HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The new payload story/ADC-engineering platforms need to be verified by big licensing-out deals. If verification is successful, MNCs will pay high price.However, if verification fails, BlissBio's pipeline would be “ignored”.</li>
<li>BlissBio entered into a wind-down agreement with Eisai for BB-1701.In our view, MNC's interest in BB-1701 is decreasing.The possibility of reaching big BD deal on BB-1712/BB-1705 is also not high.</li>
<li>The investment logic of biotech has changed and high valuation is driven by big licensing-out deals. From this perspective, we think valuation of BlissBio should be lower than peers.</li>
</ul>


The new payload story/ADC-engineering platforms need to be verified by big licensing-out deals. If verification is successful, MNCs will pay high price.However, if verification fails, BlissBio's pipeline would be “ignored”.
BlissBio entered into a wind-down agreement with Eisai for BB-1701.In our view, MNC's interest in BB-1701 is decreasing.The possibility of reaching big BD deal on BB-1712/BB-1705 is also not high.
The investment logic of biotech has changed and high valuation is driven by big licensing-out deals. From this perspective, we think valuation of BlissBio should be lower than peers.


Pre-IPO BlissBio - The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs

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>BlissBio, a China biotech company with a focus on next-generation ADC, is seeking to raise at least USD100m via a Hong Kong listing. Sponsors are GS, Huatai, CCBI.</li>
<li>In this note, we look at the company’s core product BB-1701, and briefly other three key products. We think it does have a good selling point.</li>
<li>We also look at the company’s management and pre-IPO investors. We think the deal is worth following.</li>
</ul>


BlissBio, a China biotech company with a focus on next-generation ADC, is seeking to raise at least USD100m via a Hong Kong listing. Sponsors are GS, Huatai, CCBI.
In this note, we look at the company’s core product BB-1701, and briefly other three key products. We think it does have a good selling point.
We also look at the company’s management and pre-IPO investors. We think the deal is worth following.


BlissBio Pre-IPO: Selling Point Still Valid Despite BD Termination

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BlissBio (BLISS HK)

Pre-IPO BlissBio - The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs

BlissBio's success hinges on verifying pipeline through big licensing-out deal, with the risk of being "ignored" if verification fails. Valuation...

Xinyao (Criss) Wang

BlissBio Pre-IPO: Selling Point Still Valid Despite BD Termination

China biotech company BlissBio seeks to raise at least USD100m through a Hong Kong listing, with a focus on next-generation ADC. Core product BB...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO BlissBio - The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs

​BlissBio's success hinges on verifying pipeline through big licensing-out deal, with the risk of being "ignored" if verification fails. Valuation...

Xinyao (Criss) Wang

BlissBio Pre-IPO: Selling Point Still Valid Despite BD Termination

​China biotech company BlissBio seeks to raise at least USD100m through a Hong Kong listing, with a focus on next-generation ADC. Core product BB...

Ke Yan, CFA, FRM

BlissBio's success hinges on verifying pipeline through big licensing-out deal, with the risk of being "ignored" if verification fails. Valuation...

China biotech company BlissBio seeks to raise at least USD100m through a Hong Kong listing, with a focus on next-generation ADC. Core product BB...