Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

Sciclone Pharmaceuticals / Equity Capital Markets

SciClone Pharmaceuticals is a China-based company that has filed to list on the HKEX. The company primarily sells products in-licensed from third parties and provides promotion services. We expect concerns about Volume-Based Procurement for Zadaxin to weigh on the valuation until new products can offset potential pressures. As a result, we would pass on the deal.

SciClone Pharmaceuticals is a China-based company that has filed to list on the HKEX. The company primarily sells products in-licensed from third parties and provides promotion services. We expect concerns about Volume-Based Procurement for Zadaxin to weigh on the valuation until new products can offset potential pressures. As a result, we would pass on the deal. 

SciClone Pharmaceuticals: Caged by the Elephant

Equity Bottom-Up

BeiGene has outlicensed ex-China rights to its PD-1 tislelizumab to Novartis on favorable terms, validating the competitive position of this compound in a crowded market. Further, the agreement marks a growing trend of Chinese companies outlicensing products to multinationals, which can have a leveraged benefit on their P&amp;Ls and valuations.

BeiGene has outlicensed ex-China rights to its PD-1 tislelizumab to Novartis on favorable terms, validating the competitive position of this compound in a crowded market. Further, the agreement marks a growing trend of Chinese companies outlicensing products to multinationals, which can have a leveraged benefit on their P&amp;Ls and valuations.

BeiGene: Novartis Grabs Tislelizumab Rights

Alibaba Health Information Tec / Equity Bottom-Up

This Insight summarizes the takeaways from a recent China healthcare industry conference focused on biopharmaceuticals and medical devices, and builds on our Originals Insight <a href="https://www.smartkarma.com/insights/asian-healthcare-coming-of-age" target="_blank" data-smartkarma-citation="insights:45676" rel="noopener">Asian Healthcare - Coming of Age</a>.  Topics addressed include value-based purchasing for drugs and devices; development of commercial health insurance; internet hospitals and online pharmacies; DRGs for hospitals; issues for medical device companies; and amendments to China's patent laws.

This Insight summarizes the takeaways from a recent China healthcare industry conference focused on biopharmaceuticals and medical devices, and builds on our Originals Insight Asian Healthcare - Coming of Age.  Topics addressed include value-based purchasing for drugs and devices; development of commercial health insurance; internet hospitals and online pharmacies; DRGs for hospitals; issues for medical device companies; and amendments to China's patent laws.

Eddingpharm is a China-based pharmaceutical company that has filed an Application Proof to list on the HKEX. The product line consist of older drugs with varying degrees of exposure to the government's VBP/GQCE program. The development pipeline has two intriguing candidates that should come to market in 2022. We think the overarching issue for the shares will be whether enthusiasm for the pipeline can offset the VBP-related overhang. 
This Insight addresses the company's products and market opportunity, and leave other topics to a future Insight. Our Bullish tag is a placeholder until we get closer to an offering.

Eddingpharm is a China-based pharmaceutical company that has filed an Application Proof to list on the HKEX. The product line consist of older drugs with varying degrees of exposure to the government's VBP/GQCE program. The development pipeline has two intriguing candidates that should come to market in 2022. We think the overarching issue for the shares will be whether enthusiasm for the pipeline can offset the VBP-related overhang. 
This Insight addresses the company's products and market opportunity, and leave other topics to a future Insight. Our Bullish tag is a placeholder until we get closer to an offering.

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.

TOT Biopharm International / Equity Capital Markets

TOT Biopharm, a China-based clinical-stage biopharmaceutical company, plans to raise at least USD 100 million from its listing on the Hong Kong Stock Exchange. In this insight, we will look at the company's product pipeline, and the company's shareholders and management team. 
With only one Avastin biosimilar in the near-commercial stage clinical trial, we think the company's portfolio and the experience of the management team are not impressive.

TOT Biopharm, a China-based clinical-stage biopharmaceutical company, plans to raise at least USD 100 million from its listing on the Hong Kong Stock Exchange. In this insight, we will look at the company's product pipeline, and the company's shareholders and management team. 
With only one Avastin biosimilar in the near-commercial stage clinical trial, we think the company's portfolio and the experience of the management team are not impressive. 

TOT Biopharm (东曜药业) IPO: An Unimpressive Pipeline

Hong Kong

Lee's Pharmaceutical Holdings Limited develops, manufactures and sells quality biopharmaceutical products that focus on combating cardiovascular diseases and viral sexually transmitted diseases.

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Lee's Pharmaceutical (950 HK)

SciClone Pharmaceuticals: Caged by the Elephant

SciClone Pharmaceuticals is a China-based company that has filed to list on the HKEX. We expect concerns about VBP for Zadaxin to weigh on the...

Kemp Dolliver, CFA

BeiGene: Novartis Grabs Tislelizumab Rights

BeiGene's deal with Novartis for PD-1 tislelizumab validates its competitive position, and marks a rising trend of Chinese companies licensing...

Kemp Dolliver, CFA

China Healthcare: Macro Themes

This Insight summarizes the takeaways from a recent China healthcare industry conference. There is much talk of pressures on the industry, but...

Kemp Dolliver, CFA

Eddingpharm: First Impressions

Eddingpharm plans to list on the HKEX. This Insight analyzes the company's products and pipeline. The main question is whether enthusiasm for the...

Kemp Dolliver, CFA

TOT Biopharm (东曜药业) IPO: An Unimpressive Pipeline

TOT Biopharm, a China-based clinical-stage biopharmaceutical company, plans to raise at least USD 100 million from its listing on the Hong Kong...

Ke Yan, CFA, FRM

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