Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Equity Capital Markets

Samsung Biologics   / Equity Capital Markets

Samsung BioLogics is quite busy with NDR this week. BioLogics executives are doing their best to justify the proposed valuation for BioLogics IPO. It is not hard to figure out that the proposed valuation is quite inflated given that the company has never made any profit since its inception. Basically, BioLogics is arguing that its bio CMO (contract manufacturing organization) is worth ₩7.1tril and its 50% stake in Bioepis is worth ₩3.5tril. To come up with these valuations, BioLogics has used…

Samsung BioLogics is quite busy with NDR this week. BioLogics executives are doing their best to justify the proposed valuation for BioLogics IPO. It is not hard to figure out that the proposed valuation is quite inflated given that the company has never made any profit since its inception. Basically, BioLogics is arguing that its bio CMO (contract manufacturing organization) is worth ₩7.1tril and its 50% stake in Bioepis is worth ₩3.5tril. To come up with these valuations, BioLogics has used…

3 Main Debatable Points to Be Discussed in Samsung BioLogics NDR This Week

Samsung BioLogics has just filed an IPO report. I will summarize Samsung BioLogics IPO report in the following three parts:Part 1 - IPO ProceedingPart 2 - FinancialsPart 3 - ValuationBelow is Part 3 - Valuation.

Samsung BioLogics has just filed an IPO report. I will summarize Samsung BioLogics IPO report in the following three parts:Part 1 - IPO ProceedingPart 2 - FinancialsPart 3 - ValuationBelow is Part 3 - Valuation. 

Samsung BioLogics, Samsung Group's contract manufacturing organization (CMO) of bio logic drugs, is expected to seek preliminary approval from Korea Exchange on Thursday this week in an effort to go public on the main KOSPI market.It is currently the world's third-largest producer of biomedicines. Its annual production capacity is 180,000 liters, only behind Lonza (240,000 liters) and Boehringer Ingelheim (210,000 liters). Samsung BioLogics plans to use IPO money for expanding its annual…

Samsung BioLogics, Samsung Group's contract manufacturing organization (CMO) of bio logic drugs, is expected to seek preliminary approval from Korea Exchange on Thursday this week in an effort to go public on the main KOSPI market.It is currently the world's third-largest producer of biomedicines. Its annual production capacity is 180,000 liters, only behind Lonza (240,000 liters) and Boehringer Ingelheim (210,000 liters). Samsung BioLogics plans to use IPO money for expanding its annual…

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

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Morningstar, Inc.

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Thematic (Sector/Industry)

Democratic presidential candidates' potential drug policy reforms have pressured drug stocks, and ongoing political campaigns are likely to continue to create volatility despite the Republican-majority Congress and low probability of reforms passing into law.Among all the reforms, dual-eligible legislation—offering mandatory Medicaid-level drug rebates to some Medicare Part D beneficiaries— looks the most likely, and most impactful (5% earnings cut on average).Analysts: Karen Andersen, Damien Conover &amp; Kelsey Tsai

Democratic presidential candidates' potential drug policy reforms have pressured drug stocks, and ongoing political campaigns are likely to continue to create volatility despite the Republican-majority Congress and low probability of reforms passing into law.Among all the reforms, dual-eligible legislation—offering mandatory Medicaid-level drug rebates to some Medicare Part D beneficiaries— looks the most likely, and most impactful (5% earnings cut on average).Analysts: Karen Andersen, Damien Conover &amp; Kelsey Tsai

Low Odds of U.S. Drug Pricing Reforms Create Favorable Valuations

Switzerland

Lonza Group AG produces organic fine chemicals, biocides, active ingredients, and biotechnology products.  The Company offers custom chemical manufacturing and fermentation processing and manufactures its products for the life sciences, pharmaceuticals, food processing, and agricultural products industries.  Lonza operates production sites in Europe, the United States, and China.

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Lonza Group AG (LONN VX)

3 Main Debatable Points to Be Discussed in Samsung BioLogics NDR This Week

Samsung BioLogics is quite busy with NDR this week. BioLogics executives are doing their best to justify the proposed valuation for BioLogics IPO....

Sanghyun Park

Samsung BioLogics IPO Part 3 - Valuation

Samsung BioLogics has just filed an IPO report. I will summarize Samsung BioLogics IPO report in the following three parts:Part 1 - IPO...

Sanghyun Park

Samsung BioLogics IPO Valuation Debate

Samsung BioLogics, Samsung Group's contract manufacturing organization (CMO) of bio logic drugs, is expected to seek preliminary approval from...

Sanghyun Park

Low Odds of U.S. Drug Pricing Reforms Create Favorable Valuations

Democratic presidential candidates' potential drug policy reforms have pressured drug stocks, and ongoing political campaigns are likely to...

Morningstar, Inc.

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