Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>With multiple mutations, Omicron may require modifications in the existing vaccines. With fast mover advantage and superior efficacy, <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a> seems to be a clear winner of the situation.</li>
<li>Moderna’s current expectation to deliver 2–3 billion doses in 2022 is likely to be revised upwards with the fast spread of Omicron vaccine and full approval of booster doses.</li>
<li>Moderna shares have reasonable valuation compared to its peers. Higher visibility into 2022 and beyond will lead to re-rating opportunity.</li>
</ul>


With multiple mutations, Omicron may require modifications in the existing vaccines. With fast mover advantage and superior efficacy, Moderna Inc (MRNA US) seems to be a clear winner of the situation.
Moderna’s current expectation to deliver 2–3 billion doses in 2022 is likely to be revised upwards with the fast spread of Omicron vaccine and full approval of booster doses.
Moderna shares have reasonable valuation compared to its peers. Higher visibility into 2022 and beyond will lead to re-rating opportunity.


Moderna (MRNA US): To Cash in on Omicron Fear

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.

Equity Capital Markets

Clover Biopharmaceuticals / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (2197 HK)</a> is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. </p></div><div><p>Clover has launched an HKEx IPO to raise net proceeds of HK$1,837.2 million ($236 million) at the mid-point of the IPO price range of HK$12.80-13.50 per share. </p></div><div><p>Nine cornerstone investors have agreed to invest about $138.5 million in the IPO (54.6% of the offer shares at the mid-point of the IPO price range). Four out of the nine cornerstones are existing investors. They are Hillhouse, Orbimed, Temasek and Oceanpine Capital. The five cornerstones which are not existing shareholders are Rock Springs Capital, Athos Capital, Springhill Fund, Superstring Capital and Toroa.</p></div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/clover-biopharmaceuticals-ipo-needling" target="_blank" data-smartkarma-citation="insights:59421" rel="noopener">Clover Biopharmaceuticals IPO: Needling</a>, we stated that while there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. We concluded that Clover is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive.  </p></div></div>

Clover Biopharmaceuticals (2197 HK) is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. Clover has launched an HKEx IPO to raise net proceeds of HK$1,837.2 million ($236 million) at the mid-point of the IPO price range of HK$12.80-13.50 per share. Nine cornerstone investors have agreed to invest about $138.5 million in the IPO (54.6% of the offer shares at the mid-point of the IPO price range). Four out of the nine cornerstones are existing investors. They are Hillhouse, Orbimed, Temasek and Oceanpine Capital. The five cornerstones which are not existing shareholders are Rock Springs Capital, Athos Capital, Springhill Fund, Superstring Capital and Toroa.In Clover Biopharmaceuticals IPO: Needling, we stated that while there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. We concluded that Clover is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive.  

Clover Biopharmaceuticals IPO: Valuation Insights

<p><a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (CBL HK)</a> is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. </p><p>Clover is pre-marketing an HKEx IPO to raise proceeds of $300 million, according to press reports. Clover has a credible management team with a commendable track record in drug discovery and commercialization. Clover also has several blue-chip backers such as Hillhouse, Temasek, Lapam Capital, Delos Capital, Qianhai FoF, Oceanpine Capital, Betta Capital and OrbiMed. </p><div class="content-highlight"><p>While there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. Overall, we believe that Clover is worth a closer look. </p></div>

Clover Biopharmaceuticals (CBL HK) is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. Clover is pre-marketing an HKEx IPO to raise proceeds of $300 million, according to press reports. Clover has a credible management team with a commendable track record in drug discovery and commercialization. Clover also has several blue-chip backers such as Hillhouse, Temasek, Lapam Capital, Delos Capital, Qianhai FoF, Oceanpine Capital, Betta Capital and OrbiMed. While there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. Overall, we believe that Clover is worth a closer look. 

