Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio (298380 KS)</a> has secured equity investment of KRW22B (~$15M) from Eli Lilly. The issue price of KRW125,900 per share represents ~22% discount to last undisturbed closing price.</li>
<li>ABL Bio plans to use the proceeds to advance its core technologies, including bispecific antibody platform, Grabody and bispecific ADCs. ABL Bio has rich pipeline, with eight ongoing clinical projects.</li>
<li>From a long-term perspective, relationship with Lilly opens a broad range of collaborative opportunities to develop innovative therapies. We may see similar deals with other major global pharma companies.</li>
</ul>



ABLBio (298380 KS) has secured equity investment of KRW22B (~$15M) from Eli Lilly. The issue price of KRW125,900 per share represents ~22% discount to last undisturbed closing price.
ABL Bio plans to use the proceeds to advance its core technologies, including bispecific antibody platform, Grabody and bispecific ADCs. ABL Bio has rich pipeline, with eight ongoing clinical projects.
From a long-term perspective, relationship with Lilly opens a broad range of collaborative opportunities to develop innovative therapies. We may see similar deals with other major global pharma companies.


ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

NovaBridge Biosciences / Equity Capital Markets

<ul>
<li>NovaBridge Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CITIC are the joint sponsors.</li>
<li>In this note, we look at the company’s history and its core product, givastomig.</li>
<li>We are of the view that there is no fundamental improvement in the company, since it changed its name and restructured its China business.</li>
</ul>


NovaBridge Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CITIC are the joint sponsors.
In this note, we look at the company’s history and its core product, givastomig.
We are of the view that there is no fundamental improvement in the company, since it changed its name and restructured its China business.


NovaBridge (新桥生物) Pre-IPO Quick Take: A Renewed I-MAB?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio (298380 KS)</a> announced licensing agreement with <a href="https://www.smartkarma.com/entities/glaxosmithkline-plc" target="_blank" data-smartkarma-citation="entities:21960:1" rel="noopener">GlaxoSmithKline PLC (GSK LN)</a> to develop novel treatments for neurodegenerative diseases by utilizing ABL Bio’s blood-brain barrier (BBB) shuttle platform, Grabody-B.</li>
<li>ABL Bio is eligible to receive up to £2.075B in research, development, regulatory, and commercialization milestone payments across multiple potential programs. The company will receive tiered royalties on net sales.</li>
<li>Last October, ABL Bio completed the manufacturing technology transfer for ABL301, a bispecific antibody containing Grabody-B to treat Parkinson’s disease, to Sanofi and unlocked a milestone payment of $5M.</li>
</ul>



ABLBio (298380 KS) announced licensing agreement with GlaxoSmithKline PLC (GSK LN) to develop novel treatments for neurodegenerative diseases by utilizing ABL Bio’s blood-brain barrier (BBB) shuttle platform, Grabody-B.
ABL Bio is eligible to receive up to £2.075B in research, development, regulatory, and commercialization milestone payments across multiple potential programs. The company will receive tiered royalties on net sales.
Last October, ABL Bio completed the manufacturing technology transfer for ABL301, a bispecific antibody containing Grabody-B to treat Parkinson’s disease, to Sanofi and unlocked a milestone payment of $5M.


ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Hanx Biopharmaceuticals / Equity Capital Markets

<ul>
<li>CD47 has been considered “problematic” by the industry, so in order to prove its druggability, it usually requires very good clinical data, and cannot rely on “conjectures” such as BsAb. </li>
<li>There’s no compelling evidence to prove that the toxicity issue of CD47 can be resolved. There're concerns on the safety profile and efficacy of HX009/HX044, with high R&amp;D failure risks.</li>
<li>After Series B+ of financing in June 2024, post-investment valuation of Hanx reached about RMB1.6 billion. Due to slower R&amp;D progress. we think Hanx’s valuation should be lower than ImmuneOnco.  </li>
</ul>


CD47 has been considered “problematic” by the industry, so in order to prove its druggability, it usually requires very good clinical data, and cannot rely on “conjectures” such as BsAb. 
There’s no compelling evidence to prove that the toxicity issue of CD47 can be resolved. There're concerns on the safety profile and efficacy of HX009/HX044, with high R&amp;D failure risks.
After Series B+ of financing in June 2024, post-investment valuation of Hanx reached about RMB1.6 billion. Due to slower R&amp;D progress. we think Hanx’s valuation should be lower than ImmuneOnco.  


