Cesry 5 million dollars to invest in the first to seize the VC venture

The core value of the pharmaceutical industry in venture capital is product, and its underlying market potential and profitability, however, a core product development, there is no industrial production capacity, the lack of a mature profit model, or even the company entity of the "quasi" pharmaceutical small companies are to rely on the wind to complete the first step of capital reserves and development.　　How can this "unreliable" thing become possible?　　Venture Medicine agency Sales "small" company Cesry recently once again won the Japanese side of 5 million U.S. dollars in venture capital, coupled with the first two 4.5 million dollars and 8 million of dollars of VC capital injection, it has begun to completely shake off the days of the panic for money.　　It took 2 years for Cesry to "get out of poverty" from scratch. To be precise, as a pharmaceutical agent sales company, Cesry was established in 2007 after the establishment of the venture investment intention--January 2008, Thiès Rui was established; 6 months later in July 2008, Europe's largest health industry venture capital Inventages the first investment payment of 3 million euros in half,　　Cesry officially on the road.　　Two years ahead, Cesry's "trader" Zhang Hairei is a senior in a pharmaceutical company that has little knowledge of VC, PE and capital markets. As the first group of medical representatives in China, Zhang Hairei, like most people, was one of the thousands of candidates who had finally been recruited, and was the leader of one of the thousands of people who had been selected for a mile.　　15, GlaxoSmithKline, Bayer and hundred times, such as the United States and other multinational pharmaceutical companies career, to Zhang Hairei market experience, but also let his choice of varieties with a unique vision. The transition occurred in 2006, at that time, several foreign friends back home to buy a pharmaceutical factory, as a companion and staff, Zhang Hairei for the first time vividly know the capital, equity, packaging, integration and value doubling, more importantly, after the negotiation of the whole process of acquisition,　　The difference of value orientation for the first time, Zhang Hairei's thoughts stand on a new perspective. "It used to be about bidding and performance.　　"Zhang Hairei told the first financial daily," the negotiations, so that coincides with the next step of career development Zhang Hairei to their next step toward the beginning of their own "bold" ideas.　　When Zhang Hairei gradually explore the capital market, the third largest natural drug company in Germany, the other side of the ocean, is also looking for a mature drug for the Chinese market.　　With the 15 experience of first-line sales, Zhang Hairei was sensitive to the possibility that the drug's domestic exclusive sales rights would be a starting point for his personal career.　　The negotiations with VCs were surprisingly smooth--when Zhang Hairei was trying to impress VC with a drug introduction and business plan, Inventages Asia's leaders saw his rich experience in sales and management, the team he worked with for years, and the power to control the marketing channels in China-a negotiation that soon reached principled agreement. But at this time, Zhang Hairei has not yet obtained the title "Liv-Min" in the domestic exclusive sales rights, veryTo the listing of the necessary product registration also did not get.　　Inventages once talked about, they fancy, is Zhang Hairei years of sales and market resources, although pure commercial sales model to get the possibility of VCs is very small, but they think that Zhang Hairei and his team has got the pure business model of "gold."　　Market analysis generally believes that the purchase of foreign drug sales rights of the business model, because of a clear division of labor, more professional operation, so the ultimate efficiency and market performance is often better. July 2008, the first 4.5 million dollar wind investment half of the revenue, October 2008, Cesry received a batch of products registered, the month, and Shahi Pharmaceutical factory signed exclusive sales agreement.　　[Page] game but the details of the story are not as drizzling and windy as the surface looks. Zhang Hairei told reporters, in fact, in order to get the full amount of the first round of venture capital, he and investors signed the agreement on gambling up to 5--in addition to achieving the required operating performance, product registration must be completed within a certain period of time, the speed of new product development must meet certain requirements,　　Even ask the management team members to recruit in a certain period of time, if the end of any one, the investor will be very low price to obtain more shares, and follow-up investment can not cash. "The investor stance is tough, with little concession. "The pressure is very high," Zhang Hairei admits.　　"And when the money is in place, wind investment on performance, return also have clear requirements, such as the 2009 National Sales network coverage of 19 key cities, 200 three hospitals, the basis of the 2010 company must be covered to 25 provinces and cities and so on, the performance of higher requirements.　　At this point, the commercial litigation caused by the Chinese trademark intellectual property rights of World of Warcraft gave Zhang Hairei timely reminders at the right time.　　Zhang Hairei admits that this matter has given him great touch-must obtain the Chinese trademark the intellectual property right, if in the future in case of problem, this brand is in, the market will not lose.　　After difficult negotiations, the German Shahi eventually "Lillian Min" Chinese trademark title to Cesry, Zhang Hairei also in the "contest" with the wind, began to consider more things. "I used to be so ambitious that I thought everything was going to be sell, but now the company is going to have to segment the market and focus on a professional field."　　"Zhang Hairei said.　　On the other hand, after the revenue is on the right track, Thiès also considered the development of pharmaceutical "first proposition"-"as long as the original research product is not mine, where there are risks", Zhang Hairei to reporters that he will eventually consider the acquisition of industrial enterprises, to cultivate their "children."　　In fact, the first gem listed 28 companies have 20% from the medical industry, the enterprise behind more or less the figure of Chinese and foreign VCs. More noteworthy is that VCs in the pharmaceutical industry in the field of return to the withdrawal cycle is very short, the vast majority of enterprises in the expansion period of investment, on average, 2 years after the exit of the securities market, so, whether in this time period to seize the heart of the venture, alsobecame the "first possibility" of the growth of entrepreneurial companies.