Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

<ul><li>Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central banker” will soon become mainstream.&nbsp; </li><li>In this piece, KVP takes a snap shot of what happened, the significance &amp; potential ways to look to play things going forward. </li></ul>

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central banker” will soon become mainstream.&nbsp; In this piece, KVP takes a snap shot of what happened, the significance &amp; potential ways to look to play things going forward. 

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Jacobio Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jacobio-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:29696:1" rel="noopener">Jacobio Pharmaceuticals (1167 HK)</a> recorded revenue of RMB 53.5M in 2025 (vs RMB 155.7M in 2024) attributable to License-Out Agreement, related clinical trial data management and statistical analysis services agreements.</li>
<li>Jacobio and AstraZeneca have entered into a licence and collaboration agreement to develop and commercialize Pan-KRAS inhibitor JAB-23E73.</li>
<li>The licensing agreement with AstraZeneca and glesirasib approval will help boost 2026 revenues, but it will take some time for the company to be back in the black.</li>
</ul>



Jacobio Pharmaceuticals (1167 HK) recorded revenue of RMB 53.5M in 2025 (vs RMB 155.7M in 2024) attributable to License-Out Agreement, related clinical trial data management and statistical analysis services agreements.
Jacobio and AstraZeneca have entered into a licence and collaboration agreement to develop and commercialize Pan-KRAS inhibitor JAB-23E73.
The licensing agreement with AstraZeneca and glesirasib approval will help boost 2026 revenues, but it will take some time for the company to be back in the black.


Jacobio Pharma (1167 HK): Licensing Agreement, Glesirasib Approval Provide Impetus for Future

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> entered into a strategic collaboration and license agreement with AstraZeneca for the development of innovative long-acting peptide medicines.</li>
<li>CSPC will receive upfront payment of US$1.2B and will be eligible for US$3.5B in R&amp;D milestone payments, US$13.8B in sales milestone payments, plus up to double-digit royalties.</li>
<li>CSPC’s play in the weight management drug scene will surely help boost revenues, but intense competition is likely to make the party short lived.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) entered into a strategic collaboration and license agreement with AstraZeneca for the development of innovative long-acting peptide medicines.
CSPC will receive upfront payment of US$1.2B and will be eligible for US$3.5B in R&amp;D milestone payments, US$13.8B in sales milestone payments, plus up to double-digit royalties.
CSPC’s play in the weight management drug scene will surely help boost revenues, but intense competition is likely to make the party short lived.


CSPC Pharma (1093 HK): AstraZeneca Collaboration Good, Impact Might Be Short Lived Given Competition

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 7 July, it was reported that Hyung In-Woo (second largest shareholder of Alteogen) recently raised his ownership in the company by 0.22% stake (about 39 billion won) last month.</li>
<li>Mr. Hyung has requested to Alteogen to switch the company's listing from KOSDAQ to KOSPI to improve the company's image and attract greater capital inflow from passive funds. </li>
<li>Alteogen is currently trading at P/E of 37.7x in 2026 and 31.6x in 2027 which are reasonable, considering the company's significant sales and profit growth in the next three years. </li>
</ul>


On 7 July, it was reported that Hyung In-Woo (second largest shareholder of Alteogen) recently raised his ownership in the company by 0.22% stake (about 39 billion won) last month.
Mr. Hyung has requested to Alteogen to switch the company's listing from KOSDAQ to KOSPI to improve the company's image and attract greater capital inflow from passive funds. 
Alteogen is currently trading at P/E of 37.7x in 2026 and 31.6x in 2027 which are reasonable, considering the company's significant sales and profit growth in the next three years. 


Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI

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

<ul>
<li>Eccogene, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and CICC are the joint sponsors.</li>
<li>In this note, we look at the company’s core products, ECC4703, and key products ECC5004 and ECC0509.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Eccogene, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and CICC are the joint sponsors.
In this note, we look at the company’s core products, ECC4703, and key products ECC5004 and ECC0509.
We also look at the company’s pre-IPO investors and management team.


Eccogene (诚益生物) Pre-IPO: Decent Innovation and Differentiation

United Kingdom

AstraZeneca is a Swedish-British multinational pharmaceutical and biotechnology company focused on the discovery, development, and commercialization of prescription medicines. Its portfolio spans oncology, rare diseases, and biopharmaceuticals, including cardiovascular, renal & metabolism, and respiratory & immunology. The company was formed in 1999 through the merger of Astra AB and Zeneca Group PLC and is headquartered in Cambridge, UK.

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AstraZeneca (AZN LN)

Never Trust A Swiss Central Banker

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central...

Kay Van-Petersen

Jacobio Pharma (1167 HK): Licensing Agreement, Glesirasib Approval Provide Impetus for Future

Jacobio Pharmaceuticals saw a decrease in revenue in 2025, mostly earnings from licensing out. Collaborated with AstraZeneca on Pan-KRAS...

Tina Banerjee

CSPC Pharma (1093 HK): AstraZeneca Collaboration Good, Impact Might Be Short Lived Given Competition

CSPC Pharma partnered with AstraZeneca for long-acting peptide medicines, receiving substantial upfront and milestone payments. Weight loss drug...

Tina Banerjee

Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI

Alteogen announced that it will hold an EGM on 8 December to vote on a transfer of listing to KOSPI from KOSDAQ. On 7 July, the second largest...

Douglas Kim

Eccogene (诚益生物) Pre-IPO: Decent Innovation and Differentiation

China's Eccogene aims to raise $100 million through Hong Kong listing. We see decent innovation and differentiation in its assets.

Ke Yan, CFA, FRM

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52-week Range

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Never Trust A Swiss Central Banker

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central...

Kay Van-Petersen

Jacobio Pharma (1167 HK): Licensing Agreement, Glesirasib Approval Provide Impetus for Future

​Jacobio Pharmaceuticals saw a decrease in revenue in 2025, mostly earnings from licensing out. Collaborated with AstraZeneca on Pan-KRAS...

Tina Banerjee

CSPC Pharma (1093 HK): AstraZeneca Collaboration Good, Impact Might Be Short Lived Given Competition

​CSPC Pharma partnered with AstraZeneca for long-acting peptide medicines, receiving substantial upfront and milestone payments. Weight loss drug...

Tina Banerjee

Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI

Alteogen announced that it will hold an EGM on 8 December to vote on a transfer of listing to KOSPI from KOSDAQ. On 7 July, the second largest...

Douglas Kim

Eccogene (诚益生物) Pre-IPO: Decent Innovation and Differentiation

​China's Eccogene aims to raise $100 million through Hong Kong listing. We see decent innovation and differentiation in its assets.

Ke Yan, CFA, FRM

Jacobio Pharmaceuticals saw a decrease in revenue in 2025, mostly earnings from licensing out. Collaborated with AstraZeneca on Pan-KRAS...

CSPC Pharma partnered with AstraZeneca for long-acting peptide medicines, receiving substantial upfront and milestone payments. Weight loss drug...

China's Eccogene aims to raise $100 million through Hong Kong listing. We see decent innovation and differentiation in its assets.