Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>RemeGen granted exclusive rights to develop and commercialize Telitacicept worldwide (excluding Greater China) to Vor Biopharma for $125M. Innovent Biologics received a first-in-class weight loss drug approval in China.</li>
<li>Daiichi Sankyo received FDA approval for Datroway for the treatment of certain types of non-small cell lung cancer (NSCLC). SanBio now expects Akuugo approval in H2FY26, instead of Q2FY26.</li>
<li>Otsuka in-licensed HBM7020 from Harbour BioMed for an upfront payment of $47M and near-term milestones. Glenmark Pharmaceuticals has launched Beigene’s Tevimbra in India for NSCLC.</li>
</ul>


RemeGen granted exclusive rights to develop and commercialize Telitacicept worldwide (excluding Greater China) to Vor Biopharma for $125M. Innovent Biologics received a first-in-class weight loss drug approval in China.
Daiichi Sankyo received FDA approval for Datroway for the treatment of certain types of non-small cell lung cancer (NSCLC). SanBio now expects Akuugo approval in H2FY26, instead of Q2FY26.
Otsuka in-licensed HBM7020 from Harbour BioMed for an upfront payment of $47M and near-term milestones. Glenmark Pharmaceuticals has launched Beigene’s Tevimbra in India for NSCLC.


APAC Healthcare Weekly (June 29)- RemeGen, Innovent, Daiichi, SanBio, Otsuka, Chugai, Glenmark

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio (298380 KS)</a> announced licensing agreement with <a href="https://www.smartkarma.com/entities/glaxosmithkline-plc" target="_blank" data-smartkarma-citation="entities:21960:1" rel="noopener">GlaxoSmithKline PLC (GSK LN)</a> to develop novel treatments for neurodegenerative diseases by utilizing ABL Bio’s blood-brain barrier (BBB) shuttle platform, Grabody-B.</li>
<li>ABL Bio is eligible to receive up to £2.075B in research, development, regulatory, and commercialization milestone payments across multiple potential programs. The company will receive tiered royalties on net sales.</li>
<li>Last October, ABL Bio completed the manufacturing technology transfer for ABL301, a bispecific antibody containing Grabody-B to treat Parkinson’s disease, to Sanofi and unlocked a milestone payment of $5M.</li>
</ul>



ABLBio (298380 KS) announced licensing agreement with GlaxoSmithKline PLC (GSK LN) to develop novel treatments for neurodegenerative diseases by utilizing ABL Bio’s blood-brain barrier (BBB) shuttle platform, Grabody-B.
ABL Bio is eligible to receive up to £2.075B in research, development, regulatory, and commercialization milestone payments across multiple potential programs. The company will receive tiered royalties on net sales.
Last October, ABL Bio completed the manufacturing technology transfer for ABL301, a bispecific antibody containing Grabody-B to treat Parkinson’s disease, to Sanofi and unlocked a milestone payment of $5M.


ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Hanx Biopharmaceuticals / Equity Capital Markets

<ul>
<li>CD47 has been considered “problematic” by the industry, so in order to prove its druggability, it usually requires very good clinical data, and cannot rely on “conjectures” such as BsAb. </li>
<li>There’s no compelling evidence to prove that the toxicity issue of CD47 can be resolved. There're concerns on the safety profile and efficacy of HX009/HX044, with high R&amp;D failure risks.</li>
<li>After Series B+ of financing in June 2024, post-investment valuation of Hanx reached about RMB1.6 billion. Due to slower R&amp;D progress. we think Hanx’s valuation should be lower than ImmuneOnco.  </li>
</ul>


CD47 has been considered “problematic” by the industry, so in order to prove its druggability, it usually requires very good clinical data, and cannot rely on “conjectures” such as BsAb. 
There’s no compelling evidence to prove that the toxicity issue of CD47 can be resolved. There're concerns on the safety profile and efficacy of HX009/HX044, with high R&amp;D failure risks.
After Series B+ of financing in June 2024, post-investment valuation of Hanx reached about RMB1.6 billion. Due to slower R&amp;D progress. we think Hanx’s valuation should be lower than ImmuneOnco.  


