HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Beijing Mabworks Biotech / Equity Capital Markets

On July 18, 2021, <a href="https://www.smartkarma.com/entities/beijing-mabworks-biotech-company-limited" target="_blank" data-smartkarma-citation="entities:33816:1" rel="noopener">Beijing Mabworks Biotech (MWB HK) </a>formally submitted its application to the HKEX for listing on the main board. It should be noted that Mabworks's application for listing on the SSE STAR Market was accepted in September last year, but the Company voluntarily withdrew its application in March this year. Mabworks is a clinical-stage biopharmaceutical company in China focusing on the discovery and development of differentiated antibody drugs. This insight mainly analyzed the clinical-stage drug candidates and related concerns of the Company.

On July 18, 2021, Beijing Mabworks Biotech (MWB HK) formally submitted its application to the HKEX for listing on the main board. It should be noted that Mabworks's application for listing on the SSE STAR Market was accepted in September last year, but the Company voluntarily withdrew its application in March this year. Mabworks is a clinical-stage biopharmaceutical company in China focusing on the discovery and development of differentiated antibody drugs. This insight mainly analyzed the clinical-stage drug candidates and related concerns of the Company.

Pre-IPO Beijing Mabworks Biotech - MIL62 Alone Cannot Save the Situation

Recently, <a href="https://www.smartkarma.com/entities/transcenta-holding-limited" target="_blank" data-smartkarma-citation="entities:33523:1" rel="noopener">Transcenta Holding (THL HK)</a> has passed the listing hearing of the HKEX and is expected to be listed on the main board in the near future. Transcenta is a clinical stage global biopharmaceutical company that integrates the capacities of discovery, research, development, manufacturing and business development, with nine product candidates in the pipeline, eight of which are oncology drug candidates. This insight mainly analyzed the important product candidates (such as MSB2311, TST001, TST005 and MSB0254) in the pipeline and related concerns.

Recently, Transcenta Holding (THL HK) has passed the listing hearing of the HKEX and is expected to be listed on the main board in the near future. Transcenta is a clinical stage global biopharmaceutical company that integrates the capacities of discovery, research, development, manufacturing and business development, with nine product candidates in the pipeline, eight of which are oncology drug candidates. This insight mainly analyzed the important product candidates (such as MSB2311, TST001, TST005 and MSB0254) in the pipeline and related concerns. 

Pre-IPO Transcenta Holding - Insights on Pipeline and the Concerns

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.

CARsgen Therapeutics / Equity Capital Markets

CARsgen raised HKD 2,940 million (USD 379m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, June 17th.
In our previous note, we discussed that the company has many selling points, including the potentially best-in-class BCMA target for the indication of r/r MM, and its advancement in two targets for the CAR-T therapy, namely CLDN18.2 and GPC3. It has its own technologies that improved the safety for CAR-T technology and also demonstrated preliminary efficacy in the solid tumor which was challenging for the CAR-T therapy. Having looked at numbers from its clinical trials for CT053, we are of the view that this is a promising therapy for r/r MM but the market will be mostly in the US where the company has started clinical trial. As the company is leading in the CLDN18.2 and GPC3, there might be upside if the target is proven to work for CAR-T therapy. The company has a strong management team with academic experiences. Its pre-IPO investors are strong but are mainly domestic institutions.
In this note, we look at the updates since our last note. Past deals with similar book coverage didn't do well on the first day in general despite a strong liquidity. Share allocations for institutional investors were concentrated. As such we do not expect a pop on debut but we think it can still trade higher in the days after.

CARsgen raised HKD 2,940 million (USD 379m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, June 17th.
In our previous note, we discussed that the company has many selling points, including the potentially best-in-class BCMA target for the indication of r/r MM, and its advancement in two targets for the CAR-T therapy, namely CLDN18.2 and GPC3. It has its own technologies that improved the safety for CAR-T technology and also demonstrated preliminary efficacy in the solid tumor which was challenging for the CAR-T therapy. Having looked at numbers from its clinical trials for CT053, we are of the view that this is a promising therapy for r/r MM but the market will be mostly in the US where the company has started clinical trial. As the company is leading in the CLDN18.2 and GPC3, there might be upside if the target is proven to work for CAR-T therapy. The company has a strong management team with academic experiences. Its pre-IPO investors are strong but are mainly domestic institutions.
In this note, we look at the updates since our last note. Past deals with similar book coverage didn't do well on the first day in general despite a strong liquidity. Share allocations for institutional investors were concentrated. As such we do not expect a pop on debut but we think it can still trade higher in the days after. 

CARsgen (科济药业) IPO Trading: Not Likely a Pop on Debut

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<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>  has announced the indicative price range for its IPO at HK$29.6-32.8 per share. The company plans to issue approx. 94.7m shares and at the midpoint of the IPO price range of HK$31.2 per share, CARsgen will raise net proceeds of HK$2.8bn (approx. US$363.3m) at a market capitalisation of HK$17.7bn and a post-money EV of HK$13.7bn.In our previous insight on the company’s IPO <a href="https://www.smartkarma.com/insights/carsgen-therapeutics-ipo-catalyzing-cancer-therapies" target="_blank" data-smartkarma-citation="insights:52243" rel="noopener">CARSgen Therapeutics IPO: Catalyzing Cancer Therapies</a> , we discussed CARsgen’s product pipeline and their potential. The company has not yet started generating revenues as it does not have any commercialised product. The company’s core product candidate CT053, BCMA-targeted CAR-T product candidate for the treatment of refractory/relapsed multiple myeloma (R/R MM) shows significant potential and CARsgen plans to submit a NDA to the NMPA in 1H2022.

