医药：医药互联网化系列研究之一-向PBM业务拓展带动医药流通企业价值提升 2015年03月19日"互联网+"浪潮席卷，医疗这个最传统而古老的行业也不例外。过去一年里，门外野蛮人的入侵、各类非医疗公司跨界转型如火如荼，冲击之下传统医疗产业链正在格局重塑，一批有智慧的企业正在觉醒、思辨并拥抱新模式与业态。由此我们推出传统医药互联网化的系列研究，并认为变革最快的首当其冲是流通企业。当医药商业遇到互联网，投资机会不仅仅是市场耳熟能详的医药电商。处方药网售给市场提供增量蛋糕，医药电商的逻辑我们已在2014 年12 月2 日海通证券2500 人的投资大会以及会后详细阐述，本报告主要讲述互联网冲击之下医药流通领域另一未被市场充分的逻辑，向PBM 业务拓展带动流通企业价值链重塑与提升。伴随医保控费压力提升，国内PBM（药品福利管理）公司开始兴起。2014 年以来，我国医保基金的收支平衡压力初步显现。面对医保控费带来的市场机遇，部分创新型公司已开始借鉴美国的历史经验，探索在国内发展PBM 业务的可行路径。互联网冲击之下，以软件外包商为代表的公司已成为了资本市场关注的重点，诞生了200-300 亿市值的龙头公司，并频见与BAT 等巨头的合作。我们预计医药流通企业、商业健康险公司、医疗IT 类企业或将是国内PBM 相关业务的主要参与者。分析美国PBM 行业发展历史，我们发现，控费专业能力是决定PBM 公司能否发展壮大的决定性因素。在美国PBM 行业发展初期，行业呈现较为分散的状态。但伴随业务壁垒提升，行业由分散变得高度集中。同时，我们发现，药品流通环节是美国PBM 公司将业务转化为盈利的主要工具。强烈看好国内医药流通企业参与医保控费业务前景。结合美国历史经验和国内实际情况分析，我们认为，医药流通企业参与医保控费业务，在药价控制、处方优化的灵活性、将业务转化为盈利等三个方面具备显着优势。一批浸淫市场多年并执行力强的流通企业正开始积极尝试。实现医疗的闭环，流通企业是其中不可或缺的一环。业务向医保控费延伸，有望使医药流通企业的产业链地位和公司价值提升。我们认为，通过介入医保控费等业务，医药流通企业有望为医保和患者创造价值并分享价值。在此过程中，医药流通企业也将摆脱药品搬运工的角色，产业链地位得到提升。行业"增持"评级，关注业务布局领先企业。给予医药流通行业"增持"评级。我们重点看好部分业务创新能力较强、且已在医保控费领域拥有较好业务布局的企业，如瑞康医药（002589）、嘉事堂（002462）等。同时建议关注部分综合实力较强、未来有较大可能拓展医保控费业务的全国性医药商业龙头，如上海医药（601607）等。
Tuesday, March 24, 2015
益豐藥房(中南、華東810家) 建構o2o/ PBM/ 醫藥電商
益丰药房：区域连锁药店龙头 快速成长可期 2015年03月19日 11:14中证网 新浪提示：本文属于研究报告栏目，仅为分析人士对一只股票的个人观点和看法，并非正式的新闻报道，新浪不保证其真实性和客观性，一切有关该股的有效信息，以沪深交易所的公告为准，敬请投资者注意风险。 公司是中南、华东地区连锁药店龙头企业。截至14年底，已在湖南、湖北、上海、江苏、浙江、江西六省市开设810家直营连锁门店，11-14连续四年位居中国药品零售企业综合竞争力第六位。12-14年收入复合增速20.36%，归属母公司净利润复合增速43.14%，门店数量复合增速16.29%。受益于零售药店连锁化率的提升，抓住行业整合机遇，加快并购步伐。13年我国零售药店连锁化率仅36.57%，进低于美国74.20%的水平。新医改鼓励零售药店连锁经营发展等政策导向将推劢我国药店连锁化率的提升。公司于2011年12月和2013年9月分别成功收购上海新开心人和上海新宝丰，未来将积极通过"以自建门店为主，兼并收购为辅"的策略实现经营规模的扩张，进一步提升在中南、华东地区的市场占有率和品牌影响力。提前布局医药电商，有望形成线上购药线下服务等创新模式。公司于13年启劢电商业务，已建立并运营了B2C模式的益丰网上药店官方商城，入驻天猫[微博]医药馆、京东商城[微博]开设旗舰店构建多平台体系，同时已实现实体门店购药用手机支付宝[微博]支付的O2O模式，更多电商创新模式有望推出。网售处方药放开指日可待，医药分开大趋势可期，利好连锁药店行业。从发达国家的行业发展趋势以及我国的新医改政策导向看，医药分开是长期发展趋势。欧洲90%以上患者通过零售药房获得药品，美国这一比例为80%，而我国13年零售药店市场规模2619亿元，仅占医药零售市场总规模的20.71%。首次覆盖，给予"强烈推荐"评级。目前医药连锁药店行业正加速资产证券化，行业借劣资本市场加快扩张，随网售处方药政策临近，连锁药店因其拥有药师资源，可提供面对面药亊服务，在后续网售处方药放开后更具优势。预计公司15-17年EPS为1.13、1.42、1.87元，考虑到连锁药店行业变革正在进行中，我们看好公司未来在医药电商、PBM等领域的拓展空间，加之公司区域行业地位较强，并且积极向全国扩张，给予15年48倍PE，对应目标价54.24元。
Teva 布局早期抗癌藥臨床研發(Ignyta, $41.6 million)
Notable Mergers and Acquisitions 3/18: (TEVA)/(RXDX) (MSCC)/(VTSS) (MGLN) StreetInsider.com Top Tickers, 3/23/2015March 18, 2015 10:00 AM EDT * Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) and Ignyta, Inc. (Nasdaq: RXDX) announced the acquisition by Ignyta of the worldwide rights and assets relating to four targeted oncology development programs in exchange for 1.5 million shares (6%) of Ignyta's common stock. Concurrently, Ignyta has entered into stock purchase