Pre-IPO Hanx Biopharmaceuticals - The Risk of Pipeline Development Failure Is High

<ul>
<li>Wuxi Biologics is selling its Ireland vaccine manufacturing facility to Merck for $500M. Astellas Pharma received approval for Vyloy in China for the first-line treatment of gastric cancer.</li>
<li>FDA decision for Otsuka’s label expansion application for brexpiprazole for the treatment of post-traumatic stress disorder will be delayed. EMA has accepted Otsuka’s marketing application for HAE drug candidate donidalorsen.</li>
<li>Samsung Biologics has extended collaboration with LigaChem Biosciences to provide ADC services. Pharmaessentia has announced positive topline results from phase 3 clinical trial of P1101 for Essential Thrombocythemia (ET).</li>
</ul>


Wuxi Biologics is selling its Ireland vaccine manufacturing facility to Merck for $500M. Astellas Pharma received approval for Vyloy in China for the first-line treatment of gastric cancer.
FDA decision for Otsuka’s label expansion application for brexpiprazole for the treatment of post-traumatic stress disorder will be delayed. EMA has accepted Otsuka’s marketing application for HAE drug candidate donidalorsen.
Samsung Biologics has extended collaboration with LigaChem Biosciences to provide ADC services. Pharmaessentia has announced positive topline results from phase 3 clinical trial of P1101 for Essential Thrombocythemia (ET).


APAC Healthcare Weekly (Jan 12)- Wuxi Biologics, Astellas, Otsuka, Samsung Biologics, Pharmaessentia

Event-Driven

<ul>
<li>I-MAB claimed that this divesture is the best strategic choice to respond to the overall environment of China and the US. I-MAB needs to make changes to appease investors.</li>
<li>The real situation is not as beautiful as it seems.This divesture means I-MAB US has actually been "hollowed out", which is a big blow to I-MAB US and its investors. </li>
<li>With R&amp;D team/production base, I-MAB Hangzhou is able to tell more good stories in the future, which has completed C1 round financing and plans to IPO in A-share or HKEX.</li>
</ul>


I-MAB claimed that this divesture is the best strategic choice to respond to the overall environment of China and the US. I-MAB needs to make changes to appease investors.
The real situation is not as beautiful as it seems.This divesture means I-MAB US has actually been "hollowed out", which is a big blow to I-MAB US and its investors. 
With R&amp;D team/production base, I-MAB Hangzhou is able to tell more good stories in the future, which has completed C1 round financing and plans to IPO in A-share or HKEX.


I-Mab to Divest Chinese Assets and Business Operations for up to $80M - An Escape by Crafty Scheme

China

I-Mab operates as a clinical stage biopharmaceutical company. The Company focuses on the discovery, development, and commercialization of novel biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. I-Mab conducts business in China.

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I-Mab (IMAB US)

APAC Healthcare Weekly (June 29)- RemeGen, Innovent, Daiichi, SanBio, Otsuka, Chugai, Glenmark

Last week couple of Chinese companies signed outlicensing deals with international players. Innovent got weight loss drug approval in China....

Tina Banerjee

ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline

ABLBio partners with GSK to develop CNS treatments using Grabody-B, potentially receiving up to £2.075B in milestone payments and royalties....

Tina Banerjee

Pre-IPO Hanx Biopharmaceuticals - The Risk of Pipeline Development Failure Is High

CD47's druggability is questioned in the industry, requiring strong clinical data to to turn things around. Hanx's pipeline has high failure R&D...

Xinyao (Criss) Wang

APAC Healthcare Weekly (Jan 12)- Wuxi Biologics, Astellas, Otsuka, Samsung Biologics, Pharmaessentia

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

I-Mab to Divest Chinese Assets and Business Operations for up to $80M - An Escape by Crafty Scheme

The divesture means I-MAB US has been "hollowed out",which is a big blow to investors.I-MAB Hangzhou is able to tell more good stories with its...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (June 29)- RemeGen, Innovent, Daiichi, SanBio, Otsuka, Chugai, Glenmark

Last week couple of Chinese companies signed outlicensing deals with international players. Innovent got weight loss drug approval in China....

Tina Banerjee

ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline

​ABLBio partners with GSK to develop CNS treatments using Grabody-B, potentially receiving up to £2.075B in milestone payments and royalties....

Tina Banerjee

Pre-IPO Hanx Biopharmaceuticals - The Risk of Pipeline Development Failure Is High

​CD47's druggability is questioned in the industry, requiring strong clinical data to to turn things around. Hanx's pipeline has high failure R&D...

Xinyao (Criss) Wang

APAC Healthcare Weekly (Jan 12)- Wuxi Biologics, Astellas, Otsuka, Samsung Biologics, Pharmaessentia

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

I-Mab to Divest Chinese Assets and Business Operations for up to $80M - An Escape by Crafty Scheme

The divesture means I-MAB US has been "hollowed out",which is a big blow to investors.I-MAB Hangzhou is able to tell more good stories with its...

Xinyao (Criss) Wang

ABLBio partners with GSK to develop CNS treatments using Grabody-B, potentially receiving up to £2.075B in milestone payments and royalties....

CD47's druggability is questioned in the industry, requiring strong clinical data to to turn things around. Hanx's pipeline has high failure R&D...