HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<p>In August, 2021, after <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Co Ltd (9995 HK)</a> announced that the Company and Seagen Inc. had entered into an exclusive worldwide licensing agreement to develop and commercialize disitamab vedotin (RC48), the share price of RemeGen rose to HK$145.50/share, its second-highest ever. Meanwhile, in June, RemeGen submitted a prospectus to the SSE STAR Market, which was its second IPO application after its listing on the HKEX in November 2020. In September, RemeGen completed its reply to the first round enquiry by Shanghai Stock Exchange. Although RemeGen always seems to inadvertently bring "stimulation" to the market, from this enquiry and the business analysis, we could still find some concerns that worth investors’ attention. </p>

In August, 2021, after Remegen Co Ltd (9995 HK) announced that the Company and Seagen Inc. had entered into an exclusive worldwide licensing agreement to develop and commercialize disitamab vedotin (RC48), the share price of RemeGen rose to HK$145.50/share, its second-highest ever. Meanwhile, in June, RemeGen submitted a prospectus to the SSE STAR Market, which was its second IPO application after its listing on the HKEX in November 2020. In September, RemeGen completed its reply to the first round enquiry by Shanghai Stock Exchange. Although RemeGen always seems to inadvertently bring "stimulation" to the market, from this enquiry and the business analysis, we could still find some concerns that worth investors’ attention. 

Remegen Co Ltd (9995.HK) - Insights About the First Round Enquiry by Shanghai Stock Exchange

Equity Capital Markets

TransThera Sciences (Nanjing) / Equity Capital Markets

<p>On August 25, <a href="https://www.smartkarma.com/entities/transthera-sciences-nanjing-inc" target="_blank" data-smartkarma-citation="entities:34404:1" rel="noopener">TransThera Sciences (Nanjing) (TTS HK)</a> submitted its prospectus to the Hong Kong Stock Exchange and officially started the IPO process. TransThera is a R&amp;D-driven, clinical-stage, global biopharmaceutical company focusing on discovering and developing innovative small molecule therapies for oncology, inflammatory and cardiovascular diseases, with a commitment to developing global first-in-class and best-in-class therapies. This insight mainly analyzed the industry characteristics, the business and the concerns of the Company.</p>

On August 25, TransThera Sciences (Nanjing) (TTS HK) submitted its prospectus to the Hong Kong Stock Exchange and officially started the IPO process. TransThera is a R&amp;D-driven, clinical-stage, global biopharmaceutical company focusing on discovering and developing innovative small molecule therapies for oncology, inflammatory and cardiovascular diseases, with a commitment to developing global first-in-class and best-in-class therapies. This insight mainly analyzed the industry characteristics, the business and the concerns of the Company.

Pre-IPO TransThera Sciences (Nanjing) - Insights on the Industry, the Business and the Concerns

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<div><p><a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (ABB HK)</a> is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative and differentiated small molecule oncology therapies. Abbisko has developed a pipeline of 14 candidates focused on oncology, including five candidates at the clinical stage The core products are ABSK091, a pan-FGFR inhibitor licensed from <a href="https://www.smartkarma.com/entities/astrazeneca-plc" target="_blank" data-smartkarma-citation="entities:21824:1" rel="noopener">AstraZeneca PLC (AZN LN)</a> and ABSK011, an FGFR4 inhibitor. </p></div><div><p>Abbisko has launched an HKEx IPO to raise net proceeds of HK$1,585.1 million ($204 million) at the mid-point of the IPO price range of HK$12.16-12.46 per share.</p></div><div><p>Eleven cornerstone investors have agreed to invest about $128 million in the IPO (57.32% of the offer shares at the mid-point of the IPO price range). Seven out of the eleven cornerstones are existing investors. They are Janchor Partners, Lilly Asia Ventures, Temasek, Lake Bleu Capital, OrbiMed, Warburg Pincus and BlackRock. The four cornerstones which are not existing shareholders are AIHC Capital, UBS AM, Hudson Bay and Vivo Funds.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/abbisko-ipo-a-promising-but-longer-term-prognosis" target="_blank" data-smartkarma-citation="insights:58004" rel="noopener">Abbisko IPO: A Promising but Longer Term Prognosis</a>, we stated that while both core products are at an early stage of development, promising results from trials, management’s track record and the exceptional line-up of blue-chip backers suggest that the product candidates have the potential to succeed in a fiercely competitive market. We concluded that Abbisko is worth a closer look. However, our valuation analysis suggests that the IPO price range is full and we would remain on the sidelines awaiting a better entry opportunity. </p></div></div></div>

Abbisko Cayman (ABB HK) is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative and differentiated small molecule oncology therapies. Abbisko has developed a pipeline of 14 candidates focused on oncology, including five candidates at the clinical stage The core products are ABSK091, a pan-FGFR inhibitor licensed from AstraZeneca PLC (AZN LN) and ABSK011, an FGFR4 inhibitor. Abbisko has launched an HKEx IPO to raise net proceeds of HK$1,585.1 million ($204 million) at the mid-point of the IPO price range of HK$12.16-12.46 per share.Eleven cornerstone investors have agreed to invest about $128 million in the IPO (57.32% of the offer shares at the mid-point of the IPO price range). Seven out of the eleven cornerstones are existing investors. They are Janchor Partners, Lilly Asia Ventures, Temasek, Lake Bleu Capital, OrbiMed, Warburg Pincus and BlackRock. The four cornerstones which are not existing shareholders are AIHC Capital, UBS AM, Hudson Bay and Vivo Funds.In Abbisko IPO: A Promising but Longer Term Prognosis, we stated that while both core products are at an early stage of development, promising results from trials, management’s track record and the exceptional line-up of blue-chip backers suggest that the product candidates have the potential to succeed in a fiercely competitive market. We concluded that Abbisko is worth a closer look. However, our valuation analysis suggests that the IPO price range is full and we would remain on the sidelines awaiting a better entry opportunity. 

