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

<ul>
<li>BlissBio, a China biotech company with a focus on next-generation ADC, is seeking to raise at least USD100m via a Hong Kong listing. Sponsors are GS, Huatai, CCBI.</li>
<li>In this note, we look at the company’s core product BB-1701, and briefly other three key products. We think it does have a good selling point.</li>
<li>We also look at the company’s management and pre-IPO investors. We think the deal is worth following.</li>
</ul>


BlissBio, a China biotech company with a focus on next-generation ADC, is seeking to raise at least USD100m via a Hong Kong listing. Sponsors are GS, Huatai, CCBI.
In this note, we look at the company’s core product BB-1701, and briefly other three key products. We think it does have a good selling point.
We also look at the company’s management and pre-IPO investors. We think the deal is worth following.


BlissBio Pre-IPO: Selling Point Still Valid Despite BD Termination

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>CSPC entered research collaboration with AstraZeneca for oral small molecule drug discovery utilizing CSPC’s AI-driven drug discovery platform. Wuxi Biologics kicked off construction of new microbial manufacturing site in China.</li>
<li>Samsung Biologics signed a CDMO contract worth more than KRW100B (~$73M) with an unnamed European pharmaceutical company. Daiichi Sankyo initiates Phase 3 trial of Enhertu in first-line breast cancer.</li>
<li>SanBio has completed filing a partial change application of marketing approval of Akuugo. Cochlear introduces Nucleus Nexa system, the world’s first and only smart cochlear implant system.</li>
</ul>


CSPC entered research collaboration with AstraZeneca for oral small molecule drug discovery utilizing CSPC’s AI-driven drug discovery platform. Wuxi Biologics kicked off construction of new microbial manufacturing site in China.
Samsung Biologics signed a CDMO contract worth more than KRW100B (~$73M) with an unnamed European pharmaceutical company. Daiichi Sankyo initiates Phase 3 trial of Enhertu in first-line breast cancer.
SanBio has completed filing a partial change application of marketing approval of Akuugo. Cochlear introduces Nucleus Nexa system, the world’s first and only smart cochlear implant system.


APAC Healthcare Weekly (June 15)- CSPC, Wuxi Bio, Samsung Bio, Daiichi Sankyo, SanBio, Cochlear

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> reported 12% YoY growth in revenue in 1Q25, as pharmaceuticals sales grew backed by a 35% YoY growth in Rexulti revenue to ¥75.7B.</li>
<li>The company reiterated 2025 guidance. Higher costs to dent margins with subdued sales of Lonsurf, Jynarque.</li>
<li>Indication expansion of Rexulti and Araris acquisition augur well for the company from a mid to long term perspective.</li>
</ul>



Otsuka Holdings (4578 JP) reported 12% YoY growth in revenue in 1Q25, as pharmaceuticals sales grew backed by a 35% YoY growth in Rexulti revenue to ¥75.7B.
The company reiterated 2025 guidance. Higher costs to dent margins with subdued sales of Lonsurf, Jynarque.
Indication expansion of Rexulti and Araris acquisition augur well for the company from a mid to long term perspective.


Otsuka Holdings (4578 JP): Rexulti Drives 1Q25 Result; Label Expansion And Acquisition Augur Well

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li><strong>For May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn. </strong></li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn. 
The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

<ul>
<li>Eisai received approval for its insomnia drug, Dayvigo in China. Daiichi Sankyo and Merck have voluntarily withdrawn BLA seeking accelerated approval in the U.S. for patritumab deruxtecan for NSCLC.</li>
<li>Samsung Biologics secured two CMO contract worth KRW441B from unnamed pharmaceutical companies in Asia and Europe. SK Bioscience has completed a major expansion of its vaccine production facility in Andong.</li>
<li>CSPC Pharmaceutical is in negotiations regarding three potential outlicensing deals. Jiangsu Hengrui Pharmaceuticals received approvals for three drugs in China. Hansoh’s third BLA for Xinyue has been accepted by NMPA.</li>
</ul>


