HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Atom Therapeutics / Equity Capital Markets

<ul>
<li>The global population of gout and hyperuricemia patients is large and there's unmet needs.However, if competition is fierce or medical insurance restrictions are imposed, ABP-671's peak sales could be RMB1-2bn.</li>
<li>The potential of ABP-745 depends on whether its safety and efficacy advantages can be confirmed in later-stage clinical trials. Depending on indications expansion, peak sales could be RMB500 million-1.5 billion.</li>
<li>Post-Money valuation of Atom after Series D Financing is about RMB3.05 billion. A comfortable valuation range could be RMB4-6 billion if based on the commercialization of ABP-671 and ABP-745.</li>
</ul>


The global population of gout and hyperuricemia patients is large and there's unmet needs.However, if competition is fierce or medical insurance restrictions are imposed, ABP-671's peak sales could be RMB1-2bn.
The potential of ABP-745 depends on whether its safety and efficacy advantages can be confirmed in later-stage clinical trials. Depending on indications expansion, peak sales could be RMB500 million-1.5 billion.
Post-Money valuation of Atom after Series D Financing is about RMB3.05 billion. A comfortable valuation range could be RMB4-6 billion if based on the commercialization of ABP-671 and ABP-745.


Pre-IPO Atom Therapeutics - About The Pipeline and the Concerns Behind

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>Atom Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC is the sole sponsor.</li>
<li>In this note, we look at the company’s core product, ABP-671.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Atom Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC is the sole sponsor.
In this note, we look at the company’s core product, ABP-671.
We also look at the company’s pre-IPO investors and management team.


Atom Therapeutics (新元素) Pre-IPO Quick Take: Moderate Innovation and Intense Competition

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Atom Therapeutics (ATOM HK)

Pre-IPO Atom Therapeutics - About The Pipeline and the Concerns Behind

The core of Atom's R&D model is its "structure-metabolism analysis-driven drug discovery platform". Peak sales of ABP-671 and ABP-745 will be...

Xinyao (Criss) Wang

Atom Therapeutics (新元素) Pre-IPO Quick Take: Moderate Innovation and Intense Competition

China's Atom Therapeutics aims to raise $100 million through a Hong Kong listing with CITIC as the sponsor. We look at their core product ABP-671,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Atom Therapeutics - About The Pipeline and the Concerns Behind

The core of Atom's R&D model is its "structure-metabolism analysis-driven drug discovery platform". Peak sales of ABP-671 and ABP-745 will be...

Xinyao (Criss) Wang

Atom Therapeutics (新元素) Pre-IPO Quick Take: Moderate Innovation and Intense Competition

​China's Atom Therapeutics aims to raise $100 million through a Hong Kong listing with CITIC as the sponsor. We look at their core product ABP-671,...

Ke Yan, CFA, FRM

China's Atom Therapeutics aims to raise $100 million through a Hong Kong listing with CITIC as the sponsor. We look at their core product ABP-671,...