Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...</li>
<li>BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE</li>
<li>Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...</li>
</ul>


We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...
BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE
Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">Insilico Medicine (3696 HK)</a> raised around US$335m in its Hong Kong IPO in December 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Insilico Medicine (3696 HK) raised around US$335m in its Hong Kong IPO in December 2025. The lockup on its pre-IPO investors is set to expire soon.
Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Insilico Lockup Expiry - US$2.4bn Lockup Expiry with CCASS Movement

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">InSilico Medicine Cayman TopCo (ISM HK)</a> has announced 2025 results. 8x jump in revenue generated from drug discovery and 24% YoY growth in software revenue are two positive takeaways.</li>
<li>In 2025, newly signed agreements totaled $1.3B, bringing cumulative collaboration value to $4.6B. Thus far, $205M revenue has been realized, with $4.4B potential revenue expected to be realized in future.</li>
<li>InSilico reached drug discovery collaboration with Eli Lilly for $115M upfront payment. Total deal value (upfront+ milestone) is $2.75B, plus tiered royalties on future sales.</li>
</ul>



InSilico Medicine Cayman TopCo (ISM HK) has announced 2025 results. 8x jump in revenue generated from drug discovery and 24% YoY growth in software revenue are two positive takeaways.
In 2025, newly signed agreements totaled $1.3B, bringing cumulative collaboration value to $4.6B. Thus far, $205M revenue has been realized, with $4.4B potential revenue expected to be realized in future.
InSilico reached drug discovery collaboration with Eli Lilly for $115M upfront payment. Total deal value (upfront+ milestone) is $2.75B, plus tiered royalties on future sales.


InSilico Medicine (ISM HK): AI-Powered Drug Discovery Drives 2025 Result; Signs New Deal with Lilly

<ul>
<li>Hansoh’s risvutatug rezetecan for second-line treatment of SCLC has been included in NMPA’s Priority Review. InSilico completed first patient enrollment and dosing in Phase 3 trial evaluating rentosertib in IPF.</li>
<li>Shionogi received approval in Australia for cefiderocol for the treatment of carbapenem-resistant Gram-negative bacterial infections. Kyowa Kirin’s Phase 2 trial for ophthalmic drug candidate did not meet primary endpoint.</li>
<li>Samsung Biologics signed a new CMO contract worth $262M with a European pharmaceutical company. SK Biopharmaceutical received notification regarding FDA's partial clinical hold on its epilepsy drug candidate, opakalim.</li>
</ul>


Hansoh’s risvutatug rezetecan for second-line treatment of SCLC has been included in NMPA’s Priority Review. InSilico completed first patient enrollment and dosing in Phase 3 trial evaluating rentosertib in IPF.
Shionogi received approval in Australia for cefiderocol for the treatment of carbapenem-resistant Gram-negative bacterial infections. Kyowa Kirin’s Phase 2 trial for ophthalmic drug candidate did not meet primary endpoint.
Samsung Biologics signed a new CMO contract worth $262M with a European pharmaceutical company. SK Biopharmaceutical received notification regarding FDA's partial clinical hold on its epilepsy drug candidate, opakalim.


APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

<ul>
<li>
Insilico Medicine's AI-discovered drug rentosertib reverses aging markers in a 42-patient trial. GenScript Biotech proposes US$300m share placing for capex of AI drug discovery (AIDD).</li>
<li>Early/Mid-Stage asthma results updates from two long-acting TSLP-targeting monoclonal and bispecific antibody: 1) Windward/HBM: ultra-long-acting TSLP mab HBM9378; 2) Belenos/Keymed: TSLP/IL-13 bispecific BEL512</li>
<li>
SBP to buy additional 5% equity stake in its core subsidiary CTTQ; SMMT, BeOne, Ollin/Innovent updated phase 3 studies in clnicaltrial.gov for ivonescimab, B7H4 ADC, and VEGF/Ang blab, respectively...</li>
</ul>



Insilico Medicine's AI-discovered drug rentosertib reverses aging markers in a 42-patient trial. GenScript Biotech proposes US$300m share placing for capex of AI drug discovery (AIDD).
Early/Mid-Stage asthma results updates from two long-acting TSLP-targeting monoclonal and bispecific antibody: 1) Windward/HBM: ultra-long-acting TSLP mab HBM9378; 2) Belenos/Keymed: TSLP/IL-13 bispecific BEL512

SBP to buy additional 5% equity stake in its core subsidiary CTTQ; SMMT, BeOne, Ollin/Innovent updated phase 3 studies in clnicaltrial.gov for ivonescimab, B7H4 ADC, and VEGF/Ang blab, respectively...


Hong Kong

Insilico Medicine is an artificial intelligence (AI)-based biotechnology company that applies AI solutions to drug discovery and development, leveraging its proprietary Pharma.AI platform to identify and design early-stage drug candidates. The company develops novel drugs for various diseases, including cancer, fibrosis, immunity, and central nervous system disorders, and predicts clinical trial outcomes. Insilico Medicine was founded in 2014 and is headquartered in New Territories, Hong Kong.

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Insilico Medicine (3696 HK)

China Healthcare Weekly Wrap (21-25 Sep)

We highlight 1) key studies to watch for upcoming October's ESMO updates, 2) deal flows Innocare/Lilly, BoomRay/Novartis, Earendil Labs...

Wilfred Yuen

Aequitas: Insilico Lockup Expiry - US$2.4bn Lockup Expiry with CCASS Movement

Insilico Medicine (3696 HK) raised around US$335m in its Hong Kong IPO in December 2025. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

InSilico Medicine (ISM HK): AI-Powered Drug Discovery Drives 2025 Result; Signs New Deal with Lilly

Insilico continues its dealmaking streak, with signing a new deal with SK Biopharmaceuticals for AI-enabled design and optimization of drug...

Tina Banerjee

APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Hansoh’s risvutatug rezetecan has been included in NMPA’s Priority Review. InSilico initiates rentosertib Phase 3 trial in IPF. Samsung Biologics...

Tina Banerjee

China Healthcare Weekly Wrap (7-11 Sep)

1) Insilico AI drug could slow aging indicated by early data; 2) Genscript US$300m placing for AIDD capex; 3) two long-acting TSLP-targeting drugs...

Wilfred Yuen

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