Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

IMPACT Therapeutics / Equity Capital Markets

<ul>
<li>Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors.</li>
<li>In our previous note, we looked at the company’s core products, its pre-IPO investors and management team. We also look at updates from its latest prospectus.</li>
<li>In this note, we provide an risk-adjusted SOTP valuation for the company.</li>
</ul>


Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors.
In our previous note, we looked at the company’s core products, its pre-IPO investors and management team. We also look at updates from its latest prospectus.
In this note, we provide an risk-adjusted SOTP valuation for the company.


Impact Therapeutics (英派药业) Pre-IPO: Thoughts on Valuation

<ul>
<li>Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors.</li>
<li>In our previous note, we looked at the company’s core products, senaparib/IMP4297, and key products IMP1734 and IMP9064. We also looked at the company’s pre-IPO investors and management team.</li>
<li>In this note, we look at the latest prospectus and analyze changes in the company's pipeline and competitive landscapes.</li>
</ul>


Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors.
In our previous note, we looked at the company’s core products, senaparib/IMP4297, and key products IMP1734 and IMP9064. We also looked at the company’s pre-IPO investors and management team.
In this note, we look at the latest prospectus and analyze changes in the company's pipeline and competitive landscapes.


Impact Therapeutics (英派药业) Pre-IPO: Post Senaparib Commercialization, What's Next?

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical’s SYS6010 met primary endpoint in Phase 3 study as a monotherapy for NSCLC. Akeso’s ivonescimab demonstrates significant overall survival in Phase 3 trial for advanced biliary tract cancer.</li>
<li>Takeda Pharma secured FDA approval for Mimrylo (rusfertide) for the treatment of erythrocytosis in adults with polycythemia vera. Astellas Pharma initiates global Phase 3 study evaluating ASP2138 for gastric cancers.</li>
<li>Hanmi Pharm outlicenses obesity drug candidate HM1732 to Genentech for a total deal value of $2.3B. SK Biopharmaceuticals entered an agreement to in-license opakalim, an investigational antiseizure medication, from Biohaven.</li>
</ul>


CSPC Pharmaceutical’s SYS6010 met primary endpoint in Phase 3 study as a monotherapy for NSCLC. Akeso’s ivonescimab demonstrates significant overall survival in Phase 3 trial for advanced biliary tract cancer.
Takeda Pharma secured FDA approval for Mimrylo (rusfertide) for the treatment of erythrocytosis in adults with polycythemia vera. Astellas Pharma initiates global Phase 3 study evaluating ASP2138 for gastric cancers.
Hanmi Pharm outlicenses obesity drug candidate HM1732 to Genentech for a total deal value of $2.3B. SK Biopharmaceuticals entered an agreement to in-license opakalim, an investigational antiseizure medication, from Biohaven.


APAC Healthcare Weekly (August 30)– CSPC Pharma, Akeso, Takeda, Astellas, Hanmi Pharm, SK Biopharma

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Senaparib demonstrated statistically significant and clinically meaningful improvement in PFS in Phase III trial, which is its core competitiveness, but Senaparib is facing challenges in commercialization due to fierce competition.</li>
<li>The potential of IMP1734/IMP9064/IMP7068/IMP1707 depends on clinical success, the approval schedule, final indications layout. In optimistic scenario, a blockbuster drug has the potential to reach peak sales of RMB1-2 billion.</li>
<li>RMB1-2.25 billion could be valuation bottom line, which is below the post-money valuation of RMB3.3 billion after Series D++ Financing. Meanwhile, valuation of IMPACT would be lower than Zai Lab.</li>
</ul>


Senaparib demonstrated statistically significant and clinically meaningful improvement in PFS in Phase III trial, which is its core competitiveness, but Senaparib is facing challenges in commercialization due to fierce competition.
The potential of IMP1734/IMP9064/IMP7068/IMP1707 depends on clinical success, the approval schedule, final indications layout. In optimistic scenario, a blockbuster drug has the potential to reach peak sales of RMB1-2 billion.
RMB1-2.25 billion could be valuation bottom line, which is below the post-money valuation of RMB3.3 billion after Series D++ Financing. Meanwhile, valuation of IMPACT would be lower than Zai Lab.


