Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Alebund Pharmaceuticals Jiangsu / Equity Capital Markets

<ul>
<li>Alebund Pharmaceuticals, a biopharmaceutical company focusing on renal therapies, has launched its HK IPO consisting of 57M H shares. The offer price has been fixed at HK$22.60 per share.</li>
<li>The company intends to raise HK$1,283M, mainly to fund the ongoing and planned clinical development and regulatory affairs of product candidates.</li>
<li>Subscription will close on June 24, with the shares expected to make trading debut on June 29. Jefferies, BofA Securities, and HTSC are the joint sponsors to the issue.  </li>
</ul>


Alebund Pharmaceuticals, a biopharmaceutical company focusing on renal therapies, has launched its HK IPO consisting of 57M H shares. The offer price has been fixed at HK$22.60 per share.
The company intends to raise HK$1,283M, mainly to fund the ongoing and planned clinical development and regulatory affairs of product candidates.
Subscription will close on June 24, with the shares expected to make trading debut on June 29. Jefferies, BofA Securities, and HTSC are the joint sponsors to the issue.  


Alebund Pharmaceuticals IPO: Late Stage Differentiated Pipeline Lend Conviction on Commercialization

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Although directly in-licensing mature products/pipelines can significantly shorten the time/cost of the early-stage R&amp;D and clinical trials, such "assembled" pipeline combination has still raised doubts about Alebund’s independent R&amp;D capabilities.</li>
<li>Assuming the approval success rates for AP301 in the US/China are 45%/65% respectively, with peak sales of US$5-8 billion, a discount rate of 12-15%, valuation contribution would be RMB25-40 billion.</li>
<li>AP306 and AP303 are estimated to contribute RMB10-25 billion. Mircera is expected to contribute a valuation of RMB5-10 billion. So, we think comfortable valuation of Alebund would be RMB4-7.5 billion.</li>
</ul>


Although directly in-licensing mature products/pipelines can significantly shorten the time/cost of the early-stage R&amp;D and clinical trials, such "assembled" pipeline combination has still raised doubts about Alebund’s independent R&amp;D capabilities.
Assuming the approval success rates for AP301 in the US/China are 45%/65% respectively, with peak sales of US$5-8 billion, a discount rate of 12-15%, valuation contribution would be RMB25-40 billion.
AP306 and AP303 are estimated to contribute RMB10-25 billion. Mircera is expected to contribute a valuation of RMB5-10 billion. So, we think comfortable valuation of Alebund would be RMB4-7.5 billion.


Pre-IPO Alebund Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

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.

<ul>
<li>Alebund is seeking to raise at least USD 100 million via a Hong Kong listing. Joint sponsors are Jefferies, BoA, and HTSC.</li>
<li>Our previous note covered the AP301 Phase 3 results from ASN 2025. AP301 was non-inferior to sevelamer carbonate and showed a lower daily dose at Week 52.</li>
<li>In this note, we look at pipeline timeline updates and the competitive position of AP301 in the China market.</li>
</ul>


Alebund is seeking to raise at least USD 100 million via a Hong Kong listing. Joint sponsors are Jefferies, BoA, and HTSC.
Our previous note covered the AP301 Phase 3 results from ASN 2025. AP301 was non-inferior to sevelamer carbonate and showed a lower daily dose at Week 52.
In this note, we look at pipeline timeline updates and the competitive position of AP301 in the China market.


Alebund (礼邦医药) Pre-IPO: AP301 Competitive Landscape and AP306 New Global Partner

Thematic (Sector/Industry)

<ul>
<li>Hansoh’s risvutatug rezetecan for second-line treatment of SCLC has been included in NMPA’s Priority Review. InSilico completed first patient enrollment and dosing in Phase 3 trial evaluating rentosertib in IPF.</li>
<li>Shionogi received approval in Australia for cefiderocol for the treatment of carbapenem-resistant Gram-negative bacterial infections. Kyowa Kirin’s Phase 2 trial for ophthalmic drug candidate did not meet primary endpoint.</li>
<li>Samsung Biologics signed a new CMO contract worth $262M with a European pharmaceutical company. SK Biopharmaceutical received notification regarding FDA's partial clinical hold on its epilepsy drug candidate, opakalim.</li>
</ul>


