Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>On 14 November, ABLBio (298380 KS) announced that it has signed an equity investment agreement with Eli Lilly &amp; Co (LLY US) worth 22 billion won (US$15 million).</li>
<li>ABL Bio will issue 175,079 new shares at 125,900 won per share (27% lower than current price). Despite the high valuation multiples, we maintain a Positive view on ABL Bio.</li>
<li>Its recent major technology agreement with Eli Lilly serves as strong validation from a leading global pharmaceutical company, confirming the significant market potential of ABL’s unique platform technology.</li>
</ul>


On 14 November, ABLBio (298380 KS) announced that it has signed an equity investment agreement with Eli Lilly &amp; Co (LLY US) worth 22 billion won (US$15 million).
ABL Bio will issue 175,079 new shares at 125,900 won per share (27% lower than current price). Despite the high valuation multiples, we maintain a Positive view on ABL Bio.
Its recent major technology agreement with Eli Lilly serves as strong validation from a leading global pharmaceutical company, confirming the significant market potential of ABL’s unique platform technology.


ABL Bio: Equity Investment of 22 Billion Won from Eli Lilly

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> signed an exclusive distribution and promotion agreement with Eli Lilly on 23 October 2025 to market tirzepatide under the brand name Yurpeak in India.</li>
<li>The deal positions Cipla as a first mover in India’s nascent GLP-1 obesity care segment, projected to grow 40x by 2030.</li>
<li>Financially modest but strategically transformative, the deal anchors Cipla’s entry into obesity therapeutics and sets the stage for a broader GLP-1 platform spanning branded and generic drugs.</li>
</ul>



Cipla Ltd (CIPLA IN) signed an exclusive distribution and promotion agreement with Eli Lilly on 23 October 2025 to market tirzepatide under the brand name Yurpeak in India.
The deal positions Cipla as a first mover in India’s nascent GLP-1 obesity care segment, projected to grow 40x by 2030.
Financially modest but strategically transformative, the deal anchors Cipla’s entry into obesity therapeutics and sets the stage for a broader GLP-1 platform spanning branded and generic drugs.


Cipla-Eli Lilly Deal: Strategic Masterstroke or Margin Mirage?

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Boryung Pharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boryung-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:19265:1" rel="noopener">Boryung Pharmaceutical (003850 KS)</a> is acquiring cytotoxic anti-cancer drug Taxotere (docetaxel) from <a href="https://www.smartkarma.com/entities/sanofi" target="_blank" data-smartkarma-citation="entities:4564:1" rel="noopener">Sanofi (SAN FP)</a> for €175M (~KRW288B), inclusive of potential milestone payments worth €14M.</li>
<li>Post acquisition, Boryung aims to enhance the therapeutic value of Taxotere to include formulation improvements, combination strategies, and research into new indications. Currently, oncology contributes 20%+ of total revenue.</li>
<li>Over the last six months, Boryung shares remained almost flat, reflecting lack of any strong catalyst. Acquisition of Taxotere is not going to change the situation overnight.</li>
</ul>



Boryung Pharmaceutical (003850 KS) is acquiring cytotoxic anti-cancer drug Taxotere (docetaxel) from Sanofi (SAN FP) for €175M (~KRW288B), inclusive of potential milestone payments worth €14M.
Post acquisition, Boryung aims to enhance the therapeutic value of Taxotere to include formulation improvements, combination strategies, and research into new indications. Currently, oncology contributes 20%+ of total revenue.
Over the last six months, Boryung shares remained almost flat, reflecting lack of any strong catalyst. Acquisition of Taxotere is not going to change the situation overnight.


Boryung Pharmaceutical (003850 KS): New Drug Acquisition Fans High Oncology Aspiration

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. It also plans to expand capacity of the plant, with an additional investment of KRW700B.  </li>
<li>With this acquisition, Celltrion has completely eliminated U.S. tariff risks and secured a unified local supply chain encompassing production and sales of its flagship products.</li>
<li>Celltrion has signed a CMO agreement with Eli Lilly, which will secure additional revenue stream for the company and accelerate the return on investment.</li>
</ul>



Celltrion Inc (068270 KS) is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. It also plans to expand capacity of the plant, with an additional investment of KRW700B.  
With this acquisition, Celltrion has completely eliminated U.S. tariff risks and secured a unified local supply chain encompassing production and sales of its flagship products.
Celltrion has signed a CMO agreement with Eli Lilly, which will secure additional revenue stream for the company and accelerate the return on investment.


