HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Beijing Mabworks Biotech / Equity Capital Markets

<p>On July 18, 2021, <a href="https://www.smartkarma.com/entities/beijing-mabworks-biotech-company-limited" target="_blank" data-smartkarma-citation="entities:33816:1" rel="noopener">Beijing Mabworks Biotech (MWB HK) </a>formally submitted its application to the HKEX for listing on the main board. It should be noted that Mabworks's application for listing on the SSE STAR Market was accepted in September last year, but the Company voluntarily withdrew its application in March this year. Mabworks is a clinical-stage biopharmaceutical company in China focusing on the discovery and development of differentiated antibody drugs. This insight mainly analyzed the clinical-stage drug candidates and related concerns of the Company.</p>

On July 18, 2021, Beijing Mabworks Biotech (MWB HK) formally submitted its application to the HKEX for listing on the main board. It should be noted that Mabworks's application for listing on the SSE STAR Market was accepted in September last year, but the Company voluntarily withdrew its application in March this year. Mabworks is a clinical-stage biopharmaceutical company in China focusing on the discovery and development of differentiated antibody drugs. This insight mainly analyzed the clinical-stage drug candidates and related concerns of the Company.

Pre-IPO Beijing Mabworks Biotech - MIL62 Alone Cannot Save the Situation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<div><p><a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (ABB HK)</a> is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative and differentiated small molecule oncology therapies. Abbisko has developed a pipeline of 14 candidates focused on oncology, including five candidates at the clinical stage The core products are ABSK091, a pan-FGFR inhibitor licensed from <a href="https://www.smartkarma.com/entities/astrazeneca-plc" target="_blank" data-smartkarma-citation="entities:21824:1" rel="noopener">AstraZeneca PLC (AZN LN)</a> and ABSK011, an FGFR4 inhibitor. </p></div><div><p>Abbisko has launched an HKEx IPO to raise net proceeds of HK$1,585.1 million ($204 million) at the mid-point of the IPO price range of HK$12.16-12.46 per share.</p></div><div><p>Eleven cornerstone investors have agreed to invest about $128 million in the IPO (57.32% of the offer shares at the mid-point of the IPO price range). Seven out of the eleven cornerstones are existing investors. They are Janchor Partners, Lilly Asia Ventures, Temasek, Lake Bleu Capital, OrbiMed, Warburg Pincus and BlackRock. The four cornerstones which are not existing shareholders are AIHC Capital, UBS AM, Hudson Bay and Vivo Funds.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/abbisko-ipo-a-promising-but-longer-term-prognosis" target="_blank" data-smartkarma-citation="insights:58004" rel="noopener">Abbisko IPO: A Promising but Longer Term Prognosis</a>, we stated that while both core products are at an early stage of development, promising results from trials, management’s track record and the exceptional line-up of blue-chip backers suggest that the product candidates have the potential to succeed in a fiercely competitive market. We concluded that Abbisko is worth a closer look. However, our valuation analysis suggests that the IPO price range is full and we would remain on the sidelines awaiting a better entry opportunity. </p></div></div></div>

Abbisko Cayman (ABB HK) is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative and differentiated small molecule oncology therapies. Abbisko has developed a pipeline of 14 candidates focused on oncology, including five candidates at the clinical stage The core products are ABSK091, a pan-FGFR inhibitor licensed from AstraZeneca PLC (AZN LN) and ABSK011, an FGFR4 inhibitor. Abbisko has launched an HKEx IPO to raise net proceeds of HK$1,585.1 million ($204 million) at the mid-point of the IPO price range of HK$12.16-12.46 per share.Eleven cornerstone investors have agreed to invest about $128 million in the IPO (57.32% of the offer shares at the mid-point of the IPO price range). Seven out of the eleven cornerstones are existing investors. They are Janchor Partners, Lilly Asia Ventures, Temasek, Lake Bleu Capital, OrbiMed, Warburg Pincus and BlackRock. The four cornerstones which are not existing shareholders are AIHC Capital, UBS AM, Hudson Bay and Vivo Funds.In Abbisko IPO: A Promising but Longer Term Prognosis, we stated that while both core products are at an early stage of development, promising results from trials, management’s track record and the exceptional line-up of blue-chip backers suggest that the product candidates have the potential to succeed in a fiercely competitive market. We concluded that Abbisko is worth a closer look. However, our valuation analysis suggests that the IPO price range is full and we would remain on the sidelines awaiting a better entry opportunity. 

<p><a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (ABB HK)</a> is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative and differentiated small molecule oncology therapies. Abbisko has developed a pipeline of 14 candidates focused on oncology, including five candidates at the clinical stage The core products are ABSK091, a pan-FGFR inhibitor licensed from <a href="https://www.smartkarma.com/entities/astrazeneca-plc" target="_blank" data-smartkarma-citation="entities:21824:1" rel="noopener">AstraZeneca PLC (AZN LN)</a> and ABSK011, an FGFR4 inhibitor. Abbisko is pre-marketing an HKEx IPO to raise $300 million, according to press reports. </p><p>Abbisko has a credible management team with a commendable commercialisation track record. The three co-founders together have made contributions to several discovery programs, several of which led to successful commercialisation. Abbisko also has several blue-chip backers such as Lilly Asia Ventures, Sinopharm Capital, Qiming Venture Capital, GIC, Temasek, <a href="https://www.smartkarma.com/entities/carlyle-group-inc" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group Inc (CG US)</a>, Lake Bleu Capital and OrbiMed. </p><div class="content-highlight"><p>While both core products are at an early stage of development, promising results from trials, management’s track record and the exceptional line-up of blue-chip backers suggest that the product candidates have the potential to succeed in a fiercely competitive market. Overall, we believe that Abbisko is worth a closer look. </p></div>

