Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

CRISPR Therapeutics AG / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/crispr-therapeutics-ag" target="_blank" data-smartkarma-citation="entities:23652:1" rel="noopener">CRISPR Therapeutics AG (CRSP US)</a> completed regulatory submissions for exa-cel in the U.S., EU, and UK, positioning exa-cel to potentially become the first approved CRISPR-based therapy in the world.</li>
<li>According to Evaluate Pharma, if approved, exa-cel’s revenue is expected to be $1B+ in 2028, with expected market share of 20% in sickle cell and 36% in beta thalassemia.</li>
<li>As of March 31, 2023, CRISPR has cash, cash equivalents, and marketable securities of $1,889.5M, which is sufficient to fund its operating expenses for ~3 years.</li>
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CRISPR Therapeutics AG (CRSP US) completed regulatory submissions for exa-cel in the U.S., EU, and UK, positioning exa-cel to potentially become the first approved CRISPR-based therapy in the world.
According to Evaluate Pharma, if approved, exa-cel’s revenue is expected to be $1B+ in 2028, with expected market share of 20% in sickle cell and 36% in beta thalassemia.
As of March 31, 2023, CRISPR has cash, cash equivalents, and marketable securities of $1,889.5M, which is sufficient to fund its operating expenses for ~3 years.


CRISPR Therapeutics AG (CRSP US): First Genome Editing Based Drug Candidate Seeking FDA Approval

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<a href="https://www.smartkarma.com/entities/csl-ltd" target="_blank" data-smartkarma-citation="entities:917:1" rel="noopener">CSL Ltd (CSL AU)</a> is well-positioned to report double-digit revenue and profit growth through FY25, driven by strong performance of existing business and new growth engines.</li>
<li>CSL will launch FDA-approved gene therapy Hemgenix for Hemophilia B in the US in 2H23. With estimated global annual peak sales of $2.4B, Hemgenix is a compelling opportunity for CSL.</li>
<li>During H1FY23, CSL reported record level of plasma collections, with 36% growth in                volume. Current plasma collection is 10% above the pre-pandemic. Higher volume and yield will improve profitability.</li>
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CSL Ltd (CSL AU) is well-positioned to report double-digit revenue and profit growth through FY25, driven by strong performance of existing business and new growth engines.
CSL will launch FDA-approved gene therapy Hemgenix for Hemophilia B in the US in 2H23. With estimated global annual peak sales of $2.4B, Hemgenix is a compelling opportunity for CSL.
During H1FY23, CSL reported record level of plasma collections, with 36% growth in                volume. Current plasma collection is 10% above the pre-pandemic. Higher volume and yield will improve profitability.


CSL Ltd (CSL AU): Looking into New Engines for Sustainable and Profitable Growth

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<a href="https://www.smartkarma.com/entities/helixmith-co-ltd" target="_blank" data-smartkarma-citation="entities:7636:1" rel="noopener">Helixmith (084990 KS)</a> shares have been sliding since end of June due to delay in receiving the recommendation from the U.S. data monitoring committee for its phase 3 clinical trial.</li>
<li>On August 18, Helixmith received recommendation to continue phase 3 clinical trial of its lead candidate Engensis (VM202) for diabetic peripheral neuropathy, thereby removing the overhang.</li>
<li>Engensis has attracted high interest from investors, as it is targeting a large addressable patient population of nearly 8.5 million in the U.S. alone, with high unmet medical need.  </li>
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Helixmith (084990 KS) shares have been sliding since end of June due to delay in receiving the recommendation from the U.S. data monitoring committee for its phase 3 clinical trial.
On August 18, Helixmith received recommendation to continue phase 3 clinical trial of its lead candidate Engensis (VM202) for diabetic peripheral neuropathy, thereby removing the overhang.
Engensis has attracted high interest from investors, as it is targeting a large addressable patient population of nearly 8.5 million in the U.S. alone, with high unmet medical need.  