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<p><strong>1. Industry viewpoints:</strong> </p><ul>
<li>For a long time, the National Healthcare Security Administration has explicitly mentioned to include the traditional Chinese medicines into volume-based purchase (VBP) and the related policy is now in process.</li>
<li>Vaccine is a hot topic in 2020, so it deserves further discussion.</li>
<li>In terms of future trend, the IVD industry will undergo profound changes in the next five years.</li>
</ul><p><strong>2. Company news:</strong></p><p style="text-align: start;">News about the new agreement and the progress of new drugs from <a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a>, <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>, <a href="https://www.smartkarma.com/entities/ascletis-pharma-inc" target="_blank" data-smartkarma-citation="entities:27265:1" rel="noopener">Ascletis Pharma Inc (1672 HK)</a>, and <a href="https://www.smartkarma.com/entities/antengene-corporation-limited" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK).</a></p><p><strong>3. Market review:</strong></p><p style="text-align: start;">Last week, stock price for healthcare sector in A share increased 5.98%, while CSI 300 increased 1.71% over the same period of time.</p><p><strong>4. Risk Disclosure:</strong></p><p style="text-align: start;">Policy risk, R&amp;D risk, Company risk and COVID-19 risk.</p>

1. Industry viewpoints: 
For a long time, the National Healthcare Security Administration has explicitly mentioned to include the traditional Chinese medicines into volume-based purchase (VBP) and the related policy is now in process.
Vaccine is a hot topic in 2020, so it deserves further discussion.
In terms of future trend, the IVD industry will undergo profound changes in the next five years.
2. Company news:News about the new agreement and the progress of new drugs from Ascentage Pharma Group Corp (6855 HK), CSPC Pharmaceutical Group (1093 HK), Ascletis Pharma Inc (1672 HK), and Antengene (6996 HK).3. Market review:Last week, stock price for healthcare sector in A share increased 5.98%, while CSI 300 increased 1.71% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

<p><strong>1. Industry viewpoints:</strong></p><ul>
<li>A related news has been released this week that in 2021, China’s new intensive procurement policy would be applied to orthopedic implant consumables.</li>
<li>With the growth of China's pharmaceutical market, more and more innovative companies focusing on gene therapy are emerging in China, bringing market opportunities for CDMO on gene therapy.</li>
<li>As a financial tool, Commercial insurance will become a key part of pharmaceutical enterprises' marketing to support and maintain patient relationship in the future.</li>
</ul><p><strong>2. Company news:</strong></p><p style="text-align: start;">News about the progress of new drugs and COVID-19 vaccine from Hengrui, Innovent Biologics and Fosun Pharma.</p><p><strong>3. Market review:</strong></p><p style="text-align: start;">Last week, stock price for healthcare sector in A share decreased 2.92%, while CSI 300 increased 0.76% over the same period of time.</p><p><strong>4. Risk Disclosure:</strong></p><p style="text-align: start;">Policy risk, R&amp;D risk, Company risk and COVID-19 risk.</p>

1. Industry viewpoints:
A related news has been released this week that in 2021, China’s new intensive procurement policy would be applied to orthopedic implant consumables.
With the growth of China's pharmaceutical market, more and more innovative companies focusing on gene therapy are emerging in China, bringing market opportunities for CDMO on gene therapy.
As a financial tool, Commercial insurance will become a key part of pharmaceutical enterprises' marketing to support and maintain patient relationship in the future.
2. Company news:News about the progress of new drugs and COVID-19 vaccine from Hengrui, Innovent Biologics and Fosun Pharma.3. Market review:Last week, stock price for healthcare sector in A share decreased 2.92%, while CSI 300 increased 0.76% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

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)

Moderna (MRNA US): To Cash in on Omicron Fear

Moderna is set to fly high on the continuous increasing demand for its Covid vaccine and rich pipeline beyond Covid. Emerging Omicron variant is...

Tina Banerjee

Clover Biopharmaceuticals IPO: Valuation Insights

Clover has launched an IPO to raise net proceeds of $236m at the mid-point of the price range of HK$12.80-13.50 per share. Our valuation analysis...

Arun George

Clover Biopharmaceuticals IPO: Needling

Clover is pre-marketing an HKEx IPO to raise proceeds of $300 m. SCB-2019 (CpG 1018/Alum) is a COVID-19 vaccine candidate which was secured CEPI...

Arun George

China Healthcare Weekly (Dec.4)

This article summarized the updated news in China volume-based purchase policy, industry viewpoints, company news, and capital market review for...

Xinyao (Criss) Wang

China Healthcare Weekly (Nov.27)

This article summarized the new healthcare policy released in China last week, major industry viewpoints, company news and capital market review of...

Xinyao (Criss) Wang

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