Abbisko Cayman (ABB HK) is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative and differentiated small molecule oncology therapies. Abbisko has developed a pipeline of 14 candidates focused on oncology, including five candidates at the clinical stage The core products are ABSK091, a pan-FGFR inhibitor licensed from AstraZeneca PLC (AZN LN) and ABSK011, an FGFR4 inhibitor. Abbisko is pre-marketing an HKEx IPO to raise $300 million, according to press reports. Abbisko has a credible management team with a commendable commercialisation track record. The three co-founders together have made contributions to several discovery programs, several of which led to successful commercialisation. Abbisko also has several blue-chip backers such as Lilly Asia Ventures, Sinopharm Capital, Qiming Venture Capital, GIC, Temasek, Carlyle Group Inc (CG US), Lake Bleu Capital and OrbiMed. While both core products are at an early stage of development, promising results from trials, management’s track record and the exceptional line-up of blue-chip backers suggest that the product candidates have the potential to succeed in a fiercely competitive market. Overall, we believe that Abbisko is worth a closer look. 

Abbisko IPO: A Promising but Longer Term Prognosis

Equity Bottom-Up

<p>Recently, <a href="https://www.smartkarma.com/entities/innocare-pharma-ltd" target="_blank" data-smartkarma-citation="entities:28355:1" rel="noopener">InnoCare Pharma Ltd (9969 HK)</a> released 2021/1H financial results. The revenue was RMB102 million, up 13490.51% YoY, which was mainly due to the sales growth of orelabrutinib. Net loss was narrowed from RMB337 in 2020/1H to RMB213 million in 2021/1H, indicating improvement. Meanwhile, InnoCare is also going to be listed on the SSE STAR market, which is expected to be another biopharmaceutical company with "A+H" shares listing. This insight mainly analyzed the core product, pipeline and the concerns of the Company.</p>

Recently, InnoCare Pharma Ltd (9969 HK) released 2021/1H financial results. The revenue was RMB102 million, up 13490.51% YoY, which was mainly due to the sales growth of orelabrutinib. Net loss was narrowed from RMB337 in 2020/1H to RMB213 million in 2021/1H, indicating improvement. Meanwhile, InnoCare is also going to be listed on the SSE STAR market, which is expected to be another biopharmaceutical company with "A+H" shares listing. This insight mainly analyzed the core product, pipeline and the concerns of the Company.

InnoCare Pharma Ltd (9969.HK) - Risk of Becoming Mediocre

Asymchem Laboratories Tianjin / Equity Capital Markets

Asymchem Laboratories Tianjin (002821 CH)

<p>On June 28, 2021, <a href="https://www.smartkarma.com/entities/asymchem-laboratories-tianjin-co-ltd" target="_blank" data-smartkarma-citation="entities:28265:1" rel="noopener">Asymchem Laboratories (002821 CH)</a>, the fifth largest drug substance CDMO globally and the largest China-based commercial stage chemical drug CDMO, submitted its listing application to the HKEX, which means that, after <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 Co. Ltd. (2359 HK)</a>, <a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-co-ltd-1008d609-73bd-4d76-8315-b29502a448ff" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK) </a>and <a href="https://www.smartkarma.com/entities/pharmaron-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:28428:1" rel="noopener">Pharmaron Beijing Co Ltd-H (3759 HK)</a>, there would be another A+H listed CXO company in China. This insight mainly analyzed the industry characteristics, the strength and the concerns of Asymchem.</p>

On June 28, 2021, Asymchem Laboratories (002821 CH), the fifth largest drug substance CDMO globally and the largest China-based commercial stage chemical drug CDMO, submitted its listing application to the HKEX, which means that, after WuXi AppTec Co. Ltd. (2359 HK), Hangzhou Tigermed Consulting (H) (3347 HK) and Pharmaron Beijing Co Ltd-H (3759 HK), there would be another A+H listed CXO company in China. This insight mainly analyzed the industry characteristics, the strength and the concerns of Asymchem.

Pre-IPO Asymchem Laboratories - The Strength and the Concerns

China

Betta Pharmaceuticals Co., Ltd operates as a pharmaceutical company. The Company researches, manufactures, and sells drugs for the treatment of malignant tumors, diabetes, cardiovascular, cerebrovascular, and other related diseases. Betta Pharmaceuticals markets throughout China.

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Betta Pharmaceuticals (300558 CH)

Pre-IPO Beijing Mabworks Biotech - MIL62 Alone Cannot Save the Situation

This article mainly analyzed Mabworks Biotech in terms of the important clinical-stage drug candidates (MIL62, MIL93, MBS301, MIL97, MIL95, MIL86,...

Xinyao (Criss) Wang

Abbisko IPO: Valuation Insights

Abbisko plans to raise $204m (net) at the mid-point of the IPO price range. Our valuation analysis suggests that the IPO price range is full and we...

Arun George

Abbisko IPO: A Promising but Longer Term Prognosis

While both core products are at an early stage of development, promising trials, management’s track record and blue-chip backers suggest that the...

Arun George

InnoCare Pharma Ltd (9969.HK) - Risk of Becoming Mediocre

This article analyzed InnoCare in terms of its core product orelabrutinib, key product candidates in the pipeline, the competitive landscape, the...

Xinyao (Criss) Wang

Pre-IPO Asymchem Laboratories - The Strength and the Concerns

The article mainly analyzed Asymchem Laboratories in terms of the industry characteristics, the strength of its business, the comparison with...

Xinyao (Criss) Wang

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