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

Keymed Biosciences / Equity Capital Markets

Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology, is looking to raise up to USD 300m via a Hong Kong listing.  In this note, we look at the three key products of the company, namely CM310 (IL-4Rα), CM326 (TSLP) and CMG901 (Claudin 18.2). The company has a differentiated product portfolio with a focus on allergic diseases, including CM310 and CM326 which complement each other for allergic diseases. Both CM310 and CM326 are leading the R&amp;D progress in respective targets. CMG901 is the first CLDN 18.2 that received IND approval worldwide. The drawback for the company is that it is still three years away from commercialization and the ramp-up will not be that fast for allergic disease as compared to blockbuster oncology drugs. The company was founded by a management team with proven success in drug R&amp;D which features founder as R&amp;D leader in the first PD-1 drug nivolumab. Overall, we think the differentiated product offering is interesting to investors.

Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology, is looking to raise up to USD 300m via a Hong Kong listing.  In this note, we look at the three key products of the company, namely CM310 (IL-4Rα), CM326 (TSLP) and CMG901 (Claudin 18.2). The company has a differentiated product portfolio with a focus on allergic diseases, including CM310 and CM326 which complement each other for allergic diseases. Both CM310 and CM326 are leading the R&amp;D progress in respective targets. CMG901 is the first CLDN 18.2 that received IND approval worldwide. The drawback for the company is that it is still three years away from commercialization and the ramp-up will not be that fast for allergic disease as compared to blockbuster oncology drugs. The company was founded by a management team with proven success in drug R&amp;D which features founder as R&amp;D leader in the first PD-1 drug nivolumab. Overall, we think the differentiated product offering is interesting to investors.

Keymed (康诺亚生物) Pre-IPO: Differentiated Products but Far from Commercialization

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

On April 8, 2021, <a href="https://www.smartkarma.com/entities/keymed-biosciences-inc" target="_blank" data-smartkarma-citation="entities:33011:1" rel="noopener">Keymed Biosciences Inc (KBS HK)</a> filed a prospectus with the Hong Kong Stock Exchange to apply for a main board listing. It is worth mentioning that, the major competing product, Sanofi’s Dupixent (dupilumab) was approved in China last year for the indication of moderate-to-severe atopic dermatitis (AD) in adults and was successfully included in the medical insurance catalogue in December 2020, becoming the only targeted biological agent for the treatment of moderate-to-severe AD in the catalogue. On the other hand, the core product of Keymed, CM310, was just at phase II clinical trial, far lagging behind Dupixent. Besides, the Company has no products approved for commercial sale at present. So it is not surprising that Keymed plans to go public for financing so as to accelerate the development and commercialization of the its product candidates.

On April 8, 2021, Keymed Biosciences Inc (KBS HK) filed a prospectus with the Hong Kong Stock Exchange to apply for a main board listing. It is worth mentioning that, the major competing product, Sanofi’s Dupixent (dupilumab) was approved in China last year for the indication of moderate-to-severe atopic dermatitis (AD) in adults and was successfully included in the medical insurance catalogue in December 2020, becoming the only targeted biological agent for the treatment of moderate-to-severe AD in the catalogue. On the other hand, the core product of Keymed, CM310, was just at phase II clinical trial, far lagging behind Dupixent. Besides, the Company has no products approved for commercial sale at present. So it is not surprising that Keymed plans to go public for financing so as to accelerate the development and commercialization of the its product candidates. 

Pre-IPO Keymed Biosciences - Challenges Are Inevitable Despite Some Advantages on Pipeline

China

Keymed Biosciences is a biotechnology company focused on the in-house discovery and development of innovative biological therapies for autoimmune diseases and oncology. Their pipeline includes over 50 programs, with key products like Kangyueda® (Stapokibart, CM310) for atopic dermatitis, chronic rhinosinusitis with nasal polyps, and seasonal allergic rhinitis. The company was founded in 2016 and is headquartered in Chengdu, China.

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Keymed Biosciences (2162 HK)

Keymed (康诺亚生物) Pre-IPO: Differentiated Products but Far from Commercialization

We highlight that Keymed is led by experienced management team with strong R&D track record which is evidenced by its differentiated product pipeline.

Ke Yan, CFA, FRM

Pre-IPO Keymed Biosciences - Challenges Are Inevitable Despite Some Advantages on Pipeline

This article analyzed Keymed Biosciences in terms of the insights on core product CM310 and two key products CM326 and CMG901, the advantages, the...

Xinyao (Criss) Wang

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