HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

EpimAb Biotherapeutics / Equity Capital Markets

<ul>
<li>TCE has been highly popular for hematological malignancies and autoimmune diseases.Due to the "Fear of Missing Out" mentality, MNCs directly have purchased TCE assets or the Newco model is adopted.</li>
<li>Current clinical data is good for CRC, providing EMB-01 with a solid foundation for entering phase III trials.EMB-06 may face challenges in commercialization. EMB-07 has high hopes to be out-licensed.</li>
<li>Short-Term valuation could be lower than Akeso. Based on our forecast of the peak sales of EMB-01, EMB-06, EMB-07, long-term valuation could reach about US$16.5 billion.</li>
</ul>


TCE has been highly popular for hematological malignancies and autoimmune diseases.Due to the "Fear of Missing Out" mentality, MNCs directly have purchased TCE assets or the Newco model is adopted.
Current clinical data is good for CRC, providing EMB-01 with a solid foundation for entering phase III trials.EMB-06 may face challenges in commercialization. EMB-07 has high hopes to be out-licensed.
Short-Term valuation could be lower than Akeso. Based on our forecast of the peak sales of EMB-01, EMB-06, EMB-07, long-term valuation could reach about US$16.5 billion.


Pre-IPO EpimAb Biotherapeutics - The TCE Pipeline Has Great Potential

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.

<ul>
<li>EpimAb, a China-based clinical stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CMBI are the joint sponsors.</li>
<li>In this note, we look at the company’s product pipeline, its pre-IPO investors, and management.</li>
<li>Our initial view is that the company does provide a line-up of differentiated products though still in early stage of clinical development.</li>
</ul>


EpimAb, a China-based clinical stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CMBI are the joint sponsors.
In this note, we look at the company’s product pipeline, its pre-IPO investors, and management.
Our initial view is that the company does provide a line-up of differentiated products though still in early stage of clinical development.


EpimAb (岸迈生物) Pre-IPO: Differentiated Bispecific Products

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, there was a lack of fireworks from last week's listing. This week might have some better luck.</li>
<li>On the placements front, there was no dearth of deals with raisings across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there was a lack of fireworks from last week's listing. This week might have some better luck.
On the placements front, there was no dearth of deals with raisings across the region.


ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

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EpimAb Biotherapeutics (EPIM HK)

Pre-IPO EpimAb Biotherapeutics - The TCE Pipeline Has Great Potential

TCE assets are in high demand. ‌‌EpimAb’s TCE pipeline has shown promising data, indicating more licensing cooperation.Short-term valuation could...

Xinyao (Criss) Wang

EpimAb (岸迈生物) Pre-IPO: Differentiated Bispecific Products

China's EpimAb seeks to raise $100 million through Hong Kong listing with CITIC Securities and CMBI as joint sponsors, offering differentiated...

Ke Yan, CFA, FRM

ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO EpimAb Biotherapeutics - The TCE Pipeline Has Great Potential

TCE assets are in high demand. ‌‌EpimAb’s TCE pipeline has shown promising data, indicating more licensing cooperation.Short-term valuation could...

Xinyao (Criss) Wang

EpimAb (岸迈生物) Pre-IPO: Differentiated Bispecific Products

​China's EpimAb seeks to raise $100 million through Hong Kong listing with CITIC Securities and CMBI as joint sponsors, offering differentiated...

Ke Yan, CFA, FRM

ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

China's EpimAb seeks to raise $100 million through Hong Kong listing with CITIC Securities and CMBI as joint sponsors, offering differentiated...