Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanjing-leads-biolabs-co-ltd" target="_blank" data-smartkarma-citation="entities:44126:1" rel="noopener">Nanjing Leads Biolabs (NLB HK)</a> entered into an exclusive global license agreement with Dianthus Therapeutics to jointly advance LBL-047, a first and potentially best-in-class pre-clinical asset.</li>
<li>Leads Biolabs will receive upfront and potential near-term milestone payments up to $38M and an additional $962M in total development and regulatory approval milestones and sales-based milestones across multiple indications.</li>
<li>Promising autoimmune drug candidate and sufficient cash runway make Dianthus a suitable outlicensing partner for Leads Biolabs. Since LBL-047 is a pre-clinical asset, the upfront payment seems competitive. </li>
</ul>



Nanjing Leads Biolabs (NLB HK) entered into an exclusive global license agreement with Dianthus Therapeutics to jointly advance LBL-047, a first and potentially best-in-class pre-clinical asset.
Leads Biolabs will receive upfront and potential near-term milestone payments up to $38M and an additional $962M in total development and regulatory approval milestones and sales-based milestones across multiple indications.
Promising autoimmune drug candidate and sufficient cash runway make Dianthus a suitable outlicensing partner for Leads Biolabs. Since LBL-047 is a pre-clinical asset, the upfront payment seems competitive. 


Nanjing Leads Biolabs (NLB HK): Bags Outlicensing Deal for Pre-Clinical Drug Candidate

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>ADCs. Leads Biolabs focuses on developing immunotherapies involving immune checkpoints, such as co-stimulatory agonists and checkpoint inhibitors, while expanding into other areas, such as CD3 T-cell engagers and ADCs.</li><li>The Company has developed proprietary LeadsBody platform (CD3 T-cell engager platform) and X-body platform (4-1BB engager platform).</li><li>These platforms serve as engines to drive continuous drug innovations. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ADCs. Leads Biolabs focuses on developing immunotherapies involving immune checkpoints, such as co-stimulatory agonists and checkpoint inhibitors, while expanding into other areas, such as CD3 T-cell engagers and ADCs.The Company has developed proprietary LeadsBody platform (CD3 T-cell engager platform) and X-body platform (4-1BB engager platform).These platforms serve as engines to drive continuous drug innovations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Leads Biolabs (9887 HK) - Developing Next-Generation Immuno-Oncology Therapies

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Nanjing Leads Biolabs / Equity Capital Markets

<ul>
<li>Even if the first indication of LBL-024 is approved, it wouldn't bring significant performance growth due to small market size for EP-NEC. Commercialization prospects of LBL-007 are also not optimistic.</li>
<li>Leads Biolabs’ CD3 pipelines would have higher hope to be successful. However, early-stage investors transferred their equity at a discount before IPO, which may reflect their concerns about the prospects.</li>
<li>Comfortable valuation is RMB3-4bn, which provides investors with a greater margin of safety.Especially in the context of current bull market of innovative drugs, biotech valuation has been full of bubble </li>
</ul>


Even if the first indication of LBL-024 is approved, it wouldn't bring significant performance growth due to small market size for EP-NEC. Commercialization prospects of LBL-007 are also not optimistic.
Leads Biolabs’ CD3 pipelines would have higher hope to be successful. However, early-stage investors transferred their equity at a discount before IPO, which may reflect their concerns about the prospects.
Comfortable valuation is RMB3-4bn, which provides investors with a greater margin of safety.Especially in the context of current bull market of innovative drugs, biotech valuation has been full of bubble 


Pre-IPO Nanjing Leads Biolabs (PHIP Updates) - Thoughts on the Valuation and the Outlook

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.

<ul>
<li>Leads Biolabs raised HKD 1290m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, July 24th.</li>
<li>In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Leads Biolabs raised HKD 1290m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, July 24th.
In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.


Leads Biolabs (维立志生物) Trading Update

<ul>
<li>Nanjing Leads Biolabs has launched HK$1.1B IPO to fund its ongoing and planned clinical development and regulatory affairs of pipeline assets. The company has fetched cornerstone investment of ~HK$ 542M.</li>
<li>Lead product candidate, LBL-024 is being evaluated for extra-pulmonary neuroendocrine carcinoma. Leads Biolabs expects to file the first BLA for LBL-024 by 3Q26 and anticipate obtaining conditional approval by 2Q27.</li>
<li>Positive investor sentiment toward Chinese biotech companies and near-term catalyst being Phase 3 data readout for LBL-024 in early 2026 are the main reasons to subscribe.</li>
</ul>


Nanjing Leads Biolabs has launched HK$1.1B IPO to fund its ongoing and planned clinical development and regulatory affairs of pipeline assets. The company has fetched cornerstone investment of ~HK$ 542M.
Lead product candidate, LBL-024 is being evaluated for extra-pulmonary neuroendocrine carcinoma. Leads Biolabs expects to file the first BLA for LBL-024 by 3Q26 and anticipate obtaining conditional approval by 2Q27.
Positive investor sentiment toward Chinese biotech companies and near-term catalyst being Phase 3 data readout for LBL-024 in early 2026 are the main reasons to subscribe.


Nanjing Leads Biolabs IPO: Lead Asset Targets Niche Market; Path to Success Still Long

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Nanjing Leads Biolabs (NLB HK)