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

Sirius Therapeutics / Equity Capital Markets

<ul>
<li>Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.</li>
<li>In our previous note, we look at the company’s core products, SRSD107, and the key product SRSD216, as well as the company’s pre-IPO investors and management team.</li>
<li>In this note, we look at updates in its latest prospectus and review the competitive landscape of its core products.</li>
</ul>


Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.
In our previous note, we look at the company’s core products, SRSD107, and the key product SRSD216, as well as the company’s pre-IPO investors and management team.
In this note, we look at updates in its latest prospectus and review the competitive landscape of its core products.


Sirius (靖因生物) Pre-IPO: Pipeline Prioritization and Competitor Updates

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Both SRSD107 and SRSD216 have the potential to become a blockbuster. However, the major risks lie in R&amp;D failure as well as uncertainties in future commercialization performance as analyzed.</li>
<li>Given that the pipeline is in R&amp;D stage, Sirius’ valuation should not be aggressively calculated based on peak sales, but on clinical data and in-depth advancement of cooperation with CRISPR.</li>
<li>Since Sirius has no commercialized products, and the potential and breadth of PEPR platform have not yet been verified through large-scale clinical trials/commercial sales, valuation could be similar to Sirnaomics.</li>
</ul>


Both SRSD107 and SRSD216 have the potential to become a blockbuster. However, the major risks lie in R&amp;D failure as well as uncertainties in future commercialization performance as analyzed.
Given that the pipeline is in R&amp;D stage, Sirius’ valuation should not be aggressively calculated based on peak sales, but on clinical data and in-depth advancement of cooperation with CRISPR.
Since Sirius has no commercialized products, and the potential and breadth of PEPR platform have not yet been verified through large-scale clinical trials/commercial sales, valuation could be similar to Sirnaomics.


Pre-IPO Sirius Therapeutics - The Pipeline and the Concerns Behind

<ul>
<li>Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.</li>
<li>In this note, we look at the company’s core products, SRSD107, and the key product SRSD216.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.
In this note, we look at the company’s core products, SRSD107, and the key product SRSD216.
We also look at the company’s pre-IPO investors and management team.


Sirius (靖因) Pre-IPO: Credible SiRNA Products

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

CRISPR Therapeutics AG / Equity Bottom-Up

<ul>
<li>
<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>
</ul>



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

Vertex Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vertex-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:4864:1" rel="noopener">Vertex Pharmaceuticals (VRTX US)</a>, the global leader in cystic fibrosis treatment, has a broad and deep clinical pipeline across multiple modalities. Each of its clinical programs represents a multibillion-dollar opportunity.  </li>
<li>MRNA drug candidate for treating the remaining 5,000 CF patients who cannot benefit from existing therapies, is set to enter clinic. Drug candidate for acute pain is in late-stage trial.</li>
<li>Regulatory submission for exa-cel for sickle cell disease and transfusion-dependent beta thalassemia in U.S., EU and UK are expected to be completed by 1Q23.</li>
</ul>



Vertex Pharmaceuticals (VRTX US), the global leader in cystic fibrosis treatment, has a broad and deep clinical pipeline across multiple modalities. Each of its clinical programs represents a multibillion-dollar opportunity.  
MRNA drug candidate for treating the remaining 5,000 CF patients who cannot benefit from existing therapies, is set to enter clinic. Drug candidate for acute pain is in late-stage trial.
Regulatory submission for exa-cel for sickle cell disease and transfusion-dependent beta thalassemia in U.S., EU and UK are expected to be completed by 1Q23.


Vertex Pharmaceuticals (VRTX US): A High-Quality Deep Pocket Biotech Must-Have for Every Investor

United States

CRISPR Therapeutics AG is a bio-technology company. The Company researches, develops, and manufactures biological transformative gene-based medicines and other related products. CRISPR Therapeutics operates in Switzerland.

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CRISPR Therapeutics AG (CRSP US)

Sirius (靖因生物) Pre-IPO: Pipeline Prioritization and Competitor Updates

Sirius update note: SRSD107 broadened to seven FXI indications, SRSD216 Phase 3 pulled into H2 '27. Competitive field tightens across FXI, Lp(a)...

Ke Yan, CFA, FRM

Pre-IPO Sirius Therapeutics - The Pipeline and the Concerns Behind

SRSD107 and SRSD216 have blockbuster potential,but will face R&D failure risk and uncertainties in commercialization.Sirius' lack of commercialized...

Xinyao (Criss) Wang

Sirius (靖因) Pre-IPO: Credible SiRNA Products

China's Sirius Therapeutics plans to raise $100 million through a Hong Kong listing. The insight discusses their core products, pre-IPO investors,...

Ke Yan, CFA, FRM