CARSgen Therapeutics (2171 HK)  has announced the indicative price range for its IPO at HK$29.6-32.8 per share. The company plans to issue approx. 94.7m shares and at the midpoint of the IPO price range of HK$31.2 per share, CARsgen will raise net proceeds of HK$2.8bn (approx. US$363.3m) at a market capitalisation of HK$17.7bn and a post-money EV of HK$13.7bn.In our previous insight on the company’s IPO CARSgen Therapeutics IPO: Catalyzing Cancer Therapies , we discussed CARsgen’s product pipeline and their potential. The company has not yet started generating revenues as it does not have any commercialised product. The company’s core product candidate CT053, BCMA-targeted CAR-T product candidate for the treatment of refractory/relapsed multiple myeloma (R/R MM) shows significant potential and CARsgen plans to submit a NDA to the NMPA in 1H2022.

CARsgen Therapeutics IPO: Limited Upside as Most Drug Candidates Are in Phase I Studies

CARsgen is a China and US-based clinical stage biopharmaceutical company focused on CAR-T therapies. The company has four CAR-T products and one monoclonal antibody in the clinical stage. The company launched book building to raise up to USD 400m via a Hong Kong listing.In our previous note, we discussed that the company has many selling points, including the potentially best-in-class BCMA target for the indication of r/r MM, and its advancement in two targets for the CAR-T therapy, namely CLDN18.2 and GPC3. It has its own technologies that improved the safety for CAR-T technology and also demonstrated preliminary efficacy in the solid tumor which was challenging for the CAR-T therapy. Having looked at numbers from its clinical trials for CT053, we are of the view that this is a promising therapy for r/r MM but the market will be mostly in the US where the company has started clinical trial. As the company is leading in the CLDN18.2 and GPC3, there might be upside if the target is proven to work for CAR-T therapy. The company has a strong management team with academic experiences. Its pre-IPO investors are strong but are mainly domestic institutions. In this note, we provide an update for the book building. We think there will be at least a 24% upside at the high end and the allocation will be thin for investors.

CARsgen is a China and US-based clinical stage biopharmaceutical company focused on CAR-T therapies. The company has four CAR-T products and one monoclonal antibody in the clinical stage. The company launched book building to raise up to USD 400m via a Hong Kong listing.In our previous note, we discussed that the company has many selling points, including the potentially best-in-class BCMA target for the indication of r/r MM, and its advancement in two targets for the CAR-T therapy, namely CLDN18.2 and GPC3. It has its own technologies that improved the safety for CAR-T technology and also demonstrated preliminary efficacy in the solid tumor which was challenging for the CAR-T therapy. Having looked at numbers from its clinical trials for CT053, we are of the view that this is a promising therapy for r/r MM but the market will be mostly in the US where the company has started clinical trial. As the company is leading in the CLDN18.2 and GPC3, there might be upside if the target is proven to work for CAR-T therapy. The company has a strong management team with academic experiences. Its pre-IPO investors are strong but are mainly domestic institutions. In this note, we provide an update for the book building. We think there will be at least a 24% upside at the high end and the allocation will be thin for investors.

CARsgen (科济药业) IPO: Not the Best Deal but Will Be Decent

China

CARsgen Therapeutics is a clinical-stage biopharmaceutical company focused on discovering, researching, and developing innovative CAR T-cell therapies. The company's pipeline includes therapies for hematological malignancies, solid tumors, and autoimmune diseases, such as CT053 for multiple myeloma. It is headquartered in Shanghai, China, and was founded in 2014.

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CARsgen Therapeutics (2171 HK)

Pre-IPO Beijing Mabworks Biotech - MIL62 Alone Cannot Save the Situation

This article mainly analyzed Mabworks Biotech in terms of the important clinical-stage drug candidates (MIL62, MIL93, MBS301, MIL97, MIL95, MIL86,...

Xinyao (Criss) Wang

Pre-IPO Transcenta Holding - Insights on Pipeline and the Concerns

The article mainly analyzed Transcenta Holding in terms of its important product candidates MSB2311, TST001, TST005 and MSB0254,including the...

Xinyao (Criss) Wang

CARsgen (科济药业) IPO Trading: Not Likely a Pop on Debut

We look at the updates of CARsgen since our last note. Past deals with similar book coverage didn't do well on the first day in general despite a...

Ke Yan, CFA, FRM

CARsgen Therapeutics IPO: Limited Upside as Most Drug Candidates Are in Phase I Studies

Our DCF analysis offers limited upside to the company’s indicative IPO price range and our assumptions for the company’s revenue and margin...

Shifara Samsudeen, FCMA, CGMA

CARsgen (科济药业) IPO: Not the Best Deal but Will Be Decent

In this note, we provide an update for the CARsgen's book building. We think there will be at least a 24% upside at the high end and the allocation...

Ke Yan, CFA, FRM

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