Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

GenFleet Therapeutics / Equity Capital Markets

<ul>
<li>Genfleet Therapeutics has filed for IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share.</li>
<li>Genfleet Therapeutics is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology with its core products focused on niche RAS inhibitor segment.</li>
<li>Genfleet is rightly placed to rapidly advance their innovative product pipeline to later stages of development and commercialize. Pipeline envisages sustainable long term growth prospect.</li>
</ul>


Genfleet Therapeutics has filed for IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share.
Genfleet Therapeutics is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology with its core products focused on niche RAS inhibitor segment.
Genfleet is rightly placed to rapidly advance their innovative product pipeline to later stages of development and commercialize. Pipeline envisages sustainable long term growth prospect.


Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth

Thematic (Sector/Industry)

<ul>
<li>Terumo is acquiring OrganOx, a leading innovator in organ preservation devices. Eisai received FDA approval for once weekly Leqembi subcutaneous injection for maintenance dosing.</li>
<li>Chugai Pharmaceutical’s partner Eli Lilly announced positive topline results from the Phase 3 trial of oral GLP-1 drug candidate. Daiichi Sankyo received approval for Datroway in China.</li>
<li>Beigene announced positive topline results from a Phase 1/2 study of sonrotoclax in mantle cell lymphoma. Telix Pharmaceuticals received a Complete Response Letter from the FDA regarding Zircaix.</li>
</ul>


Terumo is acquiring OrganOx, a leading innovator in organ preservation devices. Eisai received FDA approval for once weekly Leqembi subcutaneous injection for maintenance dosing.
Chugai Pharmaceutical’s partner Eli Lilly announced positive topline results from the Phase 3 trial of oral GLP-1 drug candidate. Daiichi Sankyo received approval for Datroway in China.
Beigene announced positive topline results from a Phase 1/2 study of sonrotoclax in mantle cell lymphoma. Telix Pharmaceuticals received a Complete Response Letter from the FDA regarding Zircaix.


APAC Healthcare Weekly (Aug 31) – Terumo, Eisai, Chugai, Daiichi Sankyo, Beigene, Remegen, Telix

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Immvira Bioscience / Equity Capital Markets

<ul>
<li>ImmVira, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are CITI and CICC.</li>
<li>In this insight, we look at the company’s core product, MVR-T3011, including its mechanism and clinical data.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


ImmVira, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are CITI and CICC.
In this insight, we look at the company’s core product, MVR-T3011, including its mechanism and clinical data.
We also look at the company’s pre-IPO investors and management team.


ImmVira (亦诺微) Pre-IPO: Niche Product, but the Indication Is Limited

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sandoz-group-ag" target="_blank" data-smartkarma-citation="entities:40453:1" rel="noopener">Sandoz Group (SDZNY US)</a> shares rallied more than 40% from lows in early April, backed by strong topline performance in 1Q25 and 2025 guidance confirmation.</li>
<li>Anticipated biosimilar launches primarily weighted to second half of year. Upcoming launches include Wyost/Jubbonti (denosumab) in Europe, Afqlir (aflibercept) in Europe, and Tyruko (natalizumab) in the U.S.</li>
<li>Sandoz is poised for accelerated growth in the later half of the year and in medium-term as more biosimilars are launched. The company will announce 1H25 result on August 7.</li>
</ul>



Sandoz Group (SDZNY US) shares rallied more than 40% from lows in early April, backed by strong topline performance in 1Q25 and 2025 guidance confirmation.
Anticipated biosimilar launches primarily weighted to second half of year. Upcoming launches include Wyost/Jubbonti (denosumab) in Europe, Afqlir (aflibercept) in Europe, and Tyruko (natalizumab) in the U.S.
Sandoz is poised for accelerated growth in the later half of the year and in medium-term as more biosimilars are launched. The company will announce 1H25 result on August 7.