agreements with Teva, and selected additional healthcare investors, whereby Teva will purchase a further 1.5 million shares of common Ignyta stock at a price of $10 per share in a registered direct offering. The other investors will purchase an additional 2.7 million shares at $10 per share, valuing the total offering at approximately $41.6 million."Teva has committed to finding novel ways for the ongoing development of early clinical stage and pre-clinical oncology R&D programs, which hold significant promise for cancer patients," said Michael Hayden, Teva's President of Global R&D and Chief Scientific Officer. "Ignyta's capabilities and focus in oncology will give these assets the best chance of realizing their potential for patients, and of maximizing their value for Teva.""Acquiring these four development stage programs from Teva is truly transformational for Ignyta and well aligned with our strategic focus on developing first-in-class and best-in-class precision medicines to help cancer patients with unmet needs," said Jonathan Lim, M.D., Chairman and CEO of Ignyta. "These oncology programs add critical mass to our pipeline and further enable us to leverage our precision oncology platform, including our proprietary multiplex diagnostic assays and our CLIA certified, QSR compliant diagnostic laboratory. Furthermore, these new assets complement our entrectinib development program and extend our ability to target the majority of known oncogenic drivers across multiple solid tumor indications. For example, in non-small cell lung cancer alone, we believe that our product candidates have potential activity against many of the most frequent oncogenic drivers in this disease, and we plan to explore these opportunities through innovative clinical trial designs such as master protocols.""We are also grateful to Teva and the financial investors who share Ignyta's precision oncology vision and invested in this latest financing," continued Dr. Lim. "We intend to use the funds to further advance our precision oncology vision by developing targeted therapies that provide meaningful benefit to specific populations of cancer patients."
Overview of Asset Acquisition Transaction Under the terms of the asset purchase agreement with Teva, Ignyta is acquiring all of Teva's assets and worldwide rights relating to four oncology development programs in exchange for 1.5 million shares of Ignyta's common stock. Teva has agreed not to sell or otherwise transfer any of these shares until March 17, 2016, and Ignyta is required to register the resale of these shares with the Securities and Exchange Commission (SEC) prior to such date.
