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 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.

<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...