fact, GanLi pharmaceutical industry’s main income comes from insulin preparations, occupy the company revenue accounted for more than 85%. Analysts pointed out that although focused on diabetes treatment makes GanLi pharmaceutical industry has a significant technical advantage, but also makes the company faces the risk of a single product structure. If competitors launch similar products or a new generation of products, may cause the loss of company’s existing main product competitive advantage, and then affect the operating performance.

apparently, GanLi pharmaceutical realized its own weakness, thus speeding up the pace of new drug research and development. In the “prospectus”, according to the 1-2014-2016 and 2014 in June, GanLi pharmaceutical research and development invested 39.7498 million yuan and 50.0796 million yuan respectively, 95.7868 million yuan and 89.962 million yuan, accounting for the proportion of the current operating income of 4.29%, 4.11%, 5.41% and 4.11% respectively. DetailPic


(photo: GanLi pharmaceutical prospectus)

at present, GanLi pharmaceutical in research project

& have spent

door winter 30 injection and protamine insulin recombinant human insulin injection (premixed 30 r) registered in the review process, the door in the winter of insulin injection for clinical verification. protamine zinc restructuring lai pulp mixing insulin injection (r) of 50, 50 door winter insulin injection in the period of clinical stage. insulin injection (USA) have to phase 3 clinical stage. GanLi pharmaceutical is a blockbuster product under insulin injection, apply for registration and sale in the United States. The company plans to invest 289 million, related products in the second half of 2020 is expected to obtain approval to market sales. By the end of August 2017, GanLi pharmaceutical has invested about 85.2027 million yuan in the project .

& have spent


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