HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Anhui’s new VBP included OTC TCM for the first time, which poses a big challenge to the pricing autonomy of CR Sanjiu. This makes Sanjiu's acquisition of Tasly more important/urgent. </li>
<li>Novo Nordisk's performance has raised concerns. The capacity bottleneck for weight-loss drugs seems resolved. Could this signal that the market for weight-loss drugs is reaching its peak?</li>
<li>
<a href="https://www.smartkarma.com/entities/keymed-biosciences-inc" target="_blank" data-smartkarma-citation="entities:33011:1" rel="noopener">Keymed Biosciences (2162 HK)</a>’s CM310 will miss this year’s NRDL negotiations, putting the company at a disadvantage. Considering the competitive landscape, we are concerned about Keymed’s performance.</li>
</ul>


Anhui’s new VBP included OTC TCM for the first time, which poses a big challenge to the pricing autonomy of CR Sanjiu. This makes Sanjiu's acquisition of Tasly more important/urgent. 
Novo Nordisk's performance has raised concerns. The capacity bottleneck for weight-loss drugs seems resolved. Could this signal that the market for weight-loss drugs is reaching its peak?

Keymed Biosciences (2162 HK)’s CM310 will miss this year’s NRDL negotiations, putting the company at a disadvantage. Considering the competitive landscape, we are concerned about Keymed’s performance.


China Healthcare Weekly (Sep.22) - CR Sanjiu's Trouble, Weight-Loss Drug Market Saturation, Keymed

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>BioAge Labs launches roadshow and sets terms for an IPO: a company offers 7.5M shares at the price range of $17.00-$19.00, implying a market cap of ~$580M at the midpoint.</li>
<li>Sofinnova Venture Partners plans to purchase ~$15M worth of BioAge Labs shares in this offering. The shares are expected to begin trading on Nasdaq on September 26, 2024.</li>
<li>I view IPO valuation (post-offering EV ~$280M and runway into 2028) as attractive and expect BioAge Labs shares will outperform during first trading day next week.</li>
</ul>


BioAge Labs launches roadshow and sets terms for an IPO: a company offers 7.5M shares at the price range of $17.00-$19.00, implying a market cap of ~$580M at the midpoint.
Sofinnova Venture Partners plans to purchase ~$15M worth of BioAge Labs shares in this offering. The shares are expected to begin trading on Nasdaq on September 26, 2024.
I view IPO valuation (post-offering EV ~$280M and runway into 2028) as attractive and expect BioAge Labs shares will outperform during first trading day next week.


BioAge Labs Launches IPO Roadshow, Seeks To Raise Up To $150M on the Nasdaq Exchange

<ul>
<li>BioAge Labs, a clinical-stage biopharma company backed by a leading syndicate of biotech investors, filed to go public in the United States.</li>
<li>Anti aging and obesity biopharma startup is purely focused on chronic metabolic diseases and established partner agreements with Amgen and Eli Lilly.</li>
<li>I have a positive view of upcoming BioAge Labs IPO and expect a strong first-day return above the IPO offer price.</li>
</ul>


BioAge Labs, a clinical-stage biopharma company backed by a leading syndicate of biotech investors, filed to go public in the United States.
Anti aging and obesity biopharma startup is purely focused on chronic metabolic diseases and established partner agreements with Amgen and Eli Lilly.
I have a positive view of upcoming BioAge Labs IPO and expect a strong first-day return above the IPO offer price.


BioAge Labs IPO Preview: Investor Focus Has Turned To Azelaprag, A Huge Market Potential

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.</li><li>Last week, BVNRY ramped up its mpox vaccine supply, as the first case in Asia popped up and a possible US case of this year’s global health emergency.</li><li>LLY added diabetes benefit data to its obesity drug armamentarium, matching competitor NVO and pressuring diabetes medtechs DXCM, TNDM, and PODD. </li></ul>

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.Last week, BVNRY ramped up its mpox vaccine supply, as the first case in Asia popped up and a possible US case of this year’s global health emergency.LLY added diabetes benefit data to its obesity drug armamentarium, matching competitor NVO and pressuring diabetes medtechs DXCM, TNDM, and PODD. 

