本案例由江南大学商学院的吴媛媛教授团队撰写，江南大学商学院案例中心研究员郝婷婷全文改编，江南大学商学院案例中心研究员盛诗慧为责任编辑，作者拥有著作权中的署名权、修改权、改编权。
摘 要：傲锐东源生物科技有限公司是一家立足于基因合成、蛋白表达纯化、抗体制备等生物技术，为生命科学领域提供产品和服务的生物制品公司。公司由何为无博士于1996年在美国创立，2008年后回到中国创业。伴随着中国生物医疗行业的成长，傲锐东源始终秉持资源整合、优化配置的战略理念，实现了公司的两次蜕变：第一阶段蜕变，从北京到无锡马山，实现了“研发”到“产业化”的飞跃；第二阶段蜕变，从烧钱研发模式到良好的商业模式，从“产业化”飞跃到“并购上市”。傲锐东源实现并购上市后，利润额突增，公司变得更加规范，增加了资源整合途径，能够继续推进核心业务以及新的战略布局，终成为全球基因研究领域最具影响力的公司之一。本案例通过对傲锐东源的研发产品、资源整合产业化及并购上市之路的历程描述，让学生在熟读案例的过程中了解企业在不同阶段的运营战略以及追求资本市场带来巨大融资条件优势的过程中可能遇到的问题，以及在资源整合、战略管理与资本运营选择的过程中培养学生的分析问题和解决问题的能力，同时对其他生物医药企业的上市亦有借鉴意义。
关键词：傲锐东源；生物医疗；资源整合；战略管理；并购上市
OriGene: Exploring The Road to M&A Lsting
Abstract: OriGene Technology Co., Ltd. is a biological products company based on gene synthesis, protein expression purification, preparation of antiserum and other biotechnology. The company was founded in 1996 by Dr. Weiwu He in the United States and landed in Beijing in 2008. Along with the growth of China's biomedical industry, the company's founder team, always upholding the strategic concept of resource integration and optimal allocation, has achieved the company's metamorphosis. The first stage of metamorphosis, from 2008 to 2010, from Beijing to Wuxi Masan, realized the leap from "R&D" to "industrialization". The second stage of metamorphosis, from burning money in R&D mode to good business model, from "industrialization" to "M&A and listing". Initially, the company chose to go public independently for maximum benefit. However, due to the complex organizational structure, the company finally chose the M&A route when a suitable M&A partner was available. After several failures such as sudden changes in the industry environment, insufficient acquisition funds and partner conflicts, CSC successfully acquired Aorui Dongyuan. After the IPO, the company became more standardized, had more ways to integrate its resources, and was able to continue to promote its core business and new strategies, eventually becoming one of the most influential companies in the global genetic research field.
Key Words: OriGene; Biomedical; Resource Integration; Strategic Management; M&A and IPO
