2 Market value 300 Billion , Europe is the largest in ten years IPO Then rush to the New York Stock Exchange

source ： Dongsi shitiao capital （ID：DsstCapital） author ： Zhang Junwen

Eastern time 7 month 22 Japan , Be good at survival 、 Herion, the company behind Caltech （ Hereinafter referred to as Haleon） Successful listing on NYSE .

Haleon It's GlaxoSmithKline ( Hereinafter referred to as GSK) A new company that splits the consumer health business , In the recently 7 month 18 Japan ,Haleon It has been listed on the London Stock Exchange , This is also near London 10 The largest listed company in recent years .

After listing ,Haleon It will become the largest independent consumer health enterprise in the world , It owns a number of well-known consumer health brands , Including the toothpaste brand comfort up , Antiphlogistic and analgesic Votalin 、“ Painkiller ”Panadol、 Vitamin brand is good 、“ Calcium supplement sharp weapon ” Caloch et al .

The first day of listing on the London Stock Exchange ,Haleon Opening price 3.3 pound , With a final 6.6% The market closed lower , Market value of about 305 Hundred million pounds .

It is worth noting that ,2022 Beginning of the year , Unilever, a British consumer goods giant, proposed 500 A £ billion takeover offer , Has been GSK Think the price is too low and refuse . Because before Unilever , There have been many private equity giants who have also been interested in GSK Consumption health business invested olive branch , Including Blackstone 、 Carlyle 、KKR etc. , The valuation once soared to 540 Billion dollars .

The reason behind it , Maybe with Europe IPO The cold winter in the market . Some analysis points out that , Regional conflict 、 Inflation continues to soar and the Federal Reserve raises interest rates and other negative factors , Lead to 2022 Europe in the first half of the year IPO The amount of market financing fell by 90% year-on-year , Many companies choose to postpone the listing plan . Market investment sentiment is cautious , May be Haleon One of the reasons why the market value is less than expected .

Kaihui GSK Want to cash out 270 Billion dollars

Haleon Founded on 2019 year , By GlaxoSmithKline (GSK) With Pfizer （Pfizer） The consumer health businesses of the two are merged . among ,GSK hold 68% Multi CNC equity , Pfizer holds 32% Shares of .

In terms of revenue , Consumer health business is GSK Contributed nearly 30% of the income .2020 year ,GSK Consumer health business sales exceed 100 Hundred million pounds ,2021 Slightly lower in , Sales also remained at 96 Hundred million pounds , Achieve pre tax profit 16 Hundred million pounds .

Future performance will grow further . according to GSK The annual report shows , Its health consumer goods business is expected 3-5 The sales growth rate during the year was about 4%-6%. at present ,Haleon Has surpassed Johnson & Johnson , occupy 7.3% Market share , No. 1 in the industry .

Haleon Although the performance is satisfactory , But it is still regarded as a non core business .

After listing ,GSK And Pfizer both plan to sell shares .GSK Plan to at least 80% transfer , It is expected to bring 80 Hundred million pounds ( About us 110 Billion dollars ) A dividend of , Pfizer is considering selling all its shares , It is expected to cash out 160 Billion dollars . however ,GSK With Pfizer 11 It can't start selling its shares before September .

GSK In a statement , Explain the reasons for the split ： By stripping non preferred varieties , Focus on supporting vaccines and special drugs . In other words , The proceeds from the split will be used to support infectious diseases 、 AIDS 、 Research, development and sales of four key treatment areas of oncology and Immunology , This is quite “ Give up the car, bodyguard ” The mean of .

Pfizer also said , It will sell its pair of Haleon The ownership of the , This is also in line with Pfizer's transformation needs , Next, we will focus on the research and development of innovative drugs and vaccines .

so ,GSK And Pfizer both mentioned “ Focus on business ”, Is it difficult to become a general “ Non priority business ” The split has been completed “ The trend of The Times ”？

The pharmaceutical giant accelerated the spin off and returned cash

“ Business spin off ” It seems that among the pharmaceutical giants “ become a common practice ”.

Pfizer has long had a precedent of stripping its high-quality business , And it's a great harvest .2012 year , Pfizer to 785 Wyeth milk powder business will be sold to Nestle at a price of US $100 million . Same year , Pfizer also separately split and listed its animal health business to finance Pfizer 138 Billion dollars .2019 year , Pfizer will integrate its generic drug business with generic drug giant Mai LAN （Mylan） Merge , Set up Huizhi (Viatris). Same year , Pfizer split its consumer health products business into GSK.

thus , Pfizer will become a more pure patent medicine enterprise .

Although after the business split , Pfizer's revenue from 2019 Year of 517.5 Billion dollars , Down to 2020 Year of 419.08 Billion dollars . But with the global outbreak of COVID-19 , Pfizer's covid-19 vaccine sales soared ,2021 The annual total revenue soared to 812.88 Billion dollars , Become the world's highest income pharmaceutical enterprise . And the huge profits brought by the sale of vaccines , It also allows Pfizer to have more sufficient funds to focus on the acquisition of innovative patented drugs , Achieve more revenue .

Similarly, . MSD, a world-renowned multinational pharmaceutical company, also founded in 2021 year 6 The month will bring women health 、 Biological analogues and some mature drugs are divested into the new company ogalon , And completed the separation of ogalon . After splitting , Ogalon will be responsible for the management of the post marketing life cycle of drugs , MSD will focus on pipeline research and development .

2022 In, the speed of splitting pharmaceutical enterprises was significantly accelerated .

Except for those listed in this spin off Haleon outside , Pharmaceutical giant Novartis , decision 2022 At the end of the year, its generic pharmaceutical company “ Sanders ” Sell or divest . It is reported that ,PE Giant Blackstone Group and Carlyle Group may join hands to 250 Acquire Sandoz at a price of US $100 million . Insiders believe that , Sanders' performance has declined in recent years , Novartis divested its generic drug business under pressure , Will focus on high risks 、 High return core innovative drug business .

Before that , Novartis has successively stripped animal health 、 The vaccine 、 contact lenses 、 Ophthalmic health care and other departments , He also gave up holding shares in a consumer health enterprise .

in addition , Johnson & Johnson also plans 2022 At the end of the year, it completed the restructuring and splitting of its three existing businesses , The pharmaceutical business and the device business will be merged , The consumer health business will be independent , Become two listed companies respectively .

Pharmaceutical giants have divested their businesses one after another , There are two main reasons for focusing on innovative drugs ：

in the first place , Related to policy changes in the global pharmaceutical industry .

At home , Centralized drug purchase 、 Health care negotiations are gradually squeezing the price of generic drugs ; Beyond seas , The price monopoly investigation of generic drugs has also been carried out .2021 year 5 month 10 Japan , The UK antitrust Department announced ,GSK、 Merck and Yalai, three multinational pharmaceutical companies, violated the competition law , Offer to the three giants “ infringement notice ”, among ,GSK Be punished 2220 Thousands of pounds （ About us 2.01 RMB ）.

both , Compared with the fierce competition for generic drugs 、 Health products and other categories , The profit margin of innovative drugs is large .

GSK、 If pharmaceutical giants such as Pfizer want to maintain a long-term leading edge , Innovative R & D is essential , But the early research and development of innovative drugs requires a lot of money , Peel off non core drugs , On the one hand, business focus ; On the other hand, it can also return cash in the short term , Help the development of core business .

Predictably enough , Worldwide , The development of innovative drugs is overwhelming , Major pharmaceutical companies “ Slimming ” The situation may continue .