“并购之王”丹纳赫放弃并购Catalent？困扰强生、诺华等的CGT 产能困境何解？

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关键词：强生诺华丹纳赫并购

资讯来源：E药经理人

发布时间： 2023-04-19

“并购之王”丹纳赫暂时放弃了成为CGT领域“卖水人”的心思。

近日有外媒援引一位知情人的话称，丹纳赫已经放弃了收购Catalent的计划，但仍然保留拓展CGT CDMO业务的打算。几个月前，该媒体也从知情人士获悉，丹纳赫有兴趣以高价收购Catalent。

该媒体并未从丹纳赫获得计划终止的原因，但是其发现就在不久前Catalent曾披露有三个工厂出现了生产力问题，该公司的首席财务官也因此离职。

值得注意的是，出现问题的三个工厂有一个是Catalent位于马里兰州的基因治疗工厂，而丹纳赫此前对Catalent收购意愿的原因就在于后者在CGT CDMO方面的大肆布局。

事实上，全球CGT CDMO产能问题一直都在持续，甚至有海外MNC也在面临产能的困扰，作为全球排名第8的CXO，Catalent如今都遭遇挑战。然而另一面是包括生命科学巨头丹纳赫在内的诸多企业都想涌进CGT CDMO。

Catalent想做CGT CDMO龙头

公开资料显示，Catalent是美国纽交所上市的CDMO公司，已为业界服务了近90年，每年推出150多个新产品。凭借其在口服制剂、注射制剂、吸入给药以及细胞与基因疗法领域的开发与生产技术，在过去10年中，为近一半美国FDA审批通过的新药提供了药物生产研发服务，算是公认的CDMO巨头之一。

Catalent官网介绍，他们为质粒DNA、腺相关病毒（AAV）、慢病毒和其他病毒载体、溶瘤病毒和活病毒疫苗提供全方位的CDMO服务，细胞治疗产品组合包涵各种细胞类型，包括 CAR-T、TCR、TIL、NK、iPSC 和 MSC；基因疗法也涵盖病毒载体开发、放大和制造等多方面。

从发展轨迹上来看，尽管Catalent连续多年位列全球十大CXO，但它成为全球CGT CDMO龙头其实是在近两年，主要得益于在2020年、2021年为Moderna、强生和阿斯利康等大公司提供新冠疫苗生产服务，从中获得数十亿美元的营收。

Catalent的GCT CDMO龙头之路其实很清晰，2019年以12亿美元并购Paragon Bioservices，拓展了在腺相关病毒载体、质粒和慢病毒载体方面的业务；2020年又以3.15亿美元并购比利时CDMO公司MaSTherCell Global，补充T细胞受体、CAR-T疗法和间充质干细胞方面在欧洲的业务；首次进军比利时后，2021年又收购了另一家位于比利时的CDMO公司Delphi Genetics，获得了前沿的质粒DNA细胞和基因治疗技术。

在CGT CDMO方面的主线业务搭建完毕后，Catalent一直在扩充CGT CDMO的产能，从新冠疫苗生产赚到的资金更是加快了这一过程。2022年，Catalent投入将近10亿美元用于在全球增强在生物制剂的生产能力，其中大部分为细胞与基因治疗供应链相关的能力。

不过随着疫情好转，新冠疫苗需求降低，Catalent的收入与股价双双下滑。

通常情况下，股价回落正是为潜在买家提供以更便宜的价格收购公司的机会。Catalent在CGT CDMO领域的能力固然吸引丹纳赫，但Catalent在生产上的管理能力或许成为了丹纳赫望而却步的原因。

这次发生的生产力问题已经不是Catalent第一次遇到。2022年9月，FDA公布了对Catalent长达19页的483表格，其中引用了8月份对其位于印第安纳州布卢明顿的工厂（Catalent旗下最大的设施之一）进行的长时间调查中的12项结果，暴露出一系列Catalent的质量管控问题。FDA指出Catalent工厂在过去两年间因可见异物问题收到了179份投诉。这份检查还直接导致了Moderna新冠疫苗增强剂的供应。

而早在2020年，Catalent也收到过FDA的483表格，指出其对污染管控不当，这些检查导致了诺和诺德的相关产品（司美格鲁肽）供应延迟。

根据外媒报道，Catalent本次遇到的主要问题是生产力不足，药品和原料药工厂的成本高于预期，而生产力水平和收入却未能达到预期。另外，该公司还将部分原因归咎于上述监管检查后生产改进所带来的延迟。

值得注意的是，遇到问题的基因治疗工厂主要被委托生产基因疗法SRP-9001，该疗法用于治疗杜氏型肌营养不良症（DMD），已经获得FDA的优先审查，FDA预计在今年5月做出审批决定。如果获得批准，SRP-9001将成为第一款治疗DMD的基因疗法。

