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

Kintor Pharmaceutical / Equity Capital Markets

<p>Kintor was founded by Chinese academic researchers returning from overseas. It has two main drugs, proxalutamide which targets prostate cancer and breast cancer, and pyrilutamide which targets androgenic alopecia. </p><p>The most advanced drug candidate, proxalutamide, entered into Phase III clinical trial and the NDA for mCRPC indication could be submitted as early as 2020 based on interim results. Having said that the clinical trial for TNBC is still in the early stage of development. </p><p>Pyrilutamide which treats hair loss (androgenic alopecia) is still years away from commercialization. We are of the view that competition for the targeted indication for androgenic alopecia is intense with many generics of early generation drugs available in the market.</p><p>The company is backed by reputable domestic investors. In terms of management experience, the key founder has academic experiences in cancer research but lacks track records in bringing drug candidates from pre-clinical research to commercialization. </p><p>In this note, we will provide our thoughts on the company's risk-adjusted valuation on its assets. We valued the company's clinical-stage assets at USD 666 million. </p><h2>Our previous coverage on Kintor Pharma:</h2><ul><li dir="ltr"><p><a href="https://www.smartkarma.com/insights/kintor-pharma-pre-ipo-interesting-prostate-cancer-drug-but-low-in-core-assets" target="_blank" rel="noopener">Kintor Pharma (开拓药业) Pre-IPO: Interesting prostate cancer drug but low in core assets</a></p></li></ul><hr><div><p>If you have not read our 2019 IPO Analytic Series, please have a look:</p></div><div><div><h2>Aequitas Research 2019 IPO Analytics</h2></div></div><div><ul>
<li><a href="https://www.smartkarma.com/insights/aequitas-2019-ipos-and-placements-performance-things-we-got-right-wrong-and-things-we-plan-to-do" target="_blank" rel="noopener">Aequitas 2019  IPOs and Placements Performance - Things we got right/wrong and things we plan to do</a></li>
<li><a href="https://www.smartkarma.com/insights/2019-hong-kong-ipo-analytics-highlight-of-brokers-and-sectors-performance" target="_blank" rel="noopener">2019 Hong Kong IPO Analytics: Highlight of Brokers’ and Sectors’ Performance</a></li>
<li><a href="https://www.smartkarma.com/insights/2019-hong-kong-ipo-analytics-how-did-insti-and-retail-coverage-impact-deal-performance" target="_blank" rel="noopener">2019 Hong Kong IPO Analytics: How Did Insti and Retail Coverage Impact Deal Performance</a></li>
</ul></div>

Kintor was founded by Chinese academic researchers returning from overseas. It has two main drugs, proxalutamide which targets prostate cancer and breast cancer, and pyrilutamide which targets androgenic alopecia. The most advanced drug candidate, proxalutamide, entered into Phase III clinical trial and the NDA for mCRPC indication could be submitted as early as 2020 based on interim results. Having said that the clinical trial for TNBC is still in the early stage of development. Pyrilutamide which treats hair loss (androgenic alopecia) is still years away from commercialization. We are of the view that competition for the targeted indication for androgenic alopecia is intense with many generics of early generation drugs available in the market.The company is backed by reputable domestic investors. In terms of management experience, the key founder has academic experiences in cancer research but lacks track records in bringing drug candidates from pre-clinical research to commercialization. In this note, we will provide our thoughts on the company's risk-adjusted valuation on its assets. We valued the company's clinical-stage assets at USD 666 million. Our previous coverage on Kintor Pharma:Kintor Pharma (开拓药业) Pre-IPO: Interesting prostate cancer drug but low in core assetsIf you have not read our 2019 IPO Analytic Series, please have a look:Aequitas Research 2019 IPO Analytics
Aequitas 2019  IPOs and Placements Performance - Things we got right/wrong and things we plan to do
2019 Hong Kong IPO Analytics: Highlight of Brokers’ and Sectors’ Performance
2019 Hong Kong IPO Analytics: How Did Insti and Retail Coverage Impact Deal Performance


