Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> has received FDA approval for Datroway for the second-line treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer.</li>
<li>Last month, Datroway got approval in Japan. Regulatory submissions for the drug are under review in the EU, China, and other regions. The drug is undergoing trial for other indications.</li>
<li>AstraZeneca’s proven commercialization capability for Enhertu enhances conviction on the commercialization prospect of Datroway too. AstraZeneca pegged peak year revenue of Datroway at more than $5B (similar level to Enhertu).</li>
</ul>



Daiichi Sankyo (4568 JP) has received FDA approval for Datroway for the second-line treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer.
Last month, Datroway got approval in Japan. Regulatory submissions for the drug are under review in the EU, China, and other regions. The drug is undergoing trial for other indications.
AstraZeneca’s proven commercialization capability for Enhertu enhances conviction on the commercialization prospect of Datroway too. AstraZeneca pegged peak year revenue of Datroway at more than $5B (similar level to Enhertu).


Daiichi Sankyo (4568 JP): US Approval for Second ADC Drug to Drive Accelerated Growth

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> aims to raise around US$150m via selling around 3% stake in <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a>.</li>
<li>WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$150m via selling around 3% stake in WuXi XDC Cayman (2268 HK).
WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi XDC Placement - A Repeat of Biologics Placement Saga, Last Deal Did Well

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>AstraZeneca's recent earnings outlined promising developments but also noted potential areas for concern.</li><li>The company's total revenue saw a significant increase of 21% in Q3, driven by strong global demand for its medicines, resulting in a core EPS rise of 27%.</li><li>Year-to-date, total revenue and core EPS have increased by 19% and 11%, respectively.</li></ul>

AstraZeneca's recent earnings outlined promising developments but also noted potential areas for concern.The company's total revenue saw a significant increase of 21% in Q3, driven by strong global demand for its medicines, resulting in a core EPS rise of 27%.Year-to-date, total revenue and core EPS have increased by 19% and 11%, respectively.

AstraZeneca PLC: Expansion in Rare Disease & Complement Therapeutics Driving Our Optimism! - Major Drivers

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move in response to the US presidential election results, with an upward trend anticipated if Kamala Harris wins and a downward trend if Donald Trump does.</li><li>The resistance levels are set at 1,494 and 1,506 points, while support levels are at 1,473 and 1,466 points (10-day EMA).</li><li>For the tactical play strategy, we suggest trading buy on selective stocks.</li></ul>

Technically, the SET Index is expected to move in response to the US presidential election results, with an upward trend anticipated if Kamala Harris wins and a downward trend if Donald Trump does.The resistance levels are set at 1,494 and 1,506 points, while support levels are at 1,473 and 1,466 points (10-day EMA).For the tactical play strategy, we suggest trading buy on selective stocks.

US Election and Composite/Services PMIs in Japan and the EU

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.</li>
<li>Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.</li>
<li>My DCF analysis suggests that Upstream Bio's core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.</li>
</ul>


Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.
Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.
My DCF analysis suggests that Upstream Bio's core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.


Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

United Kingdom

AstraZeneca is a multinational pharmaceutical and biotechnology company that researches, develops, and manufactures prescription medicines. The company focuses on core therapeutic areas including oncology, cardiovascular, renal and metabolic diseases, respiratory and immunology, and rare diseases. It was founded in 1999 and is headquartered in Cambridge, UK.

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AstraZeneca (AZNN MM)

Daiichi Sankyo (4568 JP): US Approval for Second ADC Drug to Drive Accelerated Growth

FDA approves Daiichi Sankyo's Datroway for second-line treatment of breast cancer. Supported by AstraZeneca's commercialization expertise, the...

Tina Banerjee

Wuxi XDC Placement - A Repeat of Biologics Placement Saga, Last Deal Did Well

WuXi AppTec (2359 HK) aims to raise around US$150m via selling around 3% stake in WuXi XDC Cayman (2268 HK). It has sold earlier in Nov 24 as well.

Sumeet Singh

AstraZeneca PLC: Expansion in Rare Disease & Complement Therapeutics Driving Our Optimism! - Major Drivers

AstraZeneca's recent earnings outlined promising developments but also noted potential areas for concern. The company's total revenue saw a...

Baptista Research

US Election and Composite/Services PMIs in Japan and the EU

Technically, the SET Index is expected to move in response to the US presidential election results, with an upward trend anticipated if Kamala...

Krungthai XSpring

Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

In my insight, I discuss DCF valuation for biotech company Upstream Bio ahead of upcoming IPO, which is expected to be priced in October

Andrei Zakharov

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Daiichi Sankyo (4568 JP): US Approval for Second ADC Drug to Drive Accelerated Growth

​FDA approves Daiichi Sankyo's Datroway for second-line treatment of breast cancer. Supported by AstraZeneca's commercialization expertise, the...

Tina Banerjee

Wuxi XDC Placement - A Repeat of Biologics Placement Saga, Last Deal Did Well

WuXi AppTec (2359 HK) aims to raise around US$150m via selling around 3% stake in WuXi XDC Cayman (2268 HK). It has sold earlier in Nov 24 as well.

Sumeet Singh

AstraZeneca PLC: Expansion in Rare Disease & Complement Therapeutics Driving Our Optimism! - Major Drivers

AstraZeneca's recent earnings outlined promising developments but also noted potential areas for concern. The company's total revenue saw a...

Baptista Research

US Election and Composite/Services PMIs in Japan and the EU

Technically, the SET Index is expected to move in response to the US presidential election results, with an upward trend anticipated if Kamala...

Krungthai XSpring

Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

In my insight, I discuss DCF valuation for biotech company Upstream Bio ahead of upcoming IPO, which is expected to be priced in October

Andrei Zakharov

FDA approves Daiichi Sankyo's Datroway for second-line treatment of breast cancer. Supported by AstraZeneca's commercialization expertise, the...