Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<p>BeiGene has outlicensed ex-China rights to its PD-1 tislelizumab to Novartis on favorable terms, validating the competitive position of this compound in a crowded market. Further, the agreement marks a growing trend of Chinese companies outlicensing products to multinationals, which can have a leveraged benefit on their P&amp;Ls and valuations.</p>

BeiGene has outlicensed ex-China rights to its PD-1 tislelizumab to Novartis on favorable terms, validating the competitive position of this compound in a crowded market. Further, the agreement marks a growing trend of Chinese companies outlicensing products to multinationals, which can have a leveraged benefit on their P&amp;Ls and valuations.

BeiGene: Novartis Grabs Tislelizumab Rights

Equity Capital Markets

HBM Holdings Limited / Equity Capital Markets

<p>Pre-revenue biotechnology company Harbour Biomed looks to raise US$230 million in an IPO on the HKEX. Because of the short timetable for the offering, the analysis in this Insight will be shorter than normal. We think that the proposed pre-money valuation of US$950 -1,043MM is fair, and the company has rich newsflow and numerous catalysts ahead in 2021/22. We would take the deal.</p>

Pre-revenue biotechnology company Harbour Biomed looks to raise US$230 million in an IPO on the HKEX. Because of the short timetable for the offering, the analysis in this Insight will be shorter than normal. We think that the proposed pre-money valuation of US$950 -1,043MM is fair, and the company has rich newsflow and numerous catalysts ahead in 2021/22. We would take the deal.

Harbour Biomed IPO: Positive Thoughts in Brief

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<p style="text-align: justify;">On November 22<sup>nd</sup> 2020 , <a href="https://www.smartkarma.com/entities/harbour-biomed-holdings-limited" target="_blank" data-smartkarma-citation="entities:29717:1" rel="noopener">Harbour Biomed (2142 HK)</a> got approved to list on the main board of the Hong Kong Stock Exchange. Harbour is a biopharmaceutical company engaged in the R&amp;D of differential antibody therapies for immune and tumor diseases, and has more than 10 potential differentiated drug candidates in a diversified and balanced pipeline. So what is Harbour's core competence that set it apart from other biopharmaceutical companies?</p>

On November 22nd 2020 , Harbour Biomed (2142 HK) got approved to list on the main board of the Hong Kong Stock Exchange. Harbour is a biopharmaceutical company engaged in the R&amp;D of differential antibody therapies for immune and tumor diseases, and has more than 10 potential differentiated drug candidates in a diversified and balanced pipeline. So what is Harbour's core competence that set it apart from other biopharmaceutical companies?

Pre-IPO Harbour Biomed (2142.HK) - Don't Ignore The "Hidden Value"

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<p>Antengene Corporation, which has filed for an HKEX listing, is a pre-revenue pharmaceutical company focused a combinatory (drug combinations) to treat cancer. The company's pipeline primarily features late-stage, in-licensed products (one approved in the US) supplemented by several internally-developed, pre-clinical compounds. The management team comes from <a href="https://www.smartkarma.com/entities/celgene-corp" target="_blank" data-smartkarma-citation="entities:7410:1" rel="noopener">Celgene Corp (CELG US)</a> and other MNCs and has experience developing oncology products. The venture investors are credible; and the patent estate has a long life.</p>
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<p>This Insight provides an overview of the business, including some initial thoughts on valuation (US$1-1.5 billion), and a list of questions for management. We will provide an update in a future Insight.</p>
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Antengene Corporation, which has filed for an HKEX listing, is a pre-revenue pharmaceutical company focused a combinatory (drug combinations) to treat cancer. The company's pipeline primarily features late-stage, in-licensed products (one approved in the US) supplemented by several internally-developed, pre-clinical compounds. The management team comes from Celgene Corp (CELG US) and other MNCs and has experience developing oncology products. The venture investors are credible; and the patent estate has a long life.


This Insight provides an overview of the business, including some initial thoughts on valuation (US$1-1.5 billion), and a list of questions for management. We will provide an update in a future Insight.


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.

<p><a href="https://www.smartkarma.com/entities/antengene-corporation-limited" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (ANGENE HK)</a> is a biopharmaceutical company with a focus on discovering, developing and commercialising global first-in-class, only-in-class and/or best-in-class therapies. Antengene is seeking to raise $300 million through a Hong Kong IPO. Antengene is backed by several blue-chip investors including Celgene, <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>, <a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-h" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a>, Fidelity, Blackrock, GIC, Hillhouse, Boyu Capital, FountainVest Partners and Qiming Venture Partners. The Series C round in July 2020 raised $97 million at a post-money valuation of $726 million. </p><div class="content-highlight"><p>Antegene was founded by Jay Mei who has involved in clinical development of multiple blockbuster drugs, including <em>REVLIMID</em>, a global best-selling oncology therapy. Leveraging the management team’s expertise, Antegene focuses on the haematology and oncology therapeutic areas. Overall, we believe that Antegene’s clinical assets are attractive. </p></div>

Antengene (ANGENE HK) is a biopharmaceutical company with a focus on discovering, developing and commercialising global first-in-class, only-in-class and/or best-in-class therapies. Antengene is seeking to raise $300 million through a Hong Kong IPO. Antengene is backed by several blue-chip investors including Celgene, WuXi AppTec Co. Ltd. (2359 HK), Hangzhou Tigermed Consulting (H) (3347 HK), Fidelity, Blackrock, GIC, Hillhouse, Boyu Capital, FountainVest Partners and Qiming Venture Partners. The Series C round in July 2020 raised $97 million at a post-money valuation of $726 million. Antegene was founded by Jay Mei who has involved in clinical development of multiple blockbuster drugs, including REVLIMID, a global best-selling oncology therapy. Leveraging the management team’s expertise, Antegene focuses on the haematology and oncology therapeutic areas. Overall, we believe that Antegene’s clinical assets are attractive. 

Antengene IPO Initiation: Hunting for a Cure

United States

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol Myers Squibb focuses on products and experimental therapies address cancer, heart disease, HIV and AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders.

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Bristol-Myers Squibb (BMY UN)

BeiGene: Novartis Grabs Tislelizumab Rights

BeiGene's deal with Novartis for PD-1 tislelizumab validates its competitive position, and marks a rising trend of Chinese companies licensing...

Kemp Dolliver, CFA

Harbour Biomed IPO: Positive Thoughts in Brief

This Insight includes a brief analysis of Harbour Biomed and its proposed listing on the HKEX. We like the deal at the price range offered.

Kemp Dolliver, CFA

Pre-IPO Harbour Biomed (2142.HK) - Don't Ignore The "Hidden Value"

This article analyzed Harbour's core products, team, technology platforms, thoughts on valuation and the "hidden" value that is often easy to be...

Xinyao (Criss) Wang

Antengene: Gunning To Move Up in Line

This Insight provides an in-depth review of pre-revenue biotechnology Antegene that plans to list on the HKEX. We discuss the pipeline, market...

Kemp Dolliver, CFA

Antengene IPO Initiation: Hunting for a Cure

Leveraging the management team’s expertise, Antegene focuses on the haematology and oncology therapeutic areas. Overall, we believe that Antegene’s...

Arun George

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