Investment institutions have higher expectations for Kechuang Bio than just listing it. They believe that Kechuang Bio has the potential to become a leading innovative drug company in China, and there is no rush to list it.
The world's top ten pharmaceutical companies all have their flagship products. For example, AbbVie's annual revenue of over 40 billion US dollars includes 20 billion US dollars from its flagship product, Humira. Merck's flagship product, the PD-1 inhibitor pembrolizumab injection, and Roche are all examples of this.
Take domestic pharmaceutical companies as an example. Established pharmaceutical companies such as Lu Kang Pharmaceutical and Northeast Pharmaceutical have products and sales, but because they do not have a flagship product, their valuations cannot compare with those of Changchun High & New Technology and Pien Tze Huang, which rely solely on one drug.
Some may think that the valuation of 47.1 billion US dollars in the Series B funding round for Kechuang Bio is expensive, but from the perspective of investment institutions, they feel that they have made a killing, especially after the release of production capacity this year and the positive response to the launch of endorphins.
Endorphins are hailed by pharmaceutical industry peers as another blockbuster drug, and endorphins are currently in the early stages of their development and generating significant profits.
Roche acquired a stake in Genentech in 1990.
Later, in 2009, Roche acquired 44% of Genentech for 46.8 billion US dollars.
When the acquisition of GeneTech was made, GeneTech only had one flagship product – synthetic insulin.
In hindsight, Roche's acquisition of gene technology was undoubtedly a hugely profitable deal, as more than 70% of Roche's product sales later came from drugs developed using gene technology, including Herceptin, Rituxan, Avastin, and so on.
When foreign companies like Goldman Sachs and IDG invested in Kechuang Bio, their offers were based on Roche's acquisition of the company, as they viewed synthetic endorphins as a product comparable to synthetic insulin. With its outstanding R&D capabilities, the cash flow support provided by endorphins, and top-tier R&D talent, the price of 47.1 billion US dollars for Kechuang Bio was entirely acceptable.
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It has been almost a year since Li Miaomiao came to Suzhou from Jiangcheng, but it feels like centuries have passed in just one year.
She saved twenty years in her career. It can be said that very few of her classmates from Jiangcheng University could have reached her current position in twenty years.
Participating in the process of a company valued at over 100 billion US dollars and with more than 2,000 employees from its inception to its growth is an experience that money can't buy.
But Li Miaomiao only had one feeling: either exhausted or fulfilled.
When you're in high spirits, you feel fulfilled; when you're in low spirits, you feel exhausted.
Li Miaomiao's days consisted entirely of work. When she first arrived, she was busy with work and learning, participating in all aspects of the company, including system development, talent recruitment, and financial operations.
Cheng Gang highly approves of Li Miaomiao's work, believing that she is meticulous and thoughtful, not only reliable in her work but also considerate in her interactions with others. As a result, he later gave Jiangcheng University students a higher regard when he was in charge of recruitment.
Later, Li Miaomiao finally managed to sort out her thoughts and gradually began to adapt to her work. After the company received its second round of investment, Zheng Li arranged for her to learn on the job in finance.
After the integrated production and R&D base was established, Zheng Li directly appointed her as the vice president in charge of finance.
Li Miaomiao is well aware of her many shortcomings. If she doesn't learn about finance, she will be sidelined by the CFO and become a mere rubber stamp.
Therefore, besides her daily work, Li Miaomiao is busy studying every day, and she feels much more tired than when she was in her senior year of high school.
She used to see Zheng Li once a day, then once a week, and now she can only see him once a month.
Li Miaomiao suspected that the other person might be a robot, whose work and life had become one.
"Chairman Zheng, the main tasks this month are as follows: the production capacity of endorphins is gradually being released, and the current monthly production capacity is 680L, with the yield rate fluctuating at around 90%."
"The site selection and contract signing for the Singapore laboratory have been completed, and Abogen Biosciences Co., Ltd. is fully responsible for the laboratory design and equipment procurement for us..."
When Li Miaomiao meets with Zheng Li each month, she usually first reports on her work and then chats for a bit.
Zheng Li also needs an anchor to keep him human. If a mage loses his humanity, he will fall into darkness, and there are many such examples.
The idea that a mage who has fallen into darkness will stop at nothing to achieve his goals and will wantonly harm ordinary people was a mainstream ideology in the Middle Ages, but in Zheng Lilai's time, this ideology is considered incorrect.
Mages and ordinary people are the same species—this is the mage alliance's philosophy. Mages are superior to humans; mages and humans have undergone a fundamental transformation—this is the philosophy of the Sim Empire.
The Empire and the Alliance are irreconcilable enemies.
After Li Miaomiao reported on the company's operational status for the month and the matters requiring Zheng Li's decision, Zheng Li replied:
"Regarding the endorphin production capacity, I will optimize the production process to increase capacity. I agree in principle to the second phase of the endorphin production project."
“I think it’s okay to license patents to other pharmaceutical companies, but the patent fees need to be negotiated. We can’t license patents to other pharmaceutical companies without a reason.”
Regarding the authorization, Zheng Li didn't care. Money wasn't of much use to him; what he cared about was whether he could regain his spellcasting ability as soon as possible.
"All the equipment in the Lion City lab is the best available, so there's no need to worry about costs."
"Cheng Gang proposed to establish an investment company to invest in companies in the biopharmaceutical industry. I think it's okay to invest or not. You guys discuss this first, and then come up with a complete plan to report back to me."
“...”
After Zheng Li answered each question, Li Miaomiao asked, "Jiangcheng University sent you a message through my father: once Jiangcheng is unsealed, Jiangcheng University hopes to award you a double bachelor's degree in biology and mathematics."
Whether it's because of Zheng Li's achievements or his huge donations to Jiangcheng during the pandemic, Jiangcheng University is eager for Zheng Li to become a graduate of Jiangcheng University.
There is a difference between graduating and dropping out of school.
Zheng Li: "What do I need to do? Let them award you a bachelor's degree, and you can also get an MBA while you're at it."
Li Miaomiao was somewhat touched by Zheng Li's concern. "I feel I still have a lot to learn and I plan to go back to continue my studies in the second half of this year."
Zheng Li: "You want to go back to class? Then who am I supposed to leave the science and technology biology stuff to?"
Li Miaomiao: "I can manage both at the same time. At Jiangcheng University, there are only exams and no classes. I can also go there occasionally to communicate with the teachers."
The compensation offered to Li Miaomiao by Kechuang Biotechnology could easily cover her round-trip airfares several times a week, but the problem is that Suzhou has no airport.
Yes, Suzhou doesn't have an airport. To catch a flight, you either have to go to Liangxi or Shenhai. It's surprising that Suzhou, the second largest city in Jiangsu Province after Nanjing, doesn't have an airport.
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