Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.</li>
<li>IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.</li>
<li>1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.</li>
</ul>



SK Bioscience (302440 KS) has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.
IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.
1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.


SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul>
<li>After years of falling valuations and stalled IPO activity, China’s innovative drug industry is showing early signs of a comeback.</li>
<li>A spate of large-scale cross-border licensing deals is rekindling global interest and lifting stock prices, suggesting a possible shift in momentum for the sector.</li>
<li>Yet despite headline-grabbing transactions and the buoyant market response, industry veterans warn the rebound may be selective, with persistent challenges still clouding the sector’s long-term outlook.</li>
</ul>


After years of falling valuations and stalled IPO activity, China’s innovative drug industry is showing early signs of a comeback.
A spate of large-scale cross-border licensing deals is rekindling global interest and lifting stock prices, suggesting a possible shift in momentum for the sector.
Yet despite headline-grabbing transactions and the buoyant market response, industry veterans warn the rebound may be selective, with persistent challenges still clouding the sector’s long-term outlook.


Chinese Biotech Innovators Push Overseas as Sector Faces Reckoning 

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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

Duality Biotherapeutics / Equity Capital Markets

<ul>
<li>Duality, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$200m via a Hong Kong listing.</li>
<li>We look at the deal dynamics and latest developments in the biotech sector.</li>
<li>The deal initially presented upside for investors but there’s a portion of its valuation now at risk due to the latest development.</li>
</ul>


Duality, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$200m via a Hong Kong listing.
We look at the deal dynamics and latest developments in the biotech sector.
The deal initially presented upside for investors but there’s a portion of its valuation now at risk due to the latest development.


Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk

<ul>
<li>Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.</li>
<li>We look at the company's valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.</li>
<li>We highlight key differences between our valuation and the broker valuation guidance.</li>
</ul>


Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
We look at the company's valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.
We highlight key differences between our valuation and the broker valuation guidance.


Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

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>BioNTech's third quarter of 2024 earnings report reflects a balanced mix of progress in its oncology pipeline and its ongoing responses to the changing COVID-19 landscape.</li>
<li>The company has achieved notable advancements in both its COVID-19 vaccine franchise and its oncology development programs, showcasing a commitment to innovation while navigating the complexities of the healthcare market.</li>
<li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li>
</ul>


BioNTech's third quarter of 2024 earnings report reflects a balanced mix of progress in its oncology pipeline and its ongoing responses to the changing COVID-19 landscape.
The company has achieved notable advancements in both its COVID-19 vaccine franchise and its oncology development programs, showcasing a commitment to innovation while navigating the complexities of the healthcare market.
Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.


BioNTech: Strategic Partnerships & Innovation Driving Our ‘Outperform’ Rating!

Germany

BioNTech SE provides biotechnological solutions. The Company develops various types of treatments for cancer patients' tumors. BioNTech serves customers worldwide.

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BioNTech (BNTX US)

SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Tina Banerjee

Chinese Biotech Innovators Push Overseas as Sector Faces Reckoning

After years of falling valuations and stalled IPO activity, China’s innovative drug industry is showing early signs of a comeback. A spate of...

Caixin Global

Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk

We analyzed the dynamics of Duality Biotherapeutics' USD 200m Hong-Kong listing, and highlight how recent events put out valuation upside at risk.

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

China's Duality Biotherapeutics aims to raise $250m in Hong Kong IPO. We provide our valuation on its core products DB-1303, DB-1311, and DB-1305...

Ke Yan, CFA, FRM

BioNTech: Strategic Partnerships & Innovation Driving Our ‘Outperform’ Rating!

BioNTech's third quarter of 2024 earnings report reflects a balanced mix of progress in its oncology pipeline and its ongoing responses to the...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

​SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Tina Banerjee

Chinese Biotech Innovators Push Overseas as Sector Faces Reckoning

After years of falling valuations and stalled IPO activity, China’s innovative drug industry is showing early signs of a comeback. A spate of...

Caixin Global

Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk

We analyzed the dynamics of Duality Biotherapeutics' USD 200m Hong-Kong listing, and highlight how recent events put out valuation upside at risk.

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

​China's Duality Biotherapeutics aims to raise $250m in Hong Kong IPO. We provide our valuation on its core products DB-1303, DB-1311, and DB-1305...

Ke Yan, CFA, FRM

BioNTech: Strategic Partnerships & Innovation Driving Our ‘Outperform’ Rating!

BioNTech's third quarter of 2024 earnings report reflects a balanced mix of progress in its oncology pipeline and its ongoing responses to the...

Baptista Research

SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

China's Duality Biotherapeutics aims to raise $250m in Hong Kong IPO. We provide our valuation on its core products DB-1303, DB-1311, and DB-1305...