HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

NovaBridge Biosciences / Equity Capital Markets

<ul>
<li>Among pipeline, the most valuable assets are Givastomig and Ragistomig. 4-1BB is an important target for immune agonists, but its development has been hindered in the past due to hepatotoxicity. </li>
<li>Givastomig and Ragistomig may overcome the challenges of limited efficacy/high toxicity through a unique conditional activation mechanism. The peak sales of Givastomig may reach the level of US$1-2 billion.</li>
<li>A comfortable valuation range is between US$1.5-2.5bn, which will be influenced by market sentiment at the time of IPO, the key clinical trial data, and progress of potential BD transactions.</li>
</ul>


Among pipeline, the most valuable assets are Givastomig and Ragistomig. 4-1BB is an important target for immune agonists, but its development has been hindered in the past due to hepatotoxicity. 
Givastomig and Ragistomig may overcome the challenges of limited efficacy/high toxicity through a unique conditional activation mechanism. The peak sales of Givastomig may reach the level of US$1-2 billion.
A comfortable valuation range is between US$1.5-2.5bn, which will be influenced by market sentiment at the time of IPO, the key clinical trial data, and progress of potential BD transactions.


Pre-IPO NovaBridge Biosciences - About the Pipeline and Thoughts on Valuation

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.

<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?

Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>
Hengrui's oral GLP-1 HRS7535 released second China phase 3 data in Type 2 diabetes. Moreover, the company's CDK4/6 inhibitor dalpiciclib secured adjuvant breast cancer indication.</li>
<li>
Harbour BioMed and Baidu-backed BioMap to establish next-generation AI-native pipeline company MegaStream, targeting global markets across cardiovascaulr, renal, oncology, and anti-aging disease areas.</li>
<li>Other news and updates include Legend Biotech, Everest Medicines, Henlius, SBP, Insilico Medicine, Novocure/Zai Lab, NovaBridge, IASO Bio, and Abogen.</li>
</ul>



Hengrui's oral GLP-1 HRS7535 released second China phase 3 data in Type 2 diabetes. Moreover, the company's CDK4/6 inhibitor dalpiciclib secured adjuvant breast cancer indication.

Harbour BioMed and Baidu-backed BioMap to establish next-generation AI-native pipeline company MegaStream, targeting global markets across cardiovascaulr, renal, oncology, and anti-aging disease areas.
Other news and updates include Legend Biotech, Everest Medicines, Henlius, SBP, Insilico Medicine, Novocure/Zai Lab, NovaBridge, IASO Bio, and Abogen.


China Healthcare Weekly Wrap (15-21 June)

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China. MicroPort NeuroScientific’s Apollo Dream Rapamycin Target Eluting Stent has been granted the Breakthrough Device Designation by the FDA.</li>
<li>Celltrion signed KRW375B CMO agreement with a global pharmaceutical company for the supply of drug substance. Samsung Bioepis entered global commercialization agreement with Sandoz for five biosimilar candidates under development.</li>
<li>FDA accepted Sun Pharma’s indication expansion application for Ilumya for active psoriatic arthritis. Zydus Lifesciences entered licensing and supply agreements with Torrent Pharmaceuticals and Lupin to co-market Semaglutide in India.</li>
</ul>


Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China. MicroPort NeuroScientific’s Apollo Dream Rapamycin Target Eluting Stent has been granted the Breakthrough Device Designation by the FDA.
Celltrion signed KRW375B CMO agreement with a global pharmaceutical company for the supply of drug substance. Samsung Bioepis entered global commercialization agreement with Sandoz for five biosimilar candidates under development.
FDA accepted Sun Pharma’s indication expansion application for Ilumya for active psoriatic arthritis. Zydus Lifesciences entered licensing and supply agreements with Torrent Pharmaceuticals and Lupin to co-market Semaglutide in India.


APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

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>'s ADC drug candidate ABL111 (givastomig) enters global Phase 2 clinical trial for metastatic gastric cancer. Top line Phase 2 results are expected in 2027.  </li>
<li>Positive Phase 1b data position givastomig to be a potential best-in-class CLDN18.2-directed therapy for gastric cancer, which has a projected $12B market opportunity by 2030.</li>
<li>Last month, FDA approved clinical trial application for a Phase 1 trial of ABL206. ABL206 is the first candidate from ABL Bio’s next-generation ADC pipeline to enter the clinical stage.</li>
</ul>



ABLBio (298380 KS)'s ADC drug candidate ABL111 (givastomig) enters global Phase 2 clinical trial for metastatic gastric cancer. Top line Phase 2 results are expected in 2027.  
Positive Phase 1b data position givastomig to be a potential best-in-class CLDN18.2-directed therapy for gastric cancer, which has a projected $12B market opportunity by 2030.
Last month, FDA approved clinical trial application for a Phase 1 trial of ABL206. ABL206 is the first candidate from ABL Bio’s next-generation ADC pipeline to enter the clinical stage.


ABLBio (298380 KS): Pipeline Is Progressing Toward Commercialization

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NovaBridge Biosciences (NBB HK)

Pre-IPO NovaBridge Biosciences - About the Pipeline and Thoughts on Valuation

Givastomig and Ragistomig show promise in overcoming hepatotoxicity. Based on platform value/high-risk attributes, there's a certain discount on...

Xinyao (Criss) Wang

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

China Healthcare Weekly Wrap (15-21 June)

Hengrui releases China phase 3 data for oral GLP-1 HRS7535 in T2D; Harbour/BioMap for AI- company MegaStream. Other updates: Legend, Everest,...

Wilfred Yuen

APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

Celltrion signed KRW375B biologics CMO deal with a global pharma company. Samsung Bioepis expands biosimilar collaboration with Sandoz. 40+ Indian...

Tina Banerjee

ABLBio (298380 KS): Pipeline Is Progressing Toward Commercialization

ABLBio's ADC candidate ABL111 enters global Phase 2 trial for gastric cancer, with $12B opportunity by 2030. FDA also approves Phase 1 trial for...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO NovaBridge Biosciences - About the Pipeline and Thoughts on Valuation

Givastomig and Ragistomig show promise in overcoming hepatotoxicity. Based on platform value/high-risk attributes, there's a certain discount on...

Xinyao (Criss) Wang

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

China Healthcare Weekly Wrap (15-21 June)

​Hengrui releases China phase 3 data for oral GLP-1 HRS7535 in T2D; Harbour/BioMap for AI- company MegaStream. Other updates: Legend, Everest,...

Wilfred Yuen

APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

Celltrion signed KRW375B biologics CMO deal with a global pharma company. Samsung Bioepis expands biosimilar collaboration with Sandoz. 40+ Indian...

Tina Banerjee

ABLBio (298380 KS): Pipeline Is Progressing Toward Commercialization

​ABLBio's ADC candidate ABL111 enters global Phase 2 trial for gastric cancer, with $12B opportunity by 2030. FDA also approves Phase 1 trial for...

Tina Banerjee

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...

Hengrui releases China phase 3 data for oral GLP-1 HRS7535 in T2D; Harbour/BioMap for AI- company MegaStream. Other updates: Legend, Everest,...

ABLBio's ADC candidate ABL111 enters global Phase 2 trial for gastric cancer, with $12B opportunity by 2030. FDA also approves Phase 1 trial for...