Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<p>Abbisko raised HKD 1,605 million (USD 206m) from its global offering and will list on the Hong Kong Stock Exchange on Wednesday, October 13th.</p>
<p>In our previous note, we discussed that the company's product pipeline has a strong focus on selective FGFR small molecules for oncology therapy. Its core products ABSK011 is an FGFR4 inhibitor and ABSK091 is a pan-FGFR inhibitor, which was in-licensed from AstraZeneca with global rights. We think its products have yet to show convincing clinical numbers despite strong prospects from pre-clinical readings. We think the company's management team is experienced with a proven track record of product development and commercialization. The investor line-up is strong. We also provide forecast and valuation for the two core products, ABSK011 and ABSK091. </p>
<p>In this note, we look at the updates since our last note. We re-iterate our view that the company is fairly valued for the early stage of R&amp;D despite interesting comprehensive coverage on the FGFR targets.</p>

Abbisko raised HKD 1,605 million (USD 206m) from its global offering and will list on the Hong Kong Stock Exchange on Wednesday, October 13th.
In our previous note, we discussed that the company's product pipeline has a strong focus on selective FGFR small molecules for oncology therapy. Its core products ABSK011 is an FGFR4 inhibitor and ABSK091 is a pan-FGFR inhibitor, which was in-licensed from AstraZeneca with global rights. We think its products have yet to show convincing clinical numbers despite strong prospects from pre-clinical readings. We think the company's management team is experienced with a proven track record of product development and commercialization. The investor line-up is strong. We also provide forecast and valuation for the two core products, ABSK011 and ABSK091. 
In this note, we look at the updates since our last note. We re-iterate our view that the company is fairly valued for the early stage of R&amp;D despite interesting comprehensive coverage on the FGFR targets.

Abbisko (和誉) IPO Trading: Poor Demand for the Early Stage R&D

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

TransThera Sciences (Nanjing) / Equity Capital Markets

<p>On August 25, <a href="https://www.smartkarma.com/entities/transthera-sciences-nanjing-inc" target="_blank" data-smartkarma-citation="entities:34404:1" rel="noopener">TransThera Sciences (Nanjing) (TTS HK)</a> submitted its prospectus to the Hong Kong Stock Exchange and officially started the IPO process. TransThera is a R&amp;D-driven, clinical-stage, global biopharmaceutical company focusing on discovering and developing innovative small molecule therapies for oncology, inflammatory and cardiovascular diseases, with a commitment to developing global first-in-class and best-in-class therapies. This insight mainly analyzed the industry characteristics, the business and the concerns of the Company.</p>

On August 25, TransThera Sciences (Nanjing) (TTS HK) submitted its prospectus to the Hong Kong Stock Exchange and officially started the IPO process. TransThera is a R&amp;D-driven, clinical-stage, global biopharmaceutical company focusing on discovering and developing innovative small molecule therapies for oncology, inflammatory and cardiovascular diseases, with a commitment to developing global first-in-class and best-in-class therapies. This insight mainly analyzed the industry characteristics, the business and the concerns of the Company.

Pre-IPO TransThera Sciences (Nanjing) - Insights on the Industry, the Business and the Concerns

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<div><p><a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (ABB HK)</a> is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative and differentiated small molecule oncology therapies. Abbisko has developed a pipeline of 14 candidates focused on oncology, including five candidates at the clinical stage The core products are ABSK091, a pan-FGFR inhibitor licensed from <a href="https://www.smartkarma.com/entities/astrazeneca-plc" target="_blank" data-smartkarma-citation="entities:21824:1" rel="noopener">AstraZeneca PLC (AZN LN)</a> and ABSK011, an FGFR4 inhibitor. </p></div><div><p>Abbisko has launched an HKEx IPO to raise net proceeds of HK$1,585.1 million ($204 million) at the mid-point of the IPO price range of HK$12.16-12.46 per share.</p></div><div><p>Eleven cornerstone investors have agreed to invest about $128 million in the IPO (57.32% of the offer shares at the mid-point of the IPO price range). Seven out of the eleven cornerstones are existing investors. They are Janchor Partners, Lilly Asia Ventures, Temasek, Lake Bleu Capital, OrbiMed, Warburg Pincus and BlackRock. The four cornerstones which are not existing shareholders are AIHC Capital, UBS AM, Hudson Bay and Vivo Funds.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/abbisko-ipo-a-promising-but-longer-term-prognosis" target="_blank" data-smartkarma-citation="insights:58004" rel="noopener">Abbisko IPO: A Promising but Longer Term Prognosis</a>, we stated that while both core products are at an early stage of development, promising results from trials, management’s track record and the exceptional line-up of blue-chip backers suggest that the product candidates have the potential to succeed in a fiercely competitive market. We concluded that Abbisko is worth a closer look. However, our valuation analysis suggests that the IPO price range is full and we would remain on the sidelines awaiting a better entry opportunity. </p></div></div></div>

Abbisko Cayman (ABB HK) is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative and differentiated small molecule oncology therapies. Abbisko has developed a pipeline of 14 candidates focused on oncology, including five candidates at the clinical stage The core products are ABSK091, a pan-FGFR inhibitor licensed from AstraZeneca PLC (AZN LN) and ABSK011, an FGFR4 inhibitor. Abbisko has launched an HKEx IPO to raise net proceeds of HK$1,585.1 million ($204 million) at the mid-point of the IPO price range of HK$12.16-12.46 per share.Eleven cornerstone investors have agreed to invest about $128 million in the IPO (57.32% of the offer shares at the mid-point of the IPO price range). Seven out of the eleven cornerstones are existing investors. They are Janchor Partners, Lilly Asia Ventures, Temasek, Lake Bleu Capital, OrbiMed, Warburg Pincus and BlackRock. The four cornerstones which are not existing shareholders are AIHC Capital, UBS AM, Hudson Bay and Vivo Funds.In Abbisko IPO: A Promising but Longer Term Prognosis, we stated that while both core products are at an early stage of development, promising results from trials, management’s track record and the exceptional line-up of blue-chip backers suggest that the product candidates have the potential to succeed in a fiercely competitive market. We concluded that Abbisko is worth a closer look. However, our valuation analysis suggests that the IPO price range is full and we would remain on the sidelines awaiting a better entry opportunity. 

