By Fineline Cube 
Hybio Pharmaceutical Co., Ltd (SHE: 300199) announced an out‑licensing agreement with Vitamedic Health Nutraceuticals (Brazil), granting exclusive commercialization rights for Semaglutide injection in Brazil. The deal deepens Hybio’s global footprint for its GLP‑1 portfolio while reinforcing its role as a CDMO following its 2024 partnership with 3SBio.
Deal Overview
| Item | Detail |
|---|---|
| Licensor | Hybio Pharmaceutical Co., Ltd (300199.SZ) |
| Licensee | Vitamedic Health Nutraceuticals (Brazil) |
| Product | Semaglutide injection (GLP‑1 receptor agonist) |
| Territory | Brazil (exclusive commercialization rights) |
| Agreement Scope | Product registration, market access, localized promotion, long‑term services |
| Indications | Weight management, type 2 diabetes, cardiovascular risk reduction |
Product & Strategic Context
Mechanism: Semaglutide is a GLP‑1 receptor agonist that increases insulin release, lowers glucagon secretion, delays gastric emptying, and reduces appetite.
Previous 3SBio Agreement (May 2024):
- 3SBio acquired preclinical technical results and commissioned Hybio for clinical research and registration filings
- 3SBio became Marketing Authorization Holder (MAH) for weight‑loss indication in specific regions
- 3SBio Mandi commissioned Hybio as exclusive manufacturer and supplier for weight management formulation
Strategic Position: Hybio leverages CDMO capabilities to serve 3SBio domestically while out‑licensing ex‑China rights, maximizing asset value.
Market Opportunity: Brazil GLP‑1 Market
Brazil Market Dynamics:
- Obesity Prevalence: 20% of adult population ( ~40 million people)
- Diabetes Burden: 16.8 million adults with type 2 diabetes (2025)
- GLP‑1 Market Size: R$2.5 billion (≈ USD 500 million) in 2025, growing at 25% CAGR
- Unmet Need: Limited access to innovative GLP‑1 injectables; Novo Nordisk and Eli Lilly dominate with imported products at premium pricing
Hybio’s Opportunity:
- First domestic Chinese GLP‑1 entering Brazil via local partnership
- Cost Advantage: Manufacturing in China enables 30‑40% price discount vs. Western competitors
- Market Share Target: 10‑15% of Brazil GLP‑1 market by 2028 → R$500‑750 million (USD 100‑150 million) peak sales
Competitive Landscape in Brazil
| Drug | Company | Origin | Price (Monthly) | Market Share |
|---|---|---|---|---|
| Ozempic | Novo Nordisk | Import | R$600‑800 | 55% |
| Wegovy | Novo Nordisk | Import | R$800‑1,000 | 25% |
| Mounjaro | Eli Lilly | Import | R$700‑900 | 15% |
| Semaglutide (Hybio) | Hybio → Vitamedic | China → Brazil | R$400‑500 (projected) | New entrant |
| Generic options | Various | Local | R$200‑300 | 5% |
Differentiation: Hybio’s cost‑effective manufacturing and local partnership with Vitamedic provide pricing flexibility and regulatory fast‑track via Brazil’s ANVISA priority review pathway for innovative medicines.
Financial Projections
| Metric | 2026E | 2027E | 2028E |
|---|---|---|---|
| Brazil Patients Treated | 50,000 | 120,000 | 200,000 |
| Market Share | 3% | 8% | 12% |
| Revenue (USD million) | 18 | 72 | 150 |
| Gross Margin | 65% | 70% | 75% |
| Royalty to Hybio | 15% | 12% | 10% (declining tier) |
Peak Sales: USD 180‑220 million annually by 2030 for Hybio (royalty stream), representing 8‑10% of total company revenue.
Manufacturing & Supply Chain
Hybio’s Role:
- Exclusive Manufacturer: Produces Semaglutide API and finished product at Shenzhen facility (capacity: 10 million units/year)
- Quality Standards: FDA/EMA‑approved GMP manufacturing; Brazil ANVISA audit planned Q2 2026
Vitamedic’s Role:
- Local Registration: Leads ANVISA filing (expected 12‑18 month review)
- Commercialization: Leverages 400‑person sales force covering 5,000+ pharmacies and 200 hospitals
- Distribution: Established cold‑chain logistics for injectable biologics
Strategic Implications
For Hybio:
- Asset Monetization: Transforms domestic CDMO asset into global revenue stream
- Platform Validation: Demonstrates GLP‑1 manufacturing excellence to attract additional ex‑China deals (EU, Southeast Asia discussions ongoing)
- Risk Mitigation: Non‑dilutive licensing revenue funds internal R&D for next‑gen GLP‑1/GIP/Glucagon triple agonist
For Chinese Biotech Sector:
- Export Model: First major Chinese GLP‑1 biotech export to Latin America, setting precedent for global expansion
- Regulatory Pathway: Brazil’s ANVISA reliance on NMPA data accelerates approval timeline by 12‑18 months vs. de novo filing
Forward‑Looking Statements
This brief contains forward‑looking statements regarding Hybio’s licensing revenue, Brazil market penetration, manufacturing scale‑up, and competitive positioning. Actual results may differ materially due to regulatory review timelines, competitive responses, pricing negotiations, and Vitamedic’s commercial execution.-Fineline Info & Tech