The development programs Ignyta purchased from Teva include: CEP-32496, which Ignyta has renamed RXDX-105, a potent small molecule inhibitor of BRAF, EGFR and RET that is currently in a Phase I/II dose escalation clinical trial; CEP-40783, which Ignyta has renamed RXDX-106, a potent, highly selective, pseudo-irreversible inhibitor of AXL and cMET that is in late preclinical development; CEP-40125, which Ignyta has renamed RXDX-107, a nanoformulation of a modified bendamustine with potential activity in solid tumors that is in late preclinical development; and TEV-44229, which Ignyta has renamed RXDX-108, a potent, selective inhibitor of the atypical kinase PKCiota that is in preclinical studies. Ignyta has also acquired next generation PKCiota inhibitors in addition to the lead compound. Ignyta also assumed all of Teva's ongoing obligations under certain contracts relating to the purchased programs, including the agreements under which Teva in-licensed rights to the assets.
Concurrent Equity Financing Teva has agreed to purchase 1.5 million shares of Ignyta common stock for a purchase price of $10 per share, resulting in gross proceeds to Ignyta of $15 million. Ignyta has also entered into stock purchase agreements with several additional investors that will purchase an aggregate of 2.7 million additional shares of Ignyta common stock. The offering is expected to result in aggregate gross proceeds to Ignyta of approximately $41.6 million. The offering closed concurrently with the asset purchase. Ignyta did not use a placement agent in connection with this transaction. A shelf registration statement relating to the shares of common stock issued in the offering was filed with, and declared effective by, the SEC. A prospectus supplement relating to the offering will be filed with the SEC. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any shares of common stock. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.* Microsemi (Nasdaq: MSCC) and Vitesse Semiconductor Corporation (Nasdaq: VTSS), jointly announced that Microsemi has entered into a definitive agreement to acquire Vitesse for $5.28 per share through a cash tender offer, representing a premium of 32 percent based on the average closing price of Vitesse's shares of common stock during the 30 trading days ended March 17, 2015. The board of directors of Vitesse unanimously recommends that Vitesse's stockholders tender their shares in the tender offer. The total transaction value is approximately $389 million. Headquartered in Camarillo, California, Vitesse designs a diverse portfolio of high-performance semiconductors, application software, and integrated turnkey systems solutions for carrier, enterprise and Internet of Things (IoT) networks worldwide. Vitesse's products enable the fastest-growing network infrastructure markets including mobile access/IP edge, enterprise cloud access, and industrial-IoT networking. "This acquisition is further evidence of Microsemi's continuing commitment to grow as a communications semiconductor company," stated James J. Peterson, Microsemi chairman and CEO. "Vitesse's highly complementary technology suite will expand our product offering and accelerate growth with differentiated technology in emerging markets, while benefitting from the increased scale, consolidated infrastructure and cost savings of the combined entity."" The proposed acquisition of Vitesse by Microsemi will create a powerful combination," said Chris Gardner, Vitesse's chief executive officer. "I believe Microsemi will be able to leverage Vitesse's Ethernet technology and capabilities further into the communications market and has the scale to implement the adoption of our industrial IoT strategy."Microsemi expects significant synergies from this transaction and expects to see immediate accretion in the first full quarter of completion. Based on current assumptions, Microsemi expects the acquisition to be $0.16 to $0.20 per share accretive in its first full fiscal year ending September 30, 2016.As of this date, Microsemi remains comfortable with its Jan. 22, 2015 non-GAAP guidance for its second fiscal quarter of 2015, ending March 29, 2015. Microsemi currently intends to announce its second fiscal quarter results on April 23, 2015. Further details will be forthcoming.
MedImpact Healthcare Systems 採用指紋認證(FIDO) 強化醫藥上線!!
