Pharmaron Beijing (03759) plans to acquire 82.54% of the shares of Bai Aode for 1.346 billion yuan.

Pharmaron Beijing (03759) announced that on October 28, 2025, the company entered into an agreement with the shareholders of Biodone (including Kang Junyi, Kang Junzhong and Yufeng Investment). The company agreed to acquire, and the shareholders of Biodone agreed to sell 82.54% of the shares of Biodone, with a total consideration of approximately RMB 1.346 billion. After this acquisition is completed, Biodone will be directly owned by the company with 82.54% of the shares, making it a subsidiary of the company. Biodone focuses on drug discovery in the drug development phase, dedicated to providing scientific research services for global drug research institutions based on the preparation of complex drug target proteins, with structural biology as the core and cryo-electron microscopy as an advantage to promote the research and development of innovative drugs. Biodone is one of the leading CRO benchmark enterprises in China and one of the few globally that has comprehensive service capabilities from genes to proteins to cryo-electron microscopy structures. The structural analysis biology business of Biodone has natural synergy with Pharmaron Beijing's biological science service business, extending the company's biological science business sector. In recent years, the service capabilities of the company's biological science business sector have continued to improve, with revenue growing rapidly and steadily. After this acquisition, the integration of Biodone's structural biology capabilities and the company's biological science business sector will further enhance the company's biological science service capabilities, serve global customers, and strengthen the company's leadership position in the global early-stage biological science service field. In addition, Biodone has top-notch hardware configuration and scientific research teams, with years of experience in protein preparation and leading capabilities in complex protein preparation in the industry. The integration of Biodone's protein preparation capabilities with the company's macromolecular business sector after this acquisition will help expand the company's macromolecular business, strengthen the early-stage antibody discovery and optimization capabilities of the company's macromolecular business sector, enhance the expression and screening technology capabilities of various proteins and antibodies, and provide more comprehensive early-stage macromolecular drug development services to customers. Furthermore, Biodone has accumulated rich data in various fields such as special protein preparation, structural analysis, and virtual screening. After this acquisition, the data will complement each other with the company's data, and through the AI technology platform built by the company for new technology development and model training, the company's exploration and application in the field of AI will be strengthened, enhancing data analysis capabilities to improve drug discovery service efficiency and provide customers with higher quality and more efficient services. In summary, this acquisition will help supplement the company's technology platform and service capabilities in structural biology, complex drug target protein preparation, and analysis, forming a good synergy with the company's existing business platform and customer service capabilities, thereby implementing the company's core strategy of full-process, integrated, international, and multi-therapy. After this acquisition is completed, Biodone and its subsidiaries will be consolidated into the financial statements of the group according to applicable accounting standards using the cost method, and are expected to have a positive impact on the group's operating performance. Biodone may face risks related to subsequent business management, talent management, market development, etc. The company will supervise and guide Biodone to take effective measures and strategies to control and mitigate risks, continuously enhance its own scientific research strength and service quality, and improve Biodone's market competitiveness. The use of funds in this acquisition will have short-term and controllable impacts on the company's finances. Considering Biodone's profitability and debt-paying ability, it is sustainable to suggest bank loans after evaluation. Therefore, this acquisition will not have any adverse effects on the company's cash flow or overall operations in the future.