<p><a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (ABB HK)</a> is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative and differentiated small molecule oncology therapies. Abbisko has developed a pipeline of 14 candidates focused on oncology, including five candidates at the clinical stage The core products are ABSK091, a pan-FGFR inhibitor licensed from <a href="https://www.smartkarma.com/entities/astrazeneca-plc" target="_blank" data-smartkarma-citation="entities:21824:1" rel="noopener">AstraZeneca PLC (AZN LN)</a> and ABSK011, an FGFR4 inhibitor. Abbisko is pre-marketing an HKEx IPO to raise $300 million, according to press reports. </p><p>Abbisko has a credible management team with a commendable commercialisation track record. The three co-founders together have made contributions to several discovery programs, several of which led to successful commercialisation. Abbisko also has several blue-chip backers such as Lilly Asia Ventures, Sinopharm Capital, Qiming Venture Capital, GIC, Temasek, <a href="https://www.smartkarma.com/entities/carlyle-group-inc" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group Inc (CG US)</a>, Lake Bleu Capital and OrbiMed. </p><div class="content-highlight"><p>While both core products are at an early stage of development, promising results from trials, management’s track record and the exceptional line-up of blue-chip backers suggest that the product candidates have the potential to succeed in a fiercely competitive market. Overall, we believe that Abbisko is worth a closer look. </p></div>

Abbisko Cayman (ABB HK) is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative and differentiated small molecule oncology therapies. Abbisko has developed a pipeline of 14 candidates focused on oncology, including five candidates at the clinical stage The core products are ABSK091, a pan-FGFR inhibitor licensed from AstraZeneca PLC (AZN LN) and ABSK011, an FGFR4 inhibitor. Abbisko is pre-marketing an HKEx IPO to raise $300 million, according to press reports. Abbisko has a credible management team with a commendable commercialisation track record. The three co-founders together have made contributions to several discovery programs, several of which led to successful commercialisation. Abbisko also has several blue-chip backers such as Lilly Asia Ventures, Sinopharm Capital, Qiming Venture Capital, GIC, Temasek, Carlyle Group Inc (CG US), Lake Bleu Capital and OrbiMed. While both core products are at an early stage of development, promising results from trials, management’s track record and the exceptional line-up of blue-chip backers suggest that the product candidates have the potential to succeed in a fiercely competitive market. Overall, we believe that Abbisko is worth a closer look. 

Abbisko IPO: A Promising but Longer Term Prognosis

<p>Recently, <a href="https://www.smartkarma.com/entities/innocare-pharma-ltd" target="_blank" data-smartkarma-citation="entities:28355:1" rel="noopener">InnoCare Pharma Ltd (9969 HK)</a> released 2021/1H financial results. The revenue was RMB102 million, up 13490.51% YoY, which was mainly due to the sales growth of orelabrutinib. Net loss was narrowed from RMB337 in 2020/1H to RMB213 million in 2021/1H, indicating improvement. Meanwhile, InnoCare is also going to be listed on the SSE STAR market, which is expected to be another biopharmaceutical company with "A+H" shares listing. This insight mainly analyzed the core product, pipeline and the concerns of the Company.</p>

Recently, InnoCare Pharma Ltd (9969 HK) released 2021/1H financial results. The revenue was RMB102 million, up 13490.51% YoY, which was mainly due to the sales growth of orelabrutinib. Net loss was narrowed from RMB337 in 2020/1H to RMB213 million in 2021/1H, indicating improvement. Meanwhile, InnoCare is also going to be listed on the SSE STAR market, which is expected to be another biopharmaceutical company with "A+H" shares listing. This insight mainly analyzed the core product, pipeline and the concerns of the Company.

InnoCare Pharma Ltd (9969.HK) - Risk of Becoming Mediocre

China

InnoCare Pharma is a commercial-stage biopharmaceutical company dedicated to discovering, developing, and commercializing drugs for cancer and autoimmune diseases. Its pipeline includes key products like orelabrutinib, tafasitamab, and ICP-332. The company was co-founded in 2015 and is headquartered in Beijing, China.

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InnoCare Pharma (9969 HK)

Remegen Co Ltd (9995.HK) - Insights About the First Round Enquiry by Shanghai Stock Exchange

This article mainly analyzed RemeGen in terms of its reply to Shanghai Stock Exchange’s first round enquiry, the core products, the pipeline, the...

Xinyao (Criss) Wang

Pre-IPO TransThera Sciences (Nanjing) - Insights on the Industry, the Business and the Concerns

This article mainly analyzed TransThera in terms of the industry characteristics of small molecule drug market, candidates in the pipeline (TT...

Xinyao (Criss) Wang

Abbisko IPO: Valuation Insights

Abbisko plans to raise $204m (net) at the mid-point of the IPO price range. Our valuation analysis suggests that the IPO price range is full and we...

Arun George

Abbisko IPO: A Promising but Longer Term Prognosis

While both core products are at an early stage of development, promising trials, management’s track record and blue-chip backers suggest that the...

Arun George

InnoCare Pharma Ltd (9969.HK) - Risk of Becoming Mediocre

This article analyzed InnoCare in terms of its core product orelabrutinib, key product candidates in the pipeline, the competitive landscape, the...

Xinyao (Criss) Wang

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