Helixmith (084990 KS): Overhang on Phase 3 Clinical Trial Uncertainty Got Removed

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

CARSgen Therapeutics / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/carsgen-therapeutics-ltd" target="_blank" data-smartkarma-citation="entities:32213:1" rel="noopener">CARSgen Therapeutics (2171 HK)</a> is a biopharma focused on innovative CAR-T cell therapies for the treatment of haematological malignancies and solid tumours. CARsgen opines that it is a key player in the field of CAR-T cell therapies. Pre-IPO investors include Hillhouse Capital, <a href="https://www.smartkarma.com/entities/zhejiang-jolly-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7333:1" rel="noopener">Zhejiang Jolly Pharmaceutical (300181 CH)</a>, KTB Network, <a href="https://www.smartkarma.com/entities/tasly-pharmaceutical-group-co-ltd" target="_blank" data-smartkarma-citation="entities:9569:1" rel="noopener">Tasly Pharmaceutical Group (600535 CH)</a>, Loyal Valley Capital, Shiyu Investment Management and Lilly Asia Ventures.</p></div><div><p>CARsgen has launched an HKEx IPO to raise net proceeds of HK$2,795 million ($360 million) at the mid-point of the IPO price range of HK$29.60-32.80 per share.</p></div><div><p>Nine cornerstone investors have agreed to invest about $230 million in the IPO (60.38% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are LAV Group, New China Capital Management, CloudAlpha Capital Management, Orient Asset Management, WT Asset Management, GF Fund, Dymon Asia, IvyRock and China Southern Asset Management. </p></div><div><div>
<p>In <a href="https://www.smartkarma.com/insights/carsgen-therapeutics-ipo-initiation-choosing-therapies-a-la-car-t" target="_blank" data-smartkarma-citation="insights:52072" rel="noopener">CARsgen Therapeutics IPO Initiation: Choosing Therapies À La CAR-T</a>, we stated that the promising prospects for the lead product, a credible management team and a good shareholder register make the IPO worth a closer look. </p>
<div class="content-highlight"><p>Our SoTP value is HK$31.74 per share which is a 2% upside to the mid-point of the IPO price range. Due to the limited upside to our SoTP valuation, we think that the IPO price range is full. Overall, while we like CARsgen's fundamentals, due to the full IPO price range, lack of blue-chip cornerstone support and the current weak market sentiment on IPOs, we are inclined to wait on the sidelines for a more attractive entry point. </p></div>
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CARSgen Therapeutics (2171 HK) is a biopharma focused on innovative CAR-T cell therapies for the treatment of haematological malignancies and solid tumours. CARsgen opines that it is a key player in the field of CAR-T cell therapies. Pre-IPO investors include Hillhouse Capital, Zhejiang Jolly Pharmaceutical (300181 CH), KTB Network, Tasly Pharmaceutical Group (600535 CH), Loyal Valley Capital, Shiyu Investment Management and Lilly Asia Ventures.CARsgen has launched an HKEx IPO to raise net proceeds of HK$2,795 million ($360 million) at the mid-point of the IPO price range of HK$29.60-32.80 per share.Nine cornerstone investors have agreed to invest about $230 million in the IPO (60.38% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are LAV Group, New China Capital Management, CloudAlpha Capital Management, Orient Asset Management, WT Asset Management, GF Fund, Dymon Asia, IvyRock and China Southern Asset Management. 
In CARsgen Therapeutics IPO Initiation: Choosing Therapies À La CAR-T, we stated that the promising prospects for the lead product, a credible management team and a good shareholder register make the IPO worth a closer look. 
Our SoTP value is HK$31.74 per share which is a 2% upside to the mid-point of the IPO price range. Due to the limited upside to our SoTP valuation, we think that the IPO price range is full. Overall, while we like CARsgen's fundamentals, due to the full IPO price range, lack of blue-chip cornerstone support and the current weak market sentiment on IPOs, we are inclined to wait on the sidelines for a more attractive entry point. 


