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.

Equity Capital Markets

Genor Biopharma Holdings  / Equity Capital Markets

Gencor Biopharmaceutical (hereafter Gencor) is a China based biotech company with a focus on oncology and autoimmune drugs with development programs for both China and global market. The company's main portfolio is BG491 (best-in-class CDK4/6), GB226 (PD-1), and three biosimilars (trastuzumab, infliximab, bevacizumab).While the CDK4/6 was a licensed-in product in 2020 and is potentially best-in-class oral CDK4/6 inhibitor for HR+/HER2- breast cancer in terms of tolerability, we think its slow R&amp;D is evidenced by the GB226 (PD-1 candidate) that it is still in Phase 2 trial of PD-1 five years after licensing from Crown Bioscience, as well as GB221 (me-too of trastuzumab) which is still in Phase 3 after four years. After the change of ownership and pre-IPO financing in 2018 and 2019, the company is now backed by a decent line-up of institutional investors led by Hillhouse Capital. We note the key product GB491 (potentially best- in-class-CDK4/6) was in-licensed after the investment by Hillhouse Capital. We think there have been positive changes to the company in the past two years but its R&amp;D capability remains to be proven.

Gencor Biopharmaceutical (hereafter Gencor) is a China based biotech company with a focus on oncology and autoimmune drugs with development programs for both China and global market. The company's main portfolio is BG491 (best-in-class CDK4/6), GB226 (PD-1), and three biosimilars (trastuzumab, infliximab, bevacizumab).While the CDK4/6 was a licensed-in product in 2020 and is potentially best-in-class oral CDK4/6 inhibitor for HR+/HER2- breast cancer in terms of tolerability, we think its slow R&amp;D is evidenced by the GB226 (PD-1 candidate) that it is still in Phase 2 trial of PD-1 five years after licensing from Crown Bioscience, as well as GB221 (me-too of trastuzumab) which is still in Phase 3 after four years. After the change of ownership and pre-IPO financing in 2018 and 2019, the company is now backed by a decent line-up of institutional investors led by Hillhouse Capital. We note the key product GB491 (potentially best- in-class-CDK4/6) was in-licensed after the investment by Hillhouse Capital. We think there have been positive changes to the company in the past two years but its R&amp;D capability remains to be proven. 

Genor (嘉和生物) Pre-IPO: Slow R&D Progress in the past but that Might Change

China

Genor Biopharma Holdings Ltd operates as a biopharmaceutical company. The Company focuses on developing and commercializing oncology and autoimmune drugs. Genor Biopharma Holdings serves customers worldwide.

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Genor Biopharma Holdings (6998 HK)

Genor (嘉和生物) Pre-IPO: Slow R&D Progress in the past but that Might Change

Gencor Biopharmaceutical (hereafter Gencor) is a China based biotech company with a focus on oncology and autoimmune drugs with development...

Ke Yan, CFA, FRM

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