Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Duality Biotherapeutics / Equity Capital Markets

<ul>
<li>Duality Biotherapeutics raised HKD 1,512m (USD 194m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, April 14th.</li>
<li>In our previous note, we looked at the company's business lines of ADC products and analyzed its valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Duality Biotherapeutics raised HKD 1,512m (USD 194m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, April 14th.
In our previous note, we looked at the company's business lines of ADC products and analyzed its valuation.
In this note, we provide an update for the IPO before trading debut.


Duality Biotherapeutics (映恩生物) Trading Update

<ul>
<li>Duality, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$200m via a Hong Kong listing.</li>
<li>We look at the deal dynamics and latest developments in the biotech sector.</li>
<li>The deal initially presented upside for investors but there’s a portion of its valuation now at risk due to the latest development.</li>
</ul>


Duality, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$200m via a Hong Kong listing.
We look at the deal dynamics and latest developments in the biotech sector.
The deal initially presented upside for investors but there’s a portion of its valuation now at risk due to the latest development.


Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk

<ul>
<li>Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.</li>
<li>We look at the company's valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.</li>
<li>We highlight key differences between our valuation and the broker valuation guidance.</li>
</ul>


Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
We look at the company's valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.
We highlight key differences between our valuation and the broker valuation guidance.


Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

<ul>
<li>Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.</li>
<li>We looked at the latest prospectus and noted it toned down the language and strengthened its team.</li>
<li>We also compare the clinical readings of its core products with benchmark products.</li>
</ul>


Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
We looked at the latest prospectus and noted it toned down the language and strengthened its team.
We also compare the clinical readings of its core products with benchmark products.


Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Since DB-1303 has no advantage in clinical data in front of competing products, the commercialization outlook is gloomy. The priority for DB-1311 is to verify the druggability of this target.</li>
<li>Considering that the current capital market has become more and more rational toward innovative drug/biotech companies, the absence of commercialized products of Duality will obviously affect valuation expectations.</li>
<li>The post-money valuation after Series B+ financing is about US$270 million (or about RMB2 billion), which is not expensive, and there is a chance to obtain valuation premium after IPO. </li>
</ul>


Since DB-1303 has no advantage in clinical data in front of competing products, the commercialization outlook is gloomy. The priority for DB-1311 is to verify the druggability of this target.
Considering that the current capital market has become more and more rational toward innovative drug/biotech companies, the absence of commercialized products of Duality will obviously affect valuation expectations.
The post-money valuation after Series B+ financing is about US$270 million (or about RMB2 billion), which is not expensive, and there is a chance to obtain valuation premium after IPO. 


Pre-IPO Duality Biotherapeutics (PHIP Updates) - Some Points Worth the Attention

Hong Kong

Duality Biotherapeutics, Inc. develops antibody drug conjugate products. The Company produces duality immune toxin antibody conjugates, duality innovative bispecific antibody conjugates, modulating antibody conjugates, duality unique payload antibody conjugates, and others. Duality Biotherapeutics markets its products throughout Japan.

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Duality Biotherapeutics (9606 HK)

Duality Biotherapeutics (映恩生物) Trading Update

Duality Biotherapeutics raises $194m in global offering will list on Hong Kong Stock Exchange on April 14th. We provide an update before its...

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk

We analyzed the dynamics of Duality Biotherapeutics' USD 200m Hong-Kong listing, and highlight how recent events put out valuation upside at risk.

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

China's Duality Biotherapeutics aims to raise $250m in Hong Kong IPO. We provide our valuation on its core products DB-1303, DB-1311, and DB-1305...

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products

China's Duality Biotherapeutics aims to raise $250m through a Hong Kong listing, with a revised prospectus. In this insight, we took a closer look...

Ke Yan, CFA, FRM

Pre-IPO Duality Biotherapeutics (PHIP Updates) - Some Points Worth the Attention

DB-1303 face challenges in commercialization.The priority for DB-1311 is to verify the druggability. Duality’s pre-IPO valuation isn't...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Duality Biotherapeutics (映恩生物) Trading Update

​Duality Biotherapeutics raises $194m in global offering will list on Hong Kong Stock Exchange on April 14th. We provide an update before its...

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk

We analyzed the dynamics of Duality Biotherapeutics' USD 200m Hong-Kong listing, and highlight how recent events put out valuation upside at risk.

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

​China's Duality Biotherapeutics aims to raise $250m in Hong Kong IPO. We provide our valuation on its core products DB-1303, DB-1311, and DB-1305...

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products

​China's Duality Biotherapeutics aims to raise $250m through a Hong Kong listing, with a revised prospectus. In this insight, we took a closer look...

Ke Yan, CFA, FRM

Pre-IPO Duality Biotherapeutics (PHIP Updates) - Some Points Worth the Attention

​DB-1303 face challenges in commercialization.The priority for DB-1311 is to verify the druggability. Duality’s pre-IPO valuation isn't...

Xinyao (Criss) Wang

Duality Biotherapeutics raises $194m in global offering will list on Hong Kong Stock Exchange on April 14th. We provide an update before its...

China's Duality Biotherapeutics aims to raise $250m in Hong Kong IPO. We provide our valuation on its core products DB-1303, DB-1311, and DB-1305...

China's Duality Biotherapeutics aims to raise $250m through a Hong Kong listing, with a revised prospectus. In this insight, we took a closer look...

DB-1303 face challenges in commercialization.The priority for DB-1311 is to verify the druggability. Duality’s pre-IPO valuation isn't...