Pre-IPO Hanx Biopharmaceuticals - The Risk of Pipeline Development Failure Is High

Event-Driven

<ul>
<li>I-MAB claimed that this divesture is the best strategic choice to respond to the overall environment of China and the US. I-MAB needs to make changes to appease investors.</li>
<li>The real situation is not as beautiful as it seems.This divesture means I-MAB US has actually been "hollowed out", which is a big blow to I-MAB US and its investors. </li>
<li>With R&amp;D team/production base, I-MAB Hangzhou is able to tell more good stories in the future, which has completed C1 round financing and plans to IPO in A-share or HKEX.</li>
</ul>


I-MAB claimed that this divesture is the best strategic choice to respond to the overall environment of China and the US. I-MAB needs to make changes to appease investors.
The real situation is not as beautiful as it seems.This divesture means I-MAB US has actually been "hollowed out", which is a big blow to I-MAB US and its investors. 
With R&amp;D team/production base, I-MAB Hangzhou is able to tell more good stories in the future, which has completed C1 round financing and plans to IPO in A-share or HKEX.


I-Mab to Divest Chinese Assets and Business Operations for up to $80M - An Escape by Crafty Scheme

China

NovaBridge Biosciences is a biopharmaceutical company. The Company specializes in discovery, development, and commercialization of novel biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. NovaBridge Biosciences operates globally.

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NovaBridge Biosciences (NBP US)

ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities

ABLBio secured equity investment of KRW22B from Eli Lilly. ABL Bio plans to use the proceeds to advance its core technologies, including bispecific...

Tina Banerjee

NovaBridge (新桥生物) Pre-IPO Quick Take: A Renewed I-MAB?

NovaBridge seeks to raise $100 million through a HK listing with GS and CITIC as joint sponsors, but concerns remain about the company's lack of...

Ke Yan, CFA, FRM

ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline

ABLBio partners with GSK to develop CNS treatments using Grabody-B, potentially receiving up to £2.075B in milestone payments and royalties....

Tina Banerjee

Pre-IPO Hanx Biopharmaceuticals - The Risk of Pipeline Development Failure Is High

CD47's druggability is questioned in the industry, requiring strong clinical data to to turn things around. Hanx's pipeline has high failure R&D...

Xinyao (Criss) Wang

I-Mab to Divest Chinese Assets and Business Operations for up to $80M - An Escape by Crafty Scheme

The divesture means I-MAB US has been "hollowed out",which is a big blow to investors.I-MAB Hangzhou is able to tell more good stories with its...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities

ABLBio secured equity investment of KRW22B from Eli Lilly. ABL Bio plans to use the proceeds to advance its core technologies, including bispecific...

Tina Banerjee

NovaBridge (新桥生物) Pre-IPO Quick Take: A Renewed I-MAB?

​NovaBridge seeks to raise $100 million through a HK listing with GS and CITIC as joint sponsors, but concerns remain about the company's lack of...

Ke Yan, CFA, FRM

ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline

​ABLBio partners with GSK to develop CNS treatments using Grabody-B, potentially receiving up to £2.075B in milestone payments and royalties....

Tina Banerjee

Pre-IPO Hanx Biopharmaceuticals - The Risk of Pipeline Development Failure Is High

​CD47's druggability is questioned in the industry, requiring strong clinical data to to turn things around. Hanx's pipeline has high failure R&D...

Xinyao (Criss) Wang

I-Mab to Divest Chinese Assets and Business Operations for up to $80M - An Escape by Crafty Scheme

The divesture means I-MAB US has been "hollowed out",which is a big blow to investors.I-MAB Hangzhou is able to tell more good stories with its...

Xinyao (Criss) Wang

NovaBridge seeks to raise $100 million through a HK listing with GS and CITIC as joint sponsors, but concerns remain about the company's lack of...

ABLBio partners with GSK to develop CNS treatments using Grabody-B, potentially receiving up to £2.075B in milestone payments and royalties....

CD47's druggability is questioned in the industry, requiring strong clinical data to to turn things around. Hanx's pipeline has high failure R&D...