Sandoz Group (SDZNY US): On a High Momentum; Here’s What Lies Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kyowa-kirin-co-ltd" target="_blank" data-smartkarma-citation="entities:18055:1" rel="noopener">Kyowa Kirin Co Ltd (4151 JP)</a> announced muted 1Q25 performance, with flat revenue and 50%+ drop in operating and net profits. Drug price revision and competition are dragging Japan revenue.</li>
<li>Kyowa Kirin guided for 2025 revenue and operating profit of ¥478B (-4% YoY) and ¥80B (-16% YoY), respectively. The company expects 5% YoY decline in 2025 net profit to ¥57B.</li>
<li>Since our last insight on Kyowa Kirin, shares lost ~15%. We opined “amid gloomy outlook, Kyowa Kirin shares will need time to recover.” Our take on the company remains same.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) announced muted 1Q25 performance, with flat revenue and 50%+ drop in operating and net profits. Drug price revision and competition are dragging Japan revenue.
Kyowa Kirin guided for 2025 revenue and operating profit of ¥478B (-4% YoY) and ¥80B (-16% YoY), respectively. The company expects 5% YoY decline in 2025 net profit to ¥57B.
Since our last insight on Kyowa Kirin, shares lost ~15%. We opined “amid gloomy outlook, Kyowa Kirin shares will need time to recover.” Our take on the company remains same.


Kyowa Kirin (4151 JP): Muted 1Q25 Result; 2025 Guidance Reaffirmed; Near-Term Pain to Continue

United States

Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures and markets medicines for grievous illnesses. The Company focuses solely on human therapeutics and concentrates on innovating novel medicines based on advances in cellular and molecular biology.

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Amgen Inc (AMGN US)

Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth

Genfleet Therapeutics has filed for HK IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share. The IPO will close...

Tina Banerjee

APAC Healthcare Weekly (Aug 31) – Terumo, Eisai, Chugai, Daiichi Sankyo, Beigene, Remegen, Telix

Terumo announced new acquisition. Eisai got FDA approval for Leqembi subcutaneous maintenance dosing. Chugai’s oral GLP-1 drug showed positive P3...

Tina Banerjee

ImmVira (亦诺微) Pre-IPO: Niche Product, but the Indication Is Limited

China-based biotech ImmVira seeks to raise $100 million through a Hong Kong listing with CITI and CICC as joint book runners. We look at its core...

Ke Yan, CFA, FRM

Sandoz Group (SDZNY US): On a High Momentum; Here’s What Lies Ahead

Sandoz is poised for accelerated growth in 2H25 with more biosimilars are launched. The company will announce 1H25 result on August 7. Rich...

Tina Banerjee

Kyowa Kirin (4151 JP): Muted 1Q25 Result; 2025 Guidance Reaffirmed; Near-Term Pain to Continue

Kyowa Kirin reports flat revenue and 50%+ profit drop in 1Q25, dragged by drug price revision and competition in Japan. The company guides for...

Tina Banerjee

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Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth

Genfleet Therapeutics has filed for HK IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share. The IPO will close...

Tina Banerjee

APAC Healthcare Weekly (Aug 31) – Terumo, Eisai, Chugai, Daiichi Sankyo, Beigene, Remegen, Telix

Terumo announced new acquisition. Eisai got FDA approval for Leqembi subcutaneous maintenance dosing. Chugai’s oral GLP-1 drug showed positive P3...

Tina Banerjee

ImmVira (亦诺微) Pre-IPO: Niche Product, but the Indication Is Limited

​China-based biotech ImmVira seeks to raise $100 million through a Hong Kong listing with CITI and CICC as joint book runners. We look at its core...

Ke Yan, CFA, FRM

Sandoz Group (SDZNY US): On a High Momentum; Here’s What Lies Ahead

Sandoz is poised for accelerated growth in 2H25 with more biosimilars are launched. The company will announce 1H25 result on August 7. Rich...

Tina Banerjee

Kyowa Kirin (4151 JP): Muted 1Q25 Result; 2025 Guidance Reaffirmed; Near-Term Pain to Continue

​Kyowa Kirin reports flat revenue and 50%+ profit drop in 1Q25, dragged by drug price revision and competition in Japan. The company guides for...

Tina Banerjee

China-based biotech ImmVira seeks to raise $100 million through a Hong Kong listing with CITI and CICC as joint book runners. We look at its core...

Kyowa Kirin reports flat revenue and 50%+ profit drop in 1Q25, dragged by drug price revision and competition in Japan. The company guides for...