CSPC Falls on News of New Drug Tendering Process
On Sept. 11, China’s National Health Insurance Bureau held a symposium on the requirements and operation of a new joint tendering pilot program, which may have the long-term effect of increasing price competition for domestic generics manufacturers. On Sept. 12, narrow-moat CSPC Pharmaceutical Group Limited, or CSPC, fell 10.2% to a price of HKD 16.2. While this represents a 23% discount to our fair value estimate, there is still considerable uncertainty on how government policy will develop. We...CSPC Pharmaceutical is an investment holding company. Through its subsidiaries, Co. is principally engaged in the manufacture and sale of pharmaceutical products. Co.'s operating segments include: Finished drugs; Antibiotics (intermediates and bulk drugs; Vitamin C (bulk drugs); and Caffeine and others (bulk drugs). As of Dec 31 2014, Co. had over 170 products under research and development, with focus on the therapeutic areas of cardio-cerebrovascular, diabetes, oncology, neurology and anti-infective.
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