<p>Abbisko is a clinical-stage biopharmaceutical company in China with a focus on selective FGFR inhibitors. The company launched book building to raise up to USD 226m via a Hong Kong listing.</p><p>In our previous note, we discussed that the company's product pipeline has a strong focus on selective FGFR small molecules for oncology therapy. Its core products ABSK011 is an FGFR4 inhibitor and ABSK091 is a pan-FGFR inhibitor, which was in-licensed from AstraZeneca with global rights. We think its products have yet to show convincing clinical numbers despite strong prospects from pre-clinical readings. We think the company's management team is experienced with a proven track record of product development and commercialization. The investor line-up is strong. We also provide forecast and valuation for the two core products, ABSK011 and ABSK091. </p><p>In this note, we provide an update for the book building. We will run the deal through our ECM framework and provide our thoughts on the deal.</p>

Abbisko is a clinical-stage biopharmaceutical company in China with a focus on selective FGFR inhibitors. The company launched book building to raise up to USD 226m via a Hong Kong listing.In our previous note, we discussed that the company's product pipeline has a strong focus on selective FGFR small molecules for oncology therapy. Its core products ABSK011 is an FGFR4 inhibitor and ABSK091 is a pan-FGFR inhibitor, which was in-licensed from AstraZeneca with global rights. We think its products have yet to show convincing clinical numbers despite strong prospects from pre-clinical readings. We think the company's management team is experienced with a proven track record of product development and commercialization. The investor line-up is strong. We also provide forecast and valuation for the two core products, ABSK011 and ABSK091. In this note, we provide an update for the book building. We will run the deal through our ECM framework and provide our thoughts on the deal.

Abbisko (和誉) IPO: Fairly Valued for the Early Stage of Clinical Trials

<p>Abbisko is a clinical-stage biopharmaceutical company in China. The company plans to raise up to USD 300m via a Hong Kong listing.</p><p>In our previous note, we discussed that the company's product pipeline has a strong focus on selective FGFR small molecules for oncology therapy. Its core products ABSK011 is an FGFR4 inhibitor and ABSK091 is a pan-FGFR inhibitor, which was in-licensed from AstraZeneca with global rights. We think its products have yet to show convincing clinical numbers despite a strong prospect from pre-clinical readings. We think the company's management team is experienced with proven track record of product development and commercialization. The investor line-up is strong. </p><p>In this note, we will provide forecast and valuation for the two core products, ABSK011 and ABSK091.</p>

Abbisko is a clinical-stage biopharmaceutical company in China. The company plans to raise up to USD 300m via a Hong Kong listing.In our previous note, we discussed that the company's product pipeline has a strong focus on selective FGFR small molecules for oncology therapy. Its core products ABSK011 is an FGFR4 inhibitor and ABSK091 is a pan-FGFR inhibitor, which was in-licensed from AstraZeneca with global rights. We think its products have yet to show convincing clinical numbers despite a strong prospect from pre-clinical readings. We think the company's management team is experienced with proven track record of product development and commercialization. The investor line-up is strong. In this note, we will provide forecast and valuation for the two core products, ABSK011 and ABSK091.

Abbisko (和誉) Pre-IPO: Thoughts on Valuation

China

Abbisko Cayman Limited is a clinical-stage biopharmaceutical company focused on discovering and developing innovative small molecule oncology therapies. Its pipeline includes core product candidates like ABSK011 (Irpagratinib) for hepatocellular carcinoma and ABSK091 (Fexagratinib) for urothelial and gastric cancers, along with Pimicotinib (ABSK021) for tenosynovial giant cell tumors. The company was founded in 2016 and is headquartered in Shanghai, China.

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Abbisko (2256 HK)

Abbisko (和誉) IPO Trading: Poor Demand for the Early Stage R&D

We provide an update of Abbisko prior to the trading and re-iterate our view that the company is fairly valued for the early stage despite...

Ke Yan, CFA, FRM

Pre-IPO TransThera Sciences (Nanjing) - Insights on the Industry, the Business and the Concerns

This article mainly analyzed TransThera in terms of the industry characteristics of small molecule drug market, candidates in the pipeline (TT...

Xinyao (Criss) Wang

Abbisko IPO: Valuation Insights

Abbisko plans to raise $204m (net) at the mid-point of the IPO price range. Our valuation analysis suggests that the IPO price range is full and we...

Arun George

Abbisko (和誉) IPO: Fairly Valued for the Early Stage of Clinical Trials

We provide an update for Abbisko's book building. We run the deal through our ECM framework and provide our thoughts on the deal.

Ke Yan, CFA, FRM

Abbisko (和誉) Pre-IPO: Thoughts on Valuation

We provide forecast and valuation for the Abbisko's two core products, ABSK011 and ABSK091, as well as the SOTP valuation for the company's asset.

Ke Yan, CFA, FRM

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