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

Legend Biotech Corp / Equity Capital Markets

Legend Biotech, a subsidiary of Hong Kong-listed GenScript, is planning to raise up to USD 300 million via an IPO. The company has a strong focus on CAR-T therapy. Its LCAR-B38M/JNJ-4528 is one of the most advanced CAR-T therapy targeting BCMA for the r/r MM indication. We think its clinical results from Phase II have been very positive. The company's collaboration with Jassen is also a strong selling point that provides evidence of the company's R&amp;D capability and the prospect of the company's products, which also complement J&amp;J's top-selling MM drug Darzalex. In addition to the collaboration with J&amp;J, the company also received Series A investment from reputable global healthcare investors.  We think the CAR-T could be a good solution for the r/r (second line and above) indications of lymphoma patients that are unable to get cured from existing drugs, but it will unlikely become the first line treatment given its high price tag and the logistical challenges. We are also not hopeful for the CAR-T treatment for the solid tumor given that the microenvironment is very different from the lymph system and hence there's an issue for CAR-T cells to enter the tumor microenvironment and kill tumor cells. CAR-T therapies targeting solid tumor indications have not been successful.

Legend Biotech, a subsidiary of Hong Kong-listed GenScript, is planning to raise up to USD 300 million via an IPO. The company has a strong focus on CAR-T therapy. Its LCAR-B38M/JNJ-4528 is one of the most advanced CAR-T therapy targeting BCMA for the r/r MM indication. We think its clinical results from Phase II have been very positive. The company's collaboration with Jassen is also a strong selling point that provides evidence of the company's R&amp;D capability and the prospect of the company's products, which also complement J&amp;J's top-selling MM drug Darzalex. In addition to the collaboration with J&amp;J, the company also received Series A investment from reputable global healthcare investors.  We think the CAR-T could be a good solution for the r/r (second line and above) indications of lymphoma patients that are unable to get cured from existing drugs, but it will unlikely become the first line treatment given its high price tag and the logistical challenges. We are also not hopeful for the CAR-T treatment for the solid tumor given that the microenvironment is very different from the lymph system and hence there's an issue for CAR-T cells to enter the tumor microenvironment and kill tumor cells. CAR-T therapies targeting solid tumor indications have not been successful. 

Legend Biotech (传奇生物) Pre-IPO: All-Stars Except for the Small Indication

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<a href="https://www.smartkarma.com/entities/legend-biotech" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech (BLG US)</a> is one of the leading companies in developing CAR-T cell therapies in China, having received clearance for the first CAR-T cell therapy IND application by the NMPA. Legend is a majority-owned (76.9%) subsidiary of <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>. Legend has filed for a Nasdaq IPO to raise proceeds $300 million, according to press reports. <div class="content-highlight">Legend’s lead product candidate is LCAR-B38M/JNJ-4528 which is being co-developed with Janssen, which is owned by <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>. LCAR-B38M refers to the product candidate being studied in China, and JNJ-4528, refers to the product candidate being studied in the rest of the world. Overall, we believe that the solid prospects for the lead product along with the strong shareholder register make the IPO worth a closer look. </div>

Legend Biotech (BLG US) is one of the leading companies in developing CAR-T cell therapies in China, having received clearance for the first CAR-T cell therapy IND application by the NMPA. Legend is a majority-owned (76.9%) subsidiary of Genscript Biotech (1548 HK). Legend has filed for a Nasdaq IPO to raise proceeds $300 million, according to press reports. Legend’s lead product candidate is LCAR-B38M/JNJ-4528 which is being co-developed with Janssen, which is owned by Johnson &amp; Johnson (JNJ US). LCAR-B38M refers to the product candidate being studied in China, and JNJ-4528, refers to the product candidate being studied in the rest of the world. Overall, we believe that the solid prospects for the lead product along with the strong shareholder register make the IPO worth a closer look. 

Legend Biotech IPO Initiation: Choosing Therapies À La CAR-T

China

Legend Biotech Corporation operates as a biopharmaceutical company. The Company engages in discovery and development of novel cell therapies for oncology and other indications. Legend Biotech serves customers in the State of New Jersey.

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Legend Biotech Corp (LEGN US)

Legend Biotech (传奇生物) Pre-IPO: All-Stars Except for the Small Indication

Legend Biotech, a subsidiary of Hong Kong-listed GenScript, is planning to raise up to USD 300 million via an IPO. The company has a strong focus...

Ke Yan, CFA, FRM

Legend Biotech IPO Initiation: Choosing Therapies À La CAR-T

Legend Biotech (BLG US) is one of the leading companies in developing CAR-T cell therapies in China, having received clearance for the first CAR-T...

Arun George

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52-week Range

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