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.

Equity Capital Markets

Brii Biosciences / Equity Capital Markets

Brii Biosciences is a leading biotech company with focus on infectious disease. The company is looking to raise up to USD 400 million via a Hong Kong listing. In our previous note, we discussed that Brii Biosciences is an interesting company with the potential to provide breakthrough therapy for HBV in China which will have a huge demand if the efficacy can be demonstrated, though the path of clinical trial is a bit complicated and lengthy. There is no effective therapeutic option for HBV at the moment and China's HBV patients account for one third of the HBV population in the world.  The company uses the siRNA technology that silences the protein synthesis for the HBV and hence reduces the antigents and presence of the virus in human bodies. RNA-related technology was studied for more than 20 year and only gained attraction in terms of regulatory approval in recent years. With the early reading from the company and its licensing partners, we think drug candidates BRII-179 and BRII-835 are promising. The company also has a strong management team and investor backing.In this note, we provide our thoughts on the company's valuation.

Brii Biosciences is a leading biotech company with focus on infectious disease. The company is looking to raise up to USD 400 million via a Hong Kong listing. In our previous note, we discussed that Brii Biosciences is an interesting company with the potential to provide breakthrough therapy for HBV in China which will have a huge demand if the efficacy can be demonstrated, though the path of clinical trial is a bit complicated and lengthy. There is no effective therapeutic option for HBV at the moment and China's HBV patients account for one third of the HBV population in the world.  The company uses the siRNA technology that silences the protein synthesis for the HBV and hence reduces the antigents and presence of the virus in human bodies. RNA-related technology was studied for more than 20 year and only gained attraction in terms of regulatory approval in recent years. With the early reading from the company and its licensing partners, we think drug candidates BRII-179 and BRII-835 are promising. The company also has a strong management team and investor backing.In this note, we provide our thoughts on the company's valuation.

Brii Biosciences (腾盛博药) Pre-IPO: Thoughts on Valuation

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

On April 8, 2021, <a href="https://www.smartkarma.com/entities/brii-biosciences" target="_blank" data-smartkarma-citation="entities:33014:1" rel="noopener">Brii Biosciences (1621985D US) </a>submitted its listing application to the main board of the Hong Kong Stock Exchange. Since June 2018, the Company has raised several rounds of funding with approximately US$414 million in total. In March of this year, Brii completed a US$155 million Series C financing with a post-financing valuation of US$1.455 billion. The founding investors include Boyu, 6 Dimensions, ARCH, Sequoia China, Yunfeng and BluePool, which are all well-known healthcare and biotech funds. Compared with the financing of tumor immunity and cell therapy projects, it is less common for large-scale financing in the field of anti-infection. So what makes the Company so special that it attracts so many star investors? This insight mainly analyzed the key product candidates and related concerns.

On April 8, 2021, Brii Biosciences (1621985D US) submitted its listing application to the main board of the Hong Kong Stock Exchange. Since June 2018, the Company has raised several rounds of funding with approximately US$414 million in total. In March of this year, Brii completed a US$155 million Series C financing with a post-financing valuation of US$1.455 billion. The founding investors include Boyu, 6 Dimensions, ARCH, Sequoia China, Yunfeng and BluePool, which are all well-known healthcare and biotech funds. Compared with the financing of tumor immunity and cell therapy projects, it is less common for large-scale financing in the field of anti-infection. So what makes the Company so special that it attracts so many star investors? This insight mainly analyzed the key product candidates and related concerns.

Pre-IPO Brii Biosciences - Insights on Pipeline and Related Concerns

Brii Biosciences is a leading biotech company with focus on infectious disease. The company is looking to raise up to USD 400 million via a Hong Kong listing. We think Brii Biosciences is an interesting company with a potential to provide breakthrough therapy for HBV in China which will have a huge demand if the efficacy can be demonstrated, though the path of clinical trial is a bit complicated and lengthy. There is no effective therapeutic option for HBV at the moment and China's HBV patients accounted for one third of the HBV population in the world.  The company uses the siRNA technology that silences the protein synthesis for the HBV and hence reduces the antigents and presence of the virus in human bodies. RNA related technology was studied for more than 20 year and only gained attraction in terms of regulatory approval in recent years. With the early reading from the company and its licensing partners, we think the drug candidate BRII-179 and BRII-835 are promising. The company also has a strong management team and investor backing.

Brii Biosciences is a leading biotech company with focus on infectious disease. The company is looking to raise up to USD 400 million via a Hong Kong listing. We think Brii Biosciences is an interesting company with a potential to provide breakthrough therapy for HBV in China which will have a huge demand if the efficacy can be demonstrated, though the path of clinical trial is a bit complicated and lengthy. There is no effective therapeutic option for HBV at the moment and China's HBV patients accounted for one third of the HBV population in the world.  The company uses the siRNA technology that silences the protein synthesis for the HBV and hence reduces the antigents and presence of the virus in human bodies. RNA related technology was studied for more than 20 year and only gained attraction in terms of regulatory approval in recent years. With the early reading from the company and its licensing partners, we think the drug candidate BRII-179 and BRII-835 are promising. The company also has a strong management team and investor backing.

Brii Biosciences (腾盛博药) Pre-IPO: A Hopeful Tackle on HBV

China

Brii Biosciences is a biotechnology company focused on developing therapies for infectious and central nervous system diseases. The company has a broad pipeline of therapeutic candidates, with lead programs targeting hepatitis B virus (HBV) infection, and also develops treatments for multi-drug resistant bacterial infections. Brii Biosciences is headquartered in Beijing, China, and was founded in 2017.

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Brii Biosciences (2137 HK)

Brii Biosciences (腾盛博药) Pre-IPO: Thoughts on Valuation

We provide our thoughts on the pre-money valuation for Brii Biosciences. We valued the BRII-179/BRII-835 for HBV and BRII-778/BRII-732 for HIV...

Ke Yan, CFA, FRM

Brii Biosciences (腾盛博药) Pre-IPO: A Hopeful Tackle on HBV

The company uses the siRNA technology that silences the protein synthesis for the HBV. RNA was studied for more than 20 year and only gained...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Brii Biosciences (腾盛博药) Pre-IPO: Thoughts on Valuation

We provide our thoughts on the pre-money valuation for Brii Biosciences. We valued the BRII-179/BRII-835 for HBV and BRII-778/BRII-732 for HIV...

Ke Yan, CFA, FRM

Pre-IPO Brii Biosciences - Insights on Pipeline and Related Concerns

This insight mainly analyzed the core product candidates of Brii Biosciences in the pipeline (HBV, COVID-19 products and others), the competitive...

Xinyao (Criss) Wang

Brii Biosciences (腾盛博药) Pre-IPO: A Hopeful Tackle on HBV

The company uses the siRNA technology that silences the protein synthesis for the HBV. RNA was studied for more than 20 year and only gained...

Ke Yan, CFA, FRM