Hansoh’s risvutatug rezetecan for second-line treatment of SCLC has been included in NMPA’s Priority Review. InSilico completed first patient enrollment and dosing in Phase 3 trial evaluating rentosertib in IPF.
Shionogi received approval in Australia for cefiderocol for the treatment of carbapenem-resistant Gram-negative bacterial infections. Kyowa Kirin’s Phase 2 trial for ophthalmic drug candidate did not meet primary endpoint.
Samsung Biologics signed a new CMO contract worth $262M with a European pharmaceutical company. SK Biopharmaceutical received notification regarding FDA's partial clinical hold on its epilepsy drug candidate, opakalim.


APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

<ul>
<li>One of the core paths for Alebund to build competitive barriers is to focus on the needs in the field of kidney diseases and enrich product matrix on this basis.</li>
<li>However, commercialization capacity is weak, and the clinical-stage products need to face fierce competition and negative policies such as VBP in China, thus leading to uncertainties in commercialization outlook.</li>
<li>Compared with peers who already have mature commercialization system, we think valuation of Alebund would be lower than Consun/3Sbio if future clinical data or drug sales fall short of expectations.</li>
</ul>


One of the core paths for Alebund to build competitive barriers is to focus on the needs in the field of kidney diseases and enrich product matrix on this basis.
However, commercialization capacity is weak, and the clinical-stage products need to face fierce competition and negative policies such as VBP in China, thus leading to uncertainties in commercialization outlook.
Compared with peers who already have mature commercialization system, we think valuation of Alebund would be lower than Consun/3Sbio if future clinical data or drug sales fall short of expectations.


Pre-IPO Alebund Pharmaceuticals (Jiangsu) Limited - The Pipeline and the Outlook

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Alebund Pharmaceuticals Jiangsu (APJ HK)

Alebund Pharmaceuticals IPO: Late Stage Differentiated Pipeline Lend Conviction on Commercialization

Alebund Pharmaceuticals has launched HK IPO consisting of 57M H shares at HK$22.60 per share to fund the ongoing and planned clinical development...

Tina Banerjee

Pre-IPO Alebund Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

Alebund's strategy of in-licensing mature products to accelerate R&D, but questions remain about independent R&D capabilities. Core products face...

Xinyao (Criss) Wang

Alebund (礼邦医药) Pre-IPO: AP301 Competitive Landscape and AP306 New Global Partner

Alebund is seeking to raise at least USD 100 million via a Hong Kong listing. In this note, we look at pipeline updates and the AP306-R1...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Hansoh’s risvutatug rezetecan has been included in NMPA’s Priority Review. InSilico initiates rentosertib Phase 3 trial in IPF. Samsung Biologics...

Tina Banerjee

Pre-IPO Alebund Pharmaceuticals (Jiangsu) Limited - The Pipeline and the Outlook

Alebund's focus on kidney disease helps build competitive barriers, but competitive advantage is hindered by fierce competition and VBP in China,...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alebund Pharmaceuticals IPO: Late Stage Differentiated Pipeline Lend Conviction on Commercialization

Alebund Pharmaceuticals has launched HK IPO consisting of 57M H shares at HK$22.60 per share to fund the ongoing and planned clinical development...

Tina Banerjee

Pre-IPO Alebund Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

Alebund's strategy of in-licensing mature products to accelerate R&D, but questions remain about independent R&D capabilities. Core products face...

Xinyao (Criss) Wang

Alebund (礼邦医药) Pre-IPO: AP301 Competitive Landscape and AP306 New Global Partner

Alebund is seeking to raise at least USD 100 million via a Hong Kong listing. In this note, we look at pipeline updates and the AP306-R1...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Hansoh’s risvutatug rezetecan has been included in NMPA’s Priority Review. InSilico initiates rentosertib Phase 3 trial in IPF. Samsung Biologics...

Tina Banerjee

Pre-IPO Alebund Pharmaceuticals (Jiangsu) Limited - The Pipeline and the Outlook

​Alebund's focus on kidney disease helps build competitive barriers, but competitive advantage is hindered by fierce competition and VBP in China,...

Xinyao (Criss) Wang

Alebund's focus on kidney disease helps build competitive barriers, but competitive advantage is hindered by fierce competition and VBP in China,...