Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Jiangxi Institute of Biological Products / Equity Capital Markets

Jiangxi Institute of Biological Products (JIBP HK)

<ul>
<li>Jiangxi Institute of Biological Products, the largest provider and exporter of human tetanus antitoxins (TAT) in China, has launched its HK IPO consisting of 36M H shares.</li>
<li>The indicative offer price range has been fixed at HK$9.33–13.06 per share. The company intends to raise HK$473M, mainly to fund R&amp;D and construction and expansion of new facilities.</li>
<li>The subscription period will close on June 25, with shares expected to make trading debut on June 30. CICC, CMS, and Futu Securities are the joint sponsors to the issue.</li>
</ul>


Jiangxi Institute of Biological Products, the largest provider and exporter of human tetanus antitoxins (TAT) in China, has launched its HK IPO consisting of 36M H shares.
The indicative offer price range has been fixed at HK$9.33–13.06 per share. The company intends to raise HK$473M, mainly to fund R&amp;D and construction and expansion of new facilities.
The subscription period will close on June 25, with shares expected to make trading debut on June 30. CICC, CMS, and Futu Securities are the joint sponsors to the issue.


Jiangxi Biology IPO: Key Product Enjoys Global Market Leadership; Pipeline Lends Visibility

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical entered drug discovery collaboration with AstraZeneca in a deal worth of $1.7B+. Abbisko Cayman is collaborating with AstraZeneca to jointly develop a novel IO-TKI combination therapy for NSCLC.</li>
<li>Insilico inked AI drug discovery deal with Takeda Pharmaceutical worth up to $600M. Nippon Shinyaku secured exclusive worldwide rights to develop and commercialize EXG-7001 for DMD from Elixirgen Therapeutics.</li>
<li>Otsuka’s Voyxact demonstrated significant stabilization of kidney function, with evidence of improvement over two years in Phase 3 trial. EMA recommended to pull CSL’s Tavneos from sale in the EU.</li>
</ul>


CSPC Pharmaceutical entered drug discovery collaboration with AstraZeneca in a deal worth of $1.7B+. Abbisko Cayman is collaborating with AstraZeneca to jointly develop a novel IO-TKI combination therapy for NSCLC.
Insilico inked AI drug discovery deal with Takeda Pharmaceutical worth up to $600M. Nippon Shinyaku secured exclusive worldwide rights to develop and commercialize EXG-7001 for DMD from Elixirgen Therapeutics.
Otsuka’s Voyxact demonstrated significant stabilization of kidney function, with evidence of improvement over two years in Phase 3 trial. EMA recommended to pull CSL’s Tavneos from sale in the EU.


APAC Healthcare Weekly (July 5) – CSPC, Abbisko, Insilico, Takeda, Nippon Shinyaku, Otsuka, CSL

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP)  is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.</li>
<li>This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance. </li>
<li>Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.</li>
</ul>


In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP)  is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.
This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance. 
Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.


Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Jiangxi Institute of Biological Products (JIBP HK)

Jiangxi Biology IPO: Key Product Enjoys Global Market Leadership; Pipeline Lends Visibility

Jiangxi Biology has launched HK IPO consisting of 36M H shares at HK$9.33–13.06 per share to fund R&D and construction and expansion of new...

Tina Banerjee

APAC Healthcare Weekly (July 5) – CSPC, Abbisko, Insilico, Takeda, Nippon Shinyaku, Otsuka, CSL

CSPC, Insilico, and Abiisko inked outlicensing deals with international companies. Nippon Shinyaku inlicenses DMD drug candidate. EMA recommends to...

Tina Banerjee

Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

Jiangxi Institute of Biological Products leads in Human TAT with strong profitability, but future growth may slow. Technical barriers/global...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jiangxi Biology IPO: Key Product Enjoys Global Market Leadership; Pipeline Lends Visibility

Jiangxi Biology has launched HK IPO consisting of 36M H shares at HK$9.33–13.06 per share to fund R&D and construction and expansion of new...

Tina Banerjee

APAC Healthcare Weekly (July 5) – CSPC, Abbisko, Insilico, Takeda, Nippon Shinyaku, Otsuka, CSL

CSPC, Insilico, and Abiisko inked outlicensing deals with international companies. Nippon Shinyaku inlicenses DMD drug candidate. EMA recommends to...

Tina Banerjee

Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

​Jiangxi Institute of Biological Products leads in Human TAT with strong profitability, but future growth may slow. Technical barriers/global...

Xinyao (Criss) Wang

Jiangxi Institute of Biological Products leads in Human TAT with strong profitability, but future growth may slow. Technical barriers/global...