Global Healthcare Analyst

Tina Banerjee

Clarity Pharmaceuticals Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/clarity-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:34095:1" rel="noopener">Clarity Pharmaceuticals Ltd (CU6 AU)</a> received FDA fast track designation for its lead candidate 64Cu-SAR-bisPSMA for PET imaging of prostate cancer lesions. Currently, 64Cu-SAR-bisPSMA is in phase 3 trial.</li>
<li>If approved, 64Cu-SAR-bisPSMA has the potential the best-in-class diagnostic as the product has improved lesion detection capability compared to existing prostate cancer diagnostics.</li>
<li>Clarity’s copper platform, strong prostate pipeline and therapeutic and diagnostic efficacy data represents an attractive opportunity to grow a significant radiopharmaceutical franchise in oncology and other indications.</li>
</ul>



Clarity Pharmaceuticals Ltd (CU6 AU) received FDA fast track designation for its lead candidate 64Cu-SAR-bisPSMA for PET imaging of prostate cancer lesions. Currently, 64Cu-SAR-bisPSMA is in phase 3 trial.
If approved, 64Cu-SAR-bisPSMA has the potential the best-in-class diagnostic as the product has improved lesion detection capability compared to existing prostate cancer diagnostics.
Clarity’s copper platform, strong prostate pipeline and therapeutic and diagnostic efficacy data represents an attractive opportunity to grow a significant radiopharmaceutical franchise in oncology and other indications.


Clarity Pharmaceuticals Ltd (CU6 AU): An Attractive Bet on Red Hot Radiopharmaceutical Field

United States

Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals. The Company products are sold in countries around the world. Eli Lilly products include neuroscience, endocrine, anti-infectives, cardiovascular agents, oncology, and animal health products.

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Eli Lilly & (LLY UN)

China Healthcare Weekly (Sep.22) - CR Sanjiu's Trouble, Weight-Loss Drug Market Saturation, Keymed

Anhui's VBP includes OTC TCM, challenging CR Sanjiu's pricing autonomy. There are concerns about weight-loss drug market saturation. CM310 missing...

Xinyao (Criss) Wang

BioAge Labs Launches IPO Roadshow, Seeks To Raise Up To $150M on the Nasdaq Exchange

GLP-1 biopharma company BioAge Labs will price its IPO in September. I have a positive view of initial public offering and expect a strong first...

Andrei Zakharov

BioAge Labs IPO Preview: Investor Focus Has Turned To Azelaprag, A Huge Market Potential

California-based BioAge Labs files for an IPO and plans to raise capital for clinical trials of their lead compound, Azelaprag, in combination with...

Andrei Zakharov

Biopharma Week in Review - Aug 26, 2024

Last week, BVNRY ramped up its mpox vaccine supply, as the first case in Asia popped up and a possible US case of this year’s global health emergency.

Water Tower Research

Clarity Pharmaceuticals Ltd (CU6 AU): An Attractive Bet on Red Hot Radiopharmaceutical Field

Clarity’s copper platform, strong prostate pipeline and therapeutic and diagnostic efficacy data represent an attractive opportunity to grow a...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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China Healthcare Weekly (Sep.22) - CR Sanjiu's Trouble, Weight-Loss Drug Market Saturation, Keymed

​Anhui's VBP includes OTC TCM, challenging CR Sanjiu's pricing autonomy. There are concerns about weight-loss drug market saturation. CM310 missing...

Xinyao (Criss) Wang

BioAge Labs Launches IPO Roadshow, Seeks To Raise Up To $150M on the Nasdaq Exchange

GLP-1 biopharma company BioAge Labs will price its IPO in September. I have a positive view of initial public offering and expect a strong first...

Andrei Zakharov

BioAge Labs IPO Preview: Investor Focus Has Turned To Azelaprag, A Huge Market Potential

California-based BioAge Labs files for an IPO and plans to raise capital for clinical trials of their lead compound, Azelaprag, in combination with...

Andrei Zakharov

Biopharma Week in Review - Aug 26, 2024

Last week, BVNRY ramped up its mpox vaccine supply, as the first case in Asia popped up and a possible US case of this year’s global health emergency.

Water Tower Research

Clarity Pharmaceuticals Ltd (CU6 AU): An Attractive Bet on Red Hot Radiopharmaceutical Field

Clarity’s copper platform, strong prostate pipeline and therapeutic and diagnostic efficacy data represent an attractive opportunity to grow a...

Tina Banerjee

Anhui's VBP includes OTC TCM, challenging CR Sanjiu's pricing autonomy. There are concerns about weight-loss drug market saturation. CM310 missing...