MedImpact First in Healthcare to Deploy FIDO Authentication, with Nok Nok Labs Enabling Physician Access Portal National PBM to Provide FIDO Authentication for up to 50 Million Healthcare Consumers Business Wire 2015/03/24SAN DIEGO--(BUSINESS WIRE)-- MedImpact Healthcare Systems, Inc., an independent, trend-focused Pharmacy Benefit Manager, will be the first to deploy FIDO authentication for the healthcare industry. MedImpact will use Nok Nok Labs technology to enable its Physician Access Portal with FIDO biometric fingerprint authentication to protect patient privacy. Healthcare providers who have been invited to use the MedImpact Physician Access Portal will be the first community of users to experience the convenience and security of FIDO authentication. Ultimately, MedImpact will make FIDO authentication in all its web applications available to its client health insurance providers and their 50 million covered members. The initial solution will launch summer 2015. Utilizing Nok Nok Labs' S3 Authentication Suite, MedImpact can enable authorized healthcare providers to access its Physician Portal with a supported fingerprint reader—instead of a password. MedImpact's Physician Portal is a solution for busy healthcare providers who need a fast, secure and convenient way to see a patient's full prescription history. "We opted for a solution powered by Nok Nok Labs to replace the need for passwords for healthcare providers accessing our Physician Portal. By allowing them to use the fingerprint readers built in to devices they are already carrying around with them, we offer an easy path to adoption and fundamentally more secure and more convenient authentication mechanism. It lets these healthcare providers focus on providing care to their patients rather than worrying about following best practices for managing passwords," said John Treiman, Senior Vice President and Chief Information Officer at MedImpact. "MedImpact is using our pioneering FIDO Ready TM server to meet the challenge of providing stronger security than the traditional username/password mechanism," said Ramesh Kesanupalli, Founder and FIDO Visionary, Nok Nok Labs. "As our FIDO Ready capability comes pre-installed on some Samsung smartphones and Lenovo laptops and is available as an app for iOS devices, MedImpact's external user community can avoid the challenges typically associated with using high-security, multifactor authentication." "The FIDO Alliance welcomes MedImpact's announcement of their deployment of a FIDO solution and thanks them for their commitment to strong authentication in the interest of the online community of providers and users. MedImpact—like millions of websites, service providers, and relying parties—understands the need for a new model in user authentication that both confirms and protects user identity, while simplifying the user experience," said Dustin Ingalls, FIDO Alliance president. "Every organization that joins in the commitment to the FIDO specifications' groundbreaking approach reinforces the value of a collaborative ecosystem based on swift, intelligent authentication."
About MedImpact Healthcare Systems, Inc. MedImpact Healthcare Systems, Inc. is the nation's largest privately held pharmacy benefit management (PBM) company, serving health plans, self-funded employers and government entities. Our business model is unique: avoiding conflicts of interest by not dispensing drugs. MedImpact is focused on effectively managing client pharmacy benefits to facilitate better trend management and improved outcomes. We work with clients to promote prescribing to the lowest-net-cost, medically appropriate drug. Our number one goal is client satisfaction by providing flexible solutions and consumer-driven products with a focus on lowest net cost and quality outcomes. Founded in 1989, MedImpact manages pharmacy benefits for more than 50 million lives in the US and abroad. For more information, go to http://www.medimpact.com.
About the FIDO Alliance The FIDO (Fast IDentity Online) Alliance (https://www.fidoalliance.org), was formed in July 2012 to address the lack of interoperability among strong authentication technologies, and remedy the problems users face with creating and remembering multiple usernames and passwords. The Alliance plans to change the nature of authentication by developing standardsbased specifications for simpler, stronger authentication that define an open, scalable, interoperable set of mechanisms that reduce reliance on passwords. FIDO authentication is stronger, private, and easier to use when authenticating to online services.
About Nok Nok Nok Nok Labs, Inc. (http://www.noknok.com), based in Palo Alto, CA, was founded to transform online authentication for modern computing. The company is backed by a team of security industry veterans from PGP, Netscape, Oracle, PayPal and Phoenix that have deep experience in building Internet scale security protocols and products. The company's ambition is to enable end-to-end trust across the web using authentication methods that are natural to end-to-end users and provide strong proof of identity.
合富(王瓊芝) 整合台灣市場(三總/榮總/亞東/美兆) 攻佔乾眼症檢測&治療
合富 搶攻乾眼病商機 2015-03-20 04:44:35 經濟日報 記者高行／台北報導 醫材通路龍頭F-合富（4745）昨（19）日宣布和三總、榮總、亞東等醫療院所及美兆健檢結盟，在國內首度推出最新乾眼症檢測和治療儀器，搶攻國內600萬潛在乾眼病患醫療市場。合富董事長王瓊芝指出，公司乾眼症眼科業務預計年中取得大陸上市許可後進軍當地市場，有望帶動今年營收成長。合富昨日宣布旗下LipiView及乾眼脂液檢查儀及LipiFlow乾眼脂液治療儀導入國內醫療市場，已和美兆等五家診所簽約，並與三家醫療院所洽商中，於三總、榮總及亞東等指標性醫院臨床，預期兩個月內進軍大型醫療院所，擴大提供相關檢測和醫療服務。合富昨日收84.7元，跌0.1元。
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