By Fineline Cube Jiangsu Aidea Pharmaceutical Co., Ltd (SHA: 688488) announced a private placement to raise RMB 185 million (USD 26.5 million), with RMB 130 million (USD 18.7 million) earmarked to acquire an additional 22.2324% stake in Nanjing Nanda Pharmaceutical Co., Ltd, bringing its total ownership to 73.4% and consolidating control over the joint drug development platform.
Transaction Structure
| Item | Detail |
|---|---|
| Issuer | Jiangsu Aidea Pharmaceutical Co., Ltd (688488.SH) |
| **Financing Type | Private placement |
| **Total Raise | RMB 185 million (USD 26.5 million) |
| **Use of Proceeds | RMB 130 million for Nanda Pharma stake; balance for working capital |
| **Target Stake | 22.2324% of Nanjing Nanda Pharmaceutical |
| **Post‑Transaction Ownership | 73.4% (cumulative) |
| **Expected Close | Q1 2026 (subject to shareholder approval) |
Ownership Timeline & Strategic Control
| Date | Action | Stake Acquired | Cumulative Ownership |
|---|---|---|---|
| **July 2022 | Initial investment | 19.96% | 19.96% |
| **2024 | Major asset reorganization | 31.16% | 51.12% (control) |
| **2025 | Joint drug development | – | Control consolidated |
| **Q1 2026 | Private placement | 22.2324% | 73.4% |
Strategic Positioning & Pipeline Synergy
- Control Consolidation: Transaction transforms Nanda Pharma from affiliated entity to majority‑owned subsidiary, enabling full consolidation of financials and strategic direction
- Pipeline Value: In 2025, the companies jointly submitted clinical filings for two Category 2 drugs (AD108 and ADB116), both approved by NMPA – validating the collaborative R&D model
- Category 2 Drugs: AD108 and ADB116 target metabolic and cardiovascular diseases, representing a ¥2.8 billion addressable market by 2030
- Platform Integration: Aidea’s chemical synthesis expertise combined with Nanda’s formulation development creates end‑to‑end capabilities from discovery to commercialization
Market Context & Competitive Landscape
Category 2 Drugs in China:
| Drug | Indication | Stage | Market Value (2030E) |
|---|---|---|---|
| AD108 | Dyslipidemia | Phase I/II | ¥1.2 billion |
| ADB116 | Hypertension | Phase I/II | ¥1.6 billion |
| Pipeline | Additional metabolic | Pre‑clinical | ¥1.0 billion |
- Competitive Moat: First private pharma to vertically integrate Category 2 drug development with control over subsidiary platform
- Manufacturing: Nanda Pharma’s Nanjing facility (capacity 500 million tablets) will produce AD108/ADB116 for NRDL negotiations in 2027
Forward‑Looking Statements
This brief contains forward‑looking statements regarding private placement completion, stake acquisition, and joint pipeline development. Actual results may differ due to shareholder approval timelines, regulatory changes, and clinical trial outcomes.-Fineline Info & Tech