Changchun High-Tech Secures €177.7 Million Deal for ALK's House Dust Mite Allergy Immunotherapies in China
核心洞察
Jin Sai Pharmaceuticals, a subsidiary of Changchun High-Tech, acquired exclusive rights to three house dust mite allergen-specific immunotherapy products from Danish company ALK-Abello (搜索) for up to €177.7 million through 2039.
The deal includes two immunotherapy products and one diagnostic kit, with ACARIZAX being the world's first sublingual immunotherapy tablet approved for allergic asthma and allergic rhinitis in multiple countries.
This strategic acquisition aims to diversify Changchun High-Tech's revenue beyond its dominant growth hormone business, which has faced pricing pressure from centralized procurement programs.
Jin Sai Pharmaceuticals, a subsidiary of Changchun High-Tech Industry Group, has secured exclusive rights to three house dust mite allergen-specific immunotherapy products from Danish allergy solutions company ALK-Abello (搜索) A/S in a deal worth up to €177.7 million. The agreement, announced September 17, grants Jin Sai exclusive commercialization rights in mainland China through December 31, 2039.
The acquisition includes two allergen-specific immunotherapy products and one diagnostic kit. Among these is ACARIZAX, a sublingual mite allergen tablet that represents the world's first sublingual immunotherapy tablet approved for allergic asthma and allergic rhinitis. ACARIZAX has received regulatory approval in multiple countries including Europe, the United States, Russia, Australia, Japan, Singapore, and South Korea, and is currently undergoing Phase III bridging registration studies in China while being applied in China's Greater Bay Area and Hainan Boao Lecheng Medical Pilot Zone.
Financial Structure and Development Timeline
Under the collaboration agreement, Jin Sai Pharmaceuticals will pay an upfront fee of €32.7 million. For ACARIZAX, which remains under development in China, the company will make subsequent registration milestone payments totaling €40 million and bear the majority of future adult and adolescent indication Phase III bridging clinical study and registration costs. Both parties will equally share the costs of pediatric indication clinical studies and registration fees.
Additionally, based on future sales performance in the Chinese market, Jin Sai may pay up to €105 million in sales milestones. Jin Sai Pharmaceuticals will cover marketing and sales-related costs while ALK remains responsible for production and supply. Starting October 1, 2025, Jin Sai will assume sales and marketing responsibilities for ALK's already-launched collaborative products in China.
Market Opportunity and Strategic Rationale
ALK holds a global market share exceeding 45% in desensitization treatments, making it the world's largest company in this therapeutic area. China represents the world's largest market for dust mite allergy patients, yet market penetration rates for related drugs remain significantly low, creating substantial unmet clinical needs, particularly among pediatric patients.
House dust mites are tiny arthropods commonly found indoors, with allergic reactions to these mites and their metabolites causing symptoms including allergic rhinitis, allergic asthma, atopic dermatitis, and urticaria. The collaboration products are expected to create synergy with Jin Sai Pharmaceuticals' existing pediatric business, helping build competitive advantages in new pediatric areas beyond its core growth hormone domain.
Diversification Strategy Amid Core Business Pressures
The acquisition represents a strategic move to diversify revenue streams as Changchun High-Tech faces challenges with its dominant growth hormone business. In the first half of 2024, Changchun High-Tech's revenue reached RMB 6.603 billion, down 0.54% year-on-year, while net profit attributable to shareholders fell 42.85% to RMB 983 million. Jin Sai Pharmaceuticals generated revenue of RMB 5.469 billion, a 6.17% year-on-year increase, but net profit attributable to shareholders decreased 37.35% to RMB 1.108 billion.
The growth hormone business has faced pricing pressure from centralized procurement programs across multiple provinces. In regions such as Zhejiang and Guangdong, long-acting aqueous injection prices dropped from approximately RMB 1,000 per vial to RMB 300 per vial, representing reductions of up to 70%.
Competitive Landscape
Currently, only sublingual allergen desensitization formulations from I-Mu Bio have received National Medical Products Administration approval for nationwide sale in China. I-Mu Bio's Dermatophagoides Farinae Drops generated revenue of RMB 455 million in the first half of 2024, while its Artemisia Annua Pollen Allergen Sublingual Drops contributed RMB 21.02 million.
Hao Ou Bo's sublingual spray desensitization product, Otock, has been approved for use in the Hainan Boao Lecheng Medical Pilot Zone, with the company planning to complete drug registration and launch in China by December 31, 2030. Other pharmaceutical companies including subsidiaries of Qianhong Pharmaceutical are also active in this therapeutic area.
Following the announcement, Changchun High-Tech shares closed 5.2% higher at CNY 130.31, outperforming the broader Shenzhen market which declined 1.1%.