Eisai received approval for its insomnia drug, Dayvigo in China. Daiichi Sankyo and Merck have voluntarily withdrawn BLA seeking accelerated approval in the U.S. for patritumab deruxtecan for NSCLC.
Samsung Biologics secured two CMO contract worth KRW441B from unnamed pharmaceutical companies in Asia and Europe. SK Bioscience has completed a major expansion of its vaccine production facility in Andong.
CSPC Pharmaceutical is in negotiations regarding three potential outlicensing deals. Jiangsu Hengrui Pharmaceuticals received approvals for three drugs in China. Hansoh’s third BLA for Xinyue has been accepted by NMPA.


APAC Healthcare Weekly (June 1)- Eisai, Daiichi, Samsung Bio, SK Bioscience, CSPC, Hengrui Pharma

Japan

Eisai Co., Ltd. produces prescription drugs and medical equipment and sells mainly to sales agents and subsidiaries.  Through its subsidiary, Sanko Junyaku, the Company produces and sells diagnostic drugs.  Eisai also markets its products through related companies in the US, Europe, and Asia.  The Company also manufactures and sells foods, livestock feeds, chemical, and agrochemicals.

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Eisai Co Ltd (4523 JP)

BlissBio Pre-IPO: Selling Point Still Valid Despite BD Termination

China biotech company BlissBio seeks to raise at least USD100m through a Hong Kong listing, with a focus on next-generation ADC. Core product BB...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (June 15)- CSPC, Wuxi Bio, Samsung Bio, Daiichi Sankyo, SanBio, Cochlear

CSPC entered research collaboration with AstraZeneca. Wuxi Bio is constructing new plant in China. Samsung Bio signed new CDMO contract. Daiichi...

Tina Banerjee

Otsuka Holdings (4578 JP): Rexulti Drives 1Q25 Result; Label Expansion And Acquisition Augur Well

Otsuka presented results from an interim analysis of Phase 3 study evaluating sibeprenlimab, for immunoglobulin A nephropathy (IgAN). The study,...

Tina Banerjee

(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

For the month of May, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$27bn. The average premium for the new deals...

David Blennerhassett

APAC Healthcare Weekly (June 1)- Eisai, Daiichi, Samsung Bio, SK Bioscience, CSPC, Hengrui Pharma

Eisai's Dayvigo approved in China. Daiichi Sankyo withdrew BLA in US. Samsung Bio secures CMO contracts. SK Bioscience expands vaccine...

Tina Banerjee

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BlissBio Pre-IPO: Selling Point Still Valid Despite BD Termination

​China biotech company BlissBio seeks to raise at least USD100m through a Hong Kong listing, with a focus on next-generation ADC. Core product BB...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (June 15)- CSPC, Wuxi Bio, Samsung Bio, Daiichi Sankyo, SanBio, Cochlear

CSPC entered research collaboration with AstraZeneca. Wuxi Bio is constructing new plant in China. Samsung Bio signed new CDMO contract. Daiichi...

Tina Banerjee

Otsuka Holdings (4578 JP): Rexulti Drives 1Q25 Result; Label Expansion And Acquisition Augur Well

Otsuka presented results from an interim analysis of Phase 3 study evaluating sibeprenlimab, for immunoglobulin A nephropathy (IgAN). The study,...

Tina Banerjee

(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

For the month of May, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$27bn. The average premium for the new deals...

David Blennerhassett

APAC Healthcare Weekly (June 1)- Eisai, Daiichi, Samsung Bio, SK Bioscience, CSPC, Hengrui Pharma

​Eisai's Dayvigo approved in China. Daiichi Sankyo withdrew BLA in US. Samsung Bio secures CMO contracts. SK Bioscience expands vaccine...

Tina Banerjee

China biotech company BlissBio seeks to raise at least USD100m through a Hong Kong listing, with a focus on next-generation ADC. Core product BB...

Eisai's Dayvigo approved in China. Daiichi Sankyo withdrew BLA in US. Samsung Bio secures CMO contracts. SK Bioscience expands vaccine...