The implementation of the first batch of prescriptions triggered the commercialization of the HK$49 million equity Jinpaiger Biotech (02565) into a value realization period

The Zhitong Finance App learned that from being approved for marketing to actually generating commercial value, innovative drugs often have to cross multiple thresholds such as hospital access, doctor prescriptions, channel coverage, and patient use. ^{The national Class 1 innovative drug Pidacan®, independently developed by Peger Biotech (02565), is completing this critical leap forward.}

On July 22, Peger Biotech announced that Pidacang ^® has successively issued the first batch of commercial prescriptions at many medical institutions across the country, including Peking University People's Hospital and the Second Xiangya Hospital of Central South University, and implemented the first batch of prescriptions through online medical service channels, and officially entered the clinical application and patient use stage.

Following the issuance of the first batch of commercial prescriptions in the country, the second equity payment terms agreed in the commercialization cooperation agreement between the company and Tengrui Pharmaceuticals were simultaneously reached, amounting to about HK$49 million.

In addition to the initial equity amount of approximately HK$61 million previously received, Peger Biotech has now collected and triggered a total of approximately HK$110 million in equity.

On the one hand, the product moves from approval to actual patient use, and on the other, the value of commercial cooperation is transformed into real money. The commercialization process of Patacom ^{® began from the expected stage} to the actual implementation stage.

Launched for the first time in the country, clinical value began to be transformed into market value

^{According to the announcement, Peking University People's Hospital's first prescription for Paidacang® was issued by Professor Ji Linong, one of the leading experts in the Pai Dakang ® Phase III clinical study and director of the Department of Endocrinology; the first prescription from the Second Xiangya Hospital of Central South University was issued by Professor Zhou Zhiguang, another leading expert in phase III clinical research and a national key subject leader in the Department of Metabolism and Endocrinology.}

^{The two leading experts in phase III clinical research were the first to complete the implementation of prescriptions, which means that the expert knowledge, academic accumulation, and product trust formed by Pidacang® during the clinical research phase began to transform into real diagnosis and treatment scenarios.}

What is more noteworthy is that this is not a symbolic first for a single hospital.

As of July 22, Paidakang ^® has successively issued the first batch of commercial prescriptions at many medical institutions across the country, and has implemented prescriptions through online medical service channels such as Ali Health and Jingdong Health, initially forming a commercialized pattern of collaboration between authoritative offline hospitals and online digital medical channels.

For chronic diseases such as diabetes that require long-term treatment and continuous management, product competition depends not only on being able to enter hospitals, but also on whether patients can easily complete follow-up, prescription renewal, and continuous medication use.

Offline hospitals undertake clinical diagnosis and doctor education, and online channels accept patient access, follow-up, and long-term management. ^{Online and offline collaboration is expected to further expand the patient coverage radius of Pidacan® and enhance the accessibility of the product in long-term chronic disease management scenarios.}

This also means that Patercon ^® is not just selling a single product, but a commercialization system built around doctors, hospitals, channels, and patients.

The HK$110 million equity fund continued to be paid out, and the asset-light model was verified

^{In March 2026, Peger Biotech and Tenri Pharmaceuticals agreed on the exclusive commercialization of Paidacan® in mainland China.}

According to the cooperation arrangement, Tengrui Pharmaceuticals is responsible for promoting product market access, academic promotion, channel construction, terminal coverage and patient services, while Peger Biotech continues to be responsible for product production and supply, quality management and related support.

The core of this model is that Peger Biotech does not need to invest a large amount of money to rapidly expand the national sales team in the early stages of product launch, but instead uses the existing commercial resources of partners to speed up product coverage.

At present, the first equity payment of about HK$61 million from Tengrui Pharmaceutical has been paid, and the terms of the second equity payment of about HK$49 million have also been fulfilled.

From the signing of the agreement and the first payment to the implementation of the first batch of prescriptions and triggering the second payment, the cooperation between the two parties has formed a clear implementation chain, and Peger Biotech's commercialization model has begun to be substantially verified.

For innovative pharmaceutical companies that are still in the process of continuous investment in product pipelines, the significance of the asset-light commercialization model is not only to save sales expenses, but also to improve the efficiency of capital use.

By entrusting commercialization execution to partners with channels and promotion capabilities, Peger Biotech can continue to invest more resources in innovative R&D and follow-up pipeline promotion, while sharing the cash flow and long-term benefits brought about by commercializing core products.

As equity funds continue to be paid out and product sales commence, Peger Biotech's revenue structure is also expected to gradually shift from simply relying on financing and R&D progress to co-driving revenue related to equity, product supply and sales.

Patercon is not only a product, but also the starting point of a commercial platform

Patacan ^® is a long-term GLP-1 receptor agonist weekly developed independently by Peger Biotech and has been approved for the treatment of type 2 diabetes in adults.

The product uses a fixed treatment dose of 0.97 mg, which is administered once a week. The initial dose does not require dose titration, which helps simplify the treatment process and reduce the complexity of management for doctors and patients at the initial treatment stage.

Clinical studies have shown that while achieving continuous and stable blood sugar control, Pidacan ^® has shown good safety and gastrointestinal tolerance, and has shown comprehensive benefits in terms of various metabolic indicators such as body weight, blood pressure, blood lipids, and pancreatic islet function.

^{However, from a capital market perspective, the current greater significance of Pidacom® is not just how much sales revenue a listed product can contribute.}

^{As Peger Biotech's first self-developed innovative drug to achieve commercialization, for the first time, Pidacan® fully verified the company's full-chain capabilities from molecular discovery, clinical development, registration and reporting to production and supply, commercial cooperation, and patient use.}

Once the first product is successful, commercialization of subsequent products no longer needs to start completely from scratch.

The expert network, hospital access system, partner channels, online patient service capabilities, and commercialization mechanisms established by Patacom ^® may all be reused by Peger Biotech's subsequent metabolic pipeline in the future.

Currently, Peger Biotech is laying out follow-up innovation pipelines in the direction of weight loss and muscle maintenance, MASH, and longer-lasting metabolic treatments. As the first product completes the closed loop of commercialization, the market's evaluation of the company's follow-up pipeline is also expected to extend from simply focusing on clinical data and R&D success rates to the possibility of rapid value transformation through existing commercial networks.

Beyond the implementation of the first batch of Patacom ^{® prescriptions, this is the more imaginative part}.

Moving from an R&D Biotech to a commercial biomedical company

An innovative pharmaceutical company that actually completes a value transition usually occurs not only the moment the product is approved, but also after the product can continue to enter hospitals, receive prescriptions from doctors, reach patients, and generate revenue.

With the launch of the first batch of commercialized Pidacom ^® prescriptions across the country, the simultaneous launch of online channels, and the completion of the second equity payment terms of approximately HK$49 million, Peger Biotech has begun to cross this critical point.

The company's future observation indicators will also gradually shift from “whether the product can be approved” to the speed of hospital coverage, patient growth, sales volume progress, cash flow capacity, and whether the existing commercialization model can be replicated into subsequent pipelines.

^{Seen from this perspective, it wasn't just the first batch of commercialized Pidacom® prescriptions issued on July 22.}

It is also the starting point for Peger Biotech to move from an R&D biotech to a commercial biomedical company, and may become the first entry point for the company's subsequent product pipeline to continue to release value.