是什么阻挠了丹纳赫？

实际上，Catalent对CGT产能的大举扩张也不无道理，这背后其实是CGT疗法巨大的市场潜力，Frost&Sullivan 预测全球CGT疗法的市场规模有望在2025年达到 305.4 亿美元，年复合增长率为71.2%。而来自吉利德的CAR-T疗法Yescarta已经成为年销售额超10亿美元的重磅炸弹，相较于上年同期增长近50%；强生/传奇的BCMA CAR-T西达基奥仑赛（于2022年3月上市），在2023年第一季度就卖了7200万美元，放量迅速。未来更有通用型CAR-T疗法的巨大市场可期。

不过，Catalent遇到的生产能力、成本与预期收入不匹配的矛盾其实也是困扰CGT CDMO整个行业的共性问题。 CGT病毒载体短缺可以通过扩大生产规模、提升技术缩短制备周期，降低成本、提高生产效率，但病毒载体的质量、批次间的差异往往不可控。

这也一直限制CGT疗法取得更大的市场突破。今年3月，强生已经决定暂停推进与南京传奇合作的BCMA CAR-T西达基奥仑赛用于多发性骨髓瘤在英国的报批程序，原因是暂时无法生产出充足供给支持英国患者所需的产品。传奇生物首席执行官黄颖在多次接受外媒采访时表示，困扰强生/传奇推广西达基奥仑赛的限制性因素一方面在于慢病毒载体短缺的问题，则在于体外细胞培养的成功率。强生和传奇经历了比西达基奥仑赛用于支持FDA批准的 CARTITUDE-1试验中更高的生产失败率。为解决CAR-T产能问题，强生/传奇生物不仅自建产能扩张，还与诺华就西达基奥仑赛技术转让、生产及临床供应服务签订协议，协议有效期三年。

目前，产能扩张也仍然是CGT CDMO解决产能问题的主要方式，全球CGT市场仍然缺少成熟的CDMO供应企业，不仅是Catalent，赛默飞、龙沙等全球的CXO巨头们都在瞄准CGT CDMO业务扩张。 2019年，赛默飞曾以17亿美元收购病毒载体制造商Brammer Bio，2021年，赛默飞又以8.75亿美元收购Novasep的病毒载体业务；全球CDMO巨头龙沙则在美国休斯顿打造了全球最大的CGT CDMO生产基地，并于2021年正式获批允许CGT商业化生产。

不过，丹纳赫的风格有所不同，Catalent、赛默飞的风格更偏向通过并购小型公司来补足技术、链条的缺失，但如今近乎两千亿市值体量的丹纳赫已经不满足于“平台型+补强/邻近型”业务组合并购方式，而是更偏向于并购在市场中的不可替代性和高市占率的企业，并且，丹纳赫已经形成了丹纳赫商业系统(Danaher Business System “DBS”)，使得其并购而来的子公司在所属细分领域纷纷成为龙头，40年来，丹纳赫已经在全球范围内成功完成400多例的工业科技类投资。2019年，丹纳赫以214亿美元接手GE医疗的生物制药业务GE Biopharma（后更名思拓凡）就是其中最典型的案例，思拓凡如今已经成为全球生命科学技术服务提供商龙头。

长期并购实践中，丹纳赫也形成了特有的挑选标的的逻辑，一是选择现金流好的行业；二是能够通过DBS赋能快速、持续改善的公司。

如今在工业技术及仪器仪表和生命科学的投资已经为丹纳赫形成了强有力的现金流支撑，增长潜力巨大的CGT领域自然成为丹纳赫下一步“攻城略地”之选。

这也是为什么丹纳赫此前看中Catalent的原因，相较于业务更复杂的赛默飞，体量更大的龙沙， Catalent可赋能空间和对CGT CDMO的整合程度恰好符合丹纳赫入局CGT CDMO领域的标准。不过，Catalent在收入、生产能力和成本矛盾上的把控能力确实也阻挠了丹纳赫的信心，让后者退回观望状态。

参考资料：

https://business.sohu.com/a/506376419_121123887

https://baijiahao.baidu.com/s?id=17263 39936812832869&wfr=spider&for=pc

https://www.fiercepharma.com/manufacturing/danaher-backs-away-catalent-cdmo-struggles-productivity-problems

https://www.fiercepharma.com/manufacturing/catalent-covid-vaccine-contract-draws-buyout-interest-danaher-significant-premium

https://www.fiercepharma.com/pharma/catalent-cuts-2023-sales-expectations-productivity-issues-and-costs-pile-3-major-plants