Kintor Pharma (开拓药业) Pre-IPO: Thoughts on Valuation

<p>Kintor was founded by Chinese academic researchers returning from overseas. It has two main drugs, proxalutamide which targets prostate cancer and breast cancer, and pyrilutamide which targets androgenic alopecia. </p><p>The most advanced drug candidate, proxalutamide, entered into Phase III clinical trial and the NDA for mCRPC indication could be submitted as early as 2020 based on interim results. Having said that the clinical trial for TNBC is still in the early stage of development. </p><p>Pyrilutamide which treats hair loss is still years away from commercialization. We are of the view that competition for the targeted indication is intense with many generics of early generation drugs in the market.</p><p>The company is backed by reputable domestic investors. In terms of management experience, the key founder has academic experiences in cancer research but lacks track records in bringing drug candidates from pre-clinical research to commercialization.</p><hr><div><p>If you have not read our 2019 IPO Analytic Series, please have a look:</p></div><div><div><h2>Aequitas Research 2019 IPO Analytics</h2></div></div><div><ul>
<li><a href="https://www.smartkarma.com/insights/aequitas-2019-ipos-and-placements-performance-things-we-got-right-wrong-and-things-we-plan-to-do" target="_blank" rel="noopener">Aequitas 2019  IPOs and Placements Performance - Things we got right/wrong and things we plan to do</a></li>
<li><a href="https://www.smartkarma.com/insights/2019-hong-kong-ipo-analytics-highlight-of-brokers-and-sectors-performance" target="_blank" rel="noopener">2019 Hong Kong IPO Analytics: Highlight of Brokers’ and Sectors’ Performance</a></li>
<li><a href="https://www.smartkarma.com/insights/2019-hong-kong-ipo-analytics-how-did-insti-and-retail-coverage-impact-deal-performance" target="_blank" rel="noopener">2019 Hong Kong IPO Analytics: How Did Insti and Retail Coverage Impact Deal Performance</a></li>
</ul></div>

Kintor was founded by Chinese academic researchers returning from overseas. It has two main drugs, proxalutamide which targets prostate cancer and breast cancer, and pyrilutamide which targets androgenic alopecia. The most advanced drug candidate, proxalutamide, entered into Phase III clinical trial and the NDA for mCRPC indication could be submitted as early as 2020 based on interim results. Having said that the clinical trial for TNBC is still in the early stage of development. Pyrilutamide which treats hair loss is still years away from commercialization. We are of the view that competition for the targeted indication is intense with many generics of early generation drugs in the market.The company is backed by reputable domestic investors. In terms of management experience, the key founder has academic experiences in cancer research but lacks track records in bringing drug candidates from pre-clinical research to commercialization.If you have not read our 2019 IPO Analytic Series, please have a look:Aequitas Research 2019 IPO Analytics
Aequitas 2019  IPOs and Placements Performance - Things we got right/wrong and things we plan to do
2019 Hong Kong IPO Analytics: Highlight of Brokers’ and Sectors’ Performance
2019 Hong Kong IPO Analytics: How Did Insti and Retail Coverage Impact Deal Performance


Kintor Pharma (开拓药业) Pre-IPO: Interesting Prostate Cancer Drug but Low in Core Assets

China

Kintor Pharmaceutical Limited develops and markets drugs. The Company produces and sells androgen receptor antagonists, small molecule innovative drugs, and other products. Kintor Pharmaceutical markets its products primarily throughout China with limited overseas.

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Kintor Pharmaceutical (9939 HK)

Kintor Pharma (开拓药业) Pre-IPO: Thoughts on Valuation

Kintor was founded by Chinese academic researchers returning from overseas. It has two main drugs, proxalutamide which targets prostate cancer and...

Ke Yan, CFA, FRM

Kintor Pharma (开拓药业) Pre-IPO: Interesting Prostate Cancer Drug but Low in Core Assets

Kintor was founded by Chinese academic researchers returning from overseas. It has two main drugs, proxalutamide which targets prostate cancer and...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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