Celltrion Inc (068270 KS): Acquiring US Manufacturing Plant To Alleviate Tariff Impact

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> reported 2Q25 revenues of $1.3B, up 42% YoY (1H25 Revenue: $2.4B, up 45%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.</li>
<li>In 2Q25, U.S. sale of Brukinsa was $684M, up 43% YoY. For three consecutive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $583M in 2Q25.</li>
<li>BeiGene now expects 2025 revenue to be in the range of $5.0–5.3B (up 29–39% YoY) compared to the previous revenue guidance of $4.9–5.3B.</li>
</ul>



BeiGene (6160 HK) reported 2Q25 revenues of $1.3B, up 42% YoY (1H25 Revenue: $2.4B, up 45%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.
In 2Q25, U.S. sale of Brukinsa was $684M, up 43% YoY. For three consecutive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $583M in 2Q25.
BeiGene now expects 2025 revenue to be in the range of $5.0–5.3B (up 29–39% YoY) compared to the previous revenue guidance of $4.9–5.3B.


BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

United States

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

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Eli Lilly & Co (LLY US)

ABL Bio: Equity Investment of 22 Billion Won from Eli Lilly

On 14 November, ABLBio (298380 KS) announced that it has signed an equity investment agreement with Eli Lilly & Co (LLY US) worth 22 billion won...

Douglas Kim

Cipla-Eli Lilly Deal: Strategic Masterstroke or Margin Mirage?

Cipla Ltd partners with Eli Lilly to launch tirzepatide in India as part of strategic move into obesity therapeutics and GLP-1 platform.

Nimish Maheshwari

Boryung Pharmaceutical (003850 KS): New Drug Acquisition Fans High Oncology Aspiration

Boryung Pharmaceutical is acquiring anti-cancer drug Taxotere from Sanofi for €175M. This deal marks the company’s first acquisition of an...

Tina Banerjee

Celltrion Inc (068270 KS): Acquiring US Manufacturing Plant To Alleviate Tariff Impact

Celltrion is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. The company also plans to expand capacity of the...

Tina Banerjee

BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

Beigene announced positive topline results from Phase 1/2 study of sonrotoclax, a next-generation and potentially best-in-class investigational...

Tina Banerjee

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ABL Bio: Equity Investment of 22 Billion Won from Eli Lilly

On 14 November, ABLBio (298380 KS) announced that it has signed an equity investment agreement with Eli Lilly & Co (LLY US) worth 22 billion won...

Douglas Kim

Cipla-Eli Lilly Deal: Strategic Masterstroke or Margin Mirage?

​Cipla Ltd partners with Eli Lilly to launch tirzepatide in India as part of strategic move into obesity therapeutics and GLP-1 platform.

Nimish Maheshwari

Boryung Pharmaceutical (003850 KS): New Drug Acquisition Fans High Oncology Aspiration

​Boryung Pharmaceutical is acquiring anti-cancer drug Taxotere from Sanofi for €175M. This deal marks the company’s first acquisition of an...

Tina Banerjee

Celltrion Inc (068270 KS): Acquiring US Manufacturing Plant To Alleviate Tariff Impact

Celltrion is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. The company also plans to expand capacity of the...

Tina Banerjee

BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

Beigene announced positive topline results from Phase 1/2 study of sonrotoclax, a next-generation and potentially best-in-class investigational...

Tina Banerjee

Cipla Ltd partners with Eli Lilly to launch tirzepatide in India as part of strategic move into obesity therapeutics and GLP-1 platform.

Boryung Pharmaceutical is acquiring anti-cancer drug Taxotere from Sanofi for €175M. This deal marks the company’s first acquisition of an...