CARsgen Therapeutics IPO: Valuation Insights

<p><a href="https://www.smartkarma.com/entities/carsgen-therapeutics-ltd" target="_blank" data-smartkarma-citation="entities:32213:1" rel="noopener">CARSgen Therapeutics (1186504D CH)</a> is a biopharma focused on innovative CAR-T cell therapies for the treatment of haematological malignancies and solid tumours. CARsgen opines that is a key player in the field of CAR-T cell therapies. CARsgen is pre-marketing an HKEx IPO to raise proceeds of $400-500 million, according to press reports. </p><p>Five CAR-T products, <em>Kymriah, Yescarta, Tecartus, Breyanzi</em> and <em>Abecma</em>, have been approved by the FDA for marketing in the US. However, there is no CAR-T cell therapy approved by the NMPA for marketing in China. The total revenue of <em>Kymriah, Yescarta</em> and <em>Tecartus</em> in 2020 was $1.1 billion (source: Frost &amp; Sullivan) which highlights the market opportunity. </p><div class="content-highlight"><p>CARsgen has developed a pipeline of 11 product candidates, including six at the clinical stage. CARsgen owns the global rights to its product candidates and technologies, all of which are developed in-house. The sole core product candidate is CT053. Overall, we believe that the promising prospects for the lead product, a credible management team and a good shareholder register make the IPO worth a closer look. </p></div>

CARSgen Therapeutics (1186504D CH) is a biopharma focused on innovative CAR-T cell therapies for the treatment of haematological malignancies and solid tumours. CARsgen opines that is a key player in the field of CAR-T cell therapies. CARsgen is pre-marketing an HKEx IPO to raise proceeds of $400-500 million, according to press reports. Five CAR-T products, Kymriah, Yescarta, Tecartus, Breyanzi and Abecma, have been approved by the FDA for marketing in the US. However, there is no CAR-T cell therapy approved by the NMPA for marketing in China. The total revenue of Kymriah, Yescarta and Tecartus in 2020 was $1.1 billion (source: Frost &amp; Sullivan) which highlights the market opportunity. CARsgen has developed a pipeline of 11 product candidates, including six at the clinical stage. CARsgen owns the global rights to its product candidates and technologies, all of which are developed in-house. The sole core product candidate is CT053. Overall, we believe that the promising prospects for the lead product, a credible management team and a good shareholder register make the IPO worth a closer look. 

CARsgen Therapeutics IPO Initiation: Choosing Therapies À La CAR-T

United States

Bluebird Bio, Inc. provides biotechnological products and services. The Company offers gene therapies for severe genetic disorders such as childhood cerebral adrenoleukodystrophy, neurodegenerative disorders, and beta-thalassemia. Bluebird Bio conducts its business in the United States.

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Bluebird Bio (BLUE US)

CRISPR Therapeutics AG (CRSP US): First Genome Editing Based Drug Candidate Seeking FDA Approval

CRISPR completed regulatory submissions for exa-cel (world’s first CRISPR gene editing drug) in US and awaits FDA action date. Exa-cel has the...

Tina Banerjee

CSL Ltd (CSL AU): Looking into New Engines for Sustainable and Profitable Growth

New management, upcoming product launch in US, diversification into kidney disease, plasma collection recovery, and rich pipeline indicate an...

Tina Banerjee

Helixmith (084990 KS): Overhang on Phase 3 Clinical Trial Uncertainty Got Removed

Helixmith has received much awaited IDMC recommendations for phase 3 clinical trial for its lead candidate Engensis in diabetic neuropathy in US,...

Tina Banerjee

CARsgen Therapeutics IPO: Valuation Insights

Due to the full IPO price range, lack of blue-chip cornerstone support and the current weak market sentiment on IPOs, we are inclined to wait on...

Arun George

CARsgen Therapeutics IPO Initiation: Choosing Therapies À La CAR-T

CARsgen is pre-marketing an HKEx IPO to raise proceeds of $400-500m. The promising prospects for the lead product, credible management and a good...

Arun George

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