Pre-IPO IMPACT Therapeutics - Thoughts on the Pipeline, the Concerns and Valuation Outlook

<ul>
<li>Fosun Pharmaceutical initiated Phase 2 trial of FXS7553 for COPD in China. CSPC Pharma’s mpox mRNA vaccine candidate obtained clinical trial approval from the FDA.</li>
<li>Akeso secured NMPA approval for ivonescimab, in combination with chemotherapy, for the treatment of first-line squamous non-small cell lung cancer (sq-NSCLC). This indication marks ivonescimab’s third major approval.</li>
<li>Daiichi Sankyo’s Enhertu got China approval for the first-line treatment of breast cancer. Peptidream marked a milestone following the initiation of Phase 1 study for two radioligand therapies by Novartis.</li>
</ul>


Fosun Pharmaceutical initiated Phase 2 trial of FXS7553 for COPD in China. CSPC Pharma’s mpox mRNA vaccine candidate obtained clinical trial approval from the FDA.
Akeso secured NMPA approval for ivonescimab, in combination with chemotherapy, for the treatment of first-line squamous non-small cell lung cancer (sq-NSCLC). This indication marks ivonescimab’s third major approval.
Daiichi Sankyo’s Enhertu got China approval for the first-line treatment of breast cancer. Peptidream marked a milestone following the initiation of Phase 1 study for two radioligand therapies by Novartis.


APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

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IMPACT Therapeutics (IMPACT HK)

Impact Therapeutics (英派药业) Pre-IPO: Thoughts on Valuation

Impact Therapeutics: We provided a risk-adjusted SOTP of USD 589m. Valuation is anchored by senaparib's approved OC franchise.

Ke Yan, CFA, FRM

Impact Therapeutics (英派药业) Pre-IPO: Post Senaparib Commercialization, What's Next?

Impact Therapeutics PHIP updates: advances senaparib to NRDL reimbursement. IMP1734 readout later this year is the single event that determines...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (August 30)– CSPC Pharma, Akeso, Takeda, Astellas, Hanmi Pharm, SK Biopharma

CSPC and Akeso announced positive results from their respective Phase 3 trials for cancer drug candidates. Takeda got FDA approval for blood cancer...

Tina Banerjee

Pre-IPO IMPACT Therapeutics - Thoughts on the Pipeline, the Concerns and Valuation Outlook

Senaparib shows promise in improving PFS but face commercialization challenge.Pipeline potential hinges on clinical success/approval...

Xinyao (Criss) Wang

APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

Akeso’s ivonescimab and Daiichi Sankyo’s Enhertu got additional indications approvals in China. CSPC Pharma’s mpox mRNA vaccine candidate got FDA...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Impact Therapeutics (英派药业) Pre-IPO: Thoughts on Valuation

Impact Therapeutics: We provided a risk-adjusted SOTP of USD 589m. Valuation is anchored by senaparib's approved OC franchise.

Ke Yan, CFA, FRM

Impact Therapeutics (英派药业) Pre-IPO: Post Senaparib Commercialization, What's Next?

Impact Therapeutics PHIP updates: advances senaparib to NRDL reimbursement. IMP1734 readout later this year is the single event that determines...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (August 30)– CSPC Pharma, Akeso, Takeda, Astellas, Hanmi Pharm, SK Biopharma

CSPC and Akeso announced positive results from their respective Phase 3 trials for cancer drug candidates. Takeda got FDA approval for blood cancer...

Tina Banerjee

Pre-IPO IMPACT Therapeutics - Thoughts on the Pipeline, the Concerns and Valuation Outlook

​Senaparib shows promise in improving PFS but face commercialization challenge.Pipeline potential hinges on clinical success/approval...

Xinyao (Criss) Wang

APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

Akeso’s ivonescimab and Daiichi Sankyo’s Enhertu got additional indications approvals in China. CSPC Pharma’s mpox mRNA vaccine candidate got FDA...

Tina Banerjee

Senaparib shows promise in improving PFS but face commercialization challenge.Pipeline potential hinges on clinical success/approval...