https://www.jiemian.com/article/9254218.html

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14px 14px;max-width: 100%;background-color: rgb(255, 255, 255);border-radius: 5px;border-width: 2px;border-style: solid;border-color: rgb(96, 171, 244);transform: translate(-4px, -4px);width: 578px;overflow-wrap: break-word !important;box-sizing: border-box !important;"><section border-box="" break-word="" mpa-from-tpl="t" pingfang="" rgb="" sc="" style="margin-top: 8px;margin-bottom: 8px;max-width: 100%;font-size: 14px;font-family: PingFangSC-Regular, "><a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2873178598804553729#wechat_redirect" imgdata="null" imgurl="" linktype="text" tab="innerlink" target="_blank" textvalue="‍公司E眼‍ | 集采">公司E眼<span style="max-width: 100%;color: rgb(34, 124, 211);overflow-wrap: break-word !important;box-sizing: border-box !important;"> | </span>集采</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2524111628532072450#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="国谈">国谈</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2537007155380633601#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="医保动态">医保动态</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545664465057497088#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="药审">药审</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=1452836193225359362#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="人才">人才</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545659085090865154#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="薪资">薪资</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545702269728735233#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="榜单">榜单</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545706597243830274#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="CAR-T">CAR-T</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545714211549757441#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="PD-1">PD-1</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545718145471365120#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="mRNA">mRNA</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545731561892233217#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="单抗">单抗</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545696410168606721#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="商业化">商业化</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545682896070787073#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="国际化">国际化</a> ｜<a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2679214309285183489#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue=" 猎药人系列专题"> 猎药人系列专题</a></section><section border-box="" break-word="" mpa-from-tpl="t" pingfang="" rgb="" sc="" style="margin-top: 8px;margin-bottom: 8px;max-width: 100%;font-size: 14px;font-family: PingFangSC-Regular, "><a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2524102683876802560#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="启思会">启思会</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2290576317643472897#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="声音·责任">声音·责任</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545614225197645826#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="创百汇">创百汇</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545745678694760448#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="E药经理人理事会">E药经理人理事会</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545650670041972740#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="微解药直播 ">微解药直播 </a>| <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545745452084903937#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="大国新药">大国新药</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545746703598108673#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="营销硬观点">营销硬观点</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545747971049668612#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="投资人去哪儿">投资人去哪儿</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545749562267942916#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="分析师看赛道">分析师看赛道</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545751248629809153#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="药事每周谈">药事每周谈</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545636825013567489#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="医药界·E药经理人">医药界·E药经理人</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2537034158913765377#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="中国医药手册">中国医药手册</a><br mpa-from-tpl="t" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"/></section><section border-box="" break-word="" mpa-from-tpl="t" pingfang="" rgb="" sc="" style="margin-top: 8px;margin-bottom: 8px;max-width: 100%;font-size: 14px;font-family: PingFangSC-Regular, "><a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545631454358290432#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="创新100强榜单">创新100强榜单</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2525544581137055745#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="恒瑞医药">恒瑞</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2545626984622735362#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="中生集团">中国生物制药</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544611506613796868#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="百济神州">百济</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544605309412196354#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="石药集团">石药</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544599697466998786#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="信达生物">信达</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544590181916622849#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="君实生物">君实</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544547194276823041#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="复宏汉霖">复宏汉霖</a> ｜<a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544585872470589442#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="翰森药业">翰森</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544513391323922433#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="康方生物">康方生物</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544576482548006914#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="上海医药">上海医药</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544582078437408769#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue=" 和黄医药">和黄医药</a><a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544547194276823041#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="复宏汉霖 "> </a>| <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2616802306327724033#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="东阳光药">东阳光药</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544505607786217475#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="荣昌生物">荣昌</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2616807700521435137#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="亚盛医药">亚盛医药</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544579510114074625#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="齐鲁制药">齐鲁制药 </a>| <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2616809908721827842#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="康宁杰瑞">康宁杰瑞</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544508021641723904#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="贝达药业">贝达药业</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2616838919833403393#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="微芯生物">微芯生物</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544480073601662976#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="复星医药">复星医药</a> ｜<a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544475063186767873#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="再鼎医药">再鼎医药</a></section><section border-box="" break-word="" mpa-from-tpl="t" pingfang="" rgb="" sc="" style="margin-top: 8px;margin-bottom: 8px;max-width: 100%;font-size: 14px;font-family: PingFangSC-Regular, "><a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544468948059308032#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="跨国药企50强榜单">跨国药企50强榜单</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2525499353856360448#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="辉瑞">辉瑞</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544337377843101696#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="艾伯维">艾伯维</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544458395727314945#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="诺华">诺华</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544322445047119872#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="强生">强生</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544281114442612738#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="罗氏">罗氏</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544274388439941121&token=1651664226&lang=zh_CN#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="BMS">BMS</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544225056730791939#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="默克">默克</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544209589681143815#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="赛诺菲 ">赛诺菲 </a>| <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544204085294678017&token=1651664226&lang=zh_CN#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="AZ">AZ</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544198939940634625#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="GSK">GSK</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2544191503892627460#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="武田">武田</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2538504788850917376#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="吉利德科学 ">吉利德科学 </a>| <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2537251633039294466#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="礼来">礼来</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2537245766214631425#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="安进">安进</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2537081876386299905#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="诺和诺德">诺和诺德</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2537079207651328001#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="拜耳">拜耳</a> | <a data-linktype="2" href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5NzY2MDQwMg==&action=getalbum&album_id=2537075698780487681#wechat_redirect" imgdata="null" imgurl="" linktype="text" style="max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;" tab="innerlink" target="_blank" textvalue="莫德纳">莫德纳</a> | <a data-linktype="2" 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