Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>We have a Negative view on this nearly 3 trillion won rights offering by Samsung Biologics.</li>
<li>The expected price of the rights offering is 599,000 won which is 18.9% below current share price and would represent about 7% shares dilution.</li>
<li>Despite the long-term positive prospects of consolidating results from Samsung Bioepsis, we believe the acquisition price was a bit too high at more than 100% higher than Biogen's valuation multiples.</li>
</ul>


We have a Negative view on this nearly 3 trillion won rights offering by Samsung Biologics.
The expected price of the rights offering is 599,000 won which is 18.9% below current share price and would represent about 7% shares dilution.
Despite the long-term positive prospects of consolidating results from Samsung Bioepsis, we believe the acquisition price was a bit too high at more than 100% higher than Biogen's valuation multiples.


Samsung Biologics: Rights Offering of 3 Trillion Won to Acquire Remaining Stake in Samsung Bioepsis

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a> has denied its acquisition talk with <a href="https://www.smartkarma.com/entities/biogen-inc" target="_blank" data-smartkarma-citation="entities:972:1" rel="noopener">Biogen Inc (BIIB US)</a>. With its current controversies, Biogen does not seem to be an attractive bet.</li>
<li>The company is poised for strong growth in 2022, driven by its massive capacity expansion plans and portfolio diversification toward high-growth areas like cell &amp; gene therapies and mRNA business.  </li>
<li>With an increasing order backlog resulting from consistent contract win and expanding customer base, Samsung Biologics has strong revenue visibility.</li>
</ul>



Samsung Biologics Co., (207940 KS) has denied its acquisition talk with Biogen Inc (BIIB US). With its current controversies, Biogen does not seem to be an attractive bet.
The company is poised for strong growth in 2022, driven by its massive capacity expansion plans and portfolio diversification toward high-growth areas like cell &amp; gene therapies and mRNA business.  
With an increasing order backlog resulting from consistent contract win and expanding customer base, Samsung Biologics has strong revenue visibility.


Samsung Biologics (207940 KS): Well-Positioned to Leap Forward Without Biogen Deal

Equity Capital Markets

Vigil Neuroscience / Equity Capital Markets

<ul>
<li>Clinical-Stage biotech company, <a href="https://www.smartkarma.com/entities/vigil-neuroscience-inc" target="_blank" data-smartkarma-citation="entities:35125:1" rel="noopener">Vigil Neuroscience Inc (VIGL US)</a> plans to offer 7 million shares at a price range of $15 to $17 per share in its upcoming IPO.</li>
<li>The company is expected to price the IPO on January 6 and trade on January 7 on NASDAQ under the ticker symbol VIGL.</li>
<li>The company developing antibody therapies for neurodegenerative diseases. Its lead candidate VGL101 is in phase 1 clinical trial, with topline data expected in H2 2022.</li>
</ul>


Clinical-Stage biotech company, Vigil Neuroscience Inc (VIGL US) plans to offer 7 million shares at a price range of $15 to $17 per share in its upcoming IPO.
The company is expected to price the IPO on January 6 and trade on January 7 on NASDAQ under the ticker symbol VIGL.
The company developing antibody therapies for neurodegenerative diseases. Its lead candidate VGL101 is in phase 1 clinical trial, with topline data expected in H2 2022.


Vigil Neuroscience (VIGL US) IPO: Early-Stage First-Of-Its-Class Pipeline Makes It a Risky Bet

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>Biogen has had a particularly rough year so far.</li><li>After much anticipation, the company’s Alzheimer's disease drug, Aduhelm was launched amidst huge controversies with respect to its regulatory approval.</li><li>We give Biogen an ‘Underperform’ rating with a revised target price.</li></ul>

Biogen has had a particularly rough year so far.After much anticipation, the company’s Alzheimer's disease drug, Aduhelm was launched amidst huge controversies with respect to its regulatory approval.We give Biogen an ‘Underperform’ rating with a revised target price.

<ul><li>Biogen has had one of its most eventful years so far in the history of the company.</li><li>If the company surpasses these hurdles, it could be well-equipped for a long-term leadership in Alzheimer's disease.</li><li>Furthermore, Spinraza continued to perform very well outside the United States, with 23% revenue growth compared to the Q2 of last year.</li></ul>

Biogen has had one of its most eventful years so far in the history of the company.If the company surpasses these hurdles, it could be well-equipped for a long-term leadership in Alzheimer's disease.Furthermore, Spinraza continued to perform very well outside the United States, with 23% revenue growth compared to the Q2 of last year.

United States

Biogen Inc. develops, manufactures, and commercializes therapies, focusing on neurology, oncology, and immunology. The Company's products address diseases such as multiple sclerosis, non-Hodgkin's lymphoma, rheumatoid arthritis, Crohn's disease, and psoriasis.

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Biogen Inc (BIIB US)

Samsung Biologics: Rights Offering of 3 Trillion Won to Acquire Remaining Stake in Samsung Bioepsis

Despite the long-term positive prospects of consolidating results from Samsung Bioepsis, we believe the acquisition price was a bit too high at...

Douglas Kim

Samsung Biologics (207940 KS): Well-Positioned to Leap Forward Without Biogen Deal

Without Biogen acquisition deal, Samsung Biologics is well-positioned for strong growth on the back of its massive capacity expansion plan amid a...

Tina Banerjee

Vigil Neuroscience (VIGL US) IPO: Early-Stage First-Of-Its-Class Pipeline Makes It a Risky Bet

The company plans to raise $112 million through its IPO. Vigil is a clinical-stage biotech company, whose lead drug candidate has just entered into...

Tina Banerjee

Biogen Inc. - Investment Thesis

Biogen has had a particularly rough year so far. After much anticipation, the company’s Alzheimer's disease drug, Aduhelm was launched amidst huge...

Baptista Research

Biogen Inc. - Investment Thesis

Biogen has had one of its most eventful years so far in the history of the company. If the company surpasses these hurdles, it could be...

Baptista Research

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