Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eli-lilly-co" target="_blank" data-smartkarma-citation="entities:19419:1" rel="noopener">Eli Lilly &amp; Co (LLY US)</a> has recently announced positive topline Phase 3 results for orforglipron, the GLP 1 RA drug candidate they licensed from Chugai Pharma in 2018.</li>
<li>At the top dose, patients lost 7.3 kg of the 90.2 kg they weighed at the start of the trial, bettering Ozempic’s trial results.</li>
<li>Once approved and commercialized, orforglipron should provide a long-term revenue visibility for <a href="https://www.smartkarma.com/entities/chugai-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:4489:1" rel="noopener">Chugai Pharmaceutical (4519 JP)</a> through milestone and royalty receipts from Lilly.</li>
</ul>



Eli Lilly &amp; Co (LLY US) has recently announced positive topline Phase 3 results for orforglipron, the GLP 1 RA drug candidate they licensed from Chugai Pharma in 2018.
At the top dose, patients lost 7.3 kg of the 90.2 kg they weighed at the start of the trial, bettering Ozempic’s trial results.
Once approved and commercialized, orforglipron should provide a long-term revenue visibility for Chugai Pharmaceutical (4519 JP) through milestone and royalty receipts from Lilly.


Chugai Pharmaceutical (4519 JP): Positive Phase 3 Results Of Orforglipron Augurs Well

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> aims to raise around US$250m via selling around 3.5% stake in <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK).</a>
</li>
<li>WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK).

WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Shanghai Henlius Biotech / Equity Bottom-Up

<ul>
<li>The NewCo model can be considered as an "intermediate state" for Chinese biotech companies when they hopes to enter overseas markets, rather than a real success in internationalization.</li>
<li>After the announcement of Pfizer-Summit cooperation, share price of Summit plunged. Pfizer is clearly the beneficiary. The possibility of Summit being acquired could be reduced, which make investors unhappy.</li>
<li>Shares of Henlius surged. Thanks to Lin Lijun's dissenting vote, investors have the opportunity to profit at a higher price.Next goal is to be included in Hong Kong Stock Connect.</li>
</ul>


The NewCo model can be considered as an "intermediate state" for Chinese biotech companies when they hopes to enter overseas markets, rather than a real success in internationalization.
After the announcement of Pfizer-Summit cooperation, share price of Summit plunged. Pfizer is clearly the beneficiary. The possibility of Summit being acquired could be reduced, which make investors unhappy.
Shares of Henlius surged. Thanks to Lin Lijun's dissenting vote, investors have the opportunity to profit at a higher price.Next goal is to be included in Hong Kong Stock Connect.


China Healthcare Weekly (Mar.2) - NewCo Model, Pfizer-Summit Deal, Henlius to Enter HK Stock Connect

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>ADIA and Hines sell Shanghai Tower for $1.5B to insurer-backed fund, showcasing large-scale real estate transactions.</li><li>Keppel DC REIT sells German data centre at 39% loss from 2019 purchase price, indicating potential challenges in the real estate market.</li><li>TPG offers $65M for Econ Healthcare, Singapore nursing home operator, amidst growing interest in healthcare industry investments.</li></ul>

ADIA and Hines sell Shanghai Tower for $1.5B to insurer-backed fund, showcasing large-scale real estate transactions.Keppel DC REIT sells German data centre at 39% loss from 2019 purchase price, indicating potential challenges in the real estate market.TPG offers $65M for Econ Healthcare, Singapore nursing home operator, amidst growing interest in healthcare industry investments.

Asia Real Estate Tracker (18-Feb-2025): ADIA, Hines sell Shanghai Trophy Tower for $1.5B

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>Biotechnology company developing next-generation injectable and oral nutrient stimulated hormone, or NuSH, analog peptides to treat obesity, overweight and related conditions filed for Q1 IPO</li>
<li>Preliminary Phase 2 results in January suggested a durable pharmacodynamic, or PD, effect consistent with the observed half-life.</li>
<li>ARCH Ventures along with Fidelity are among the existing shareholders as this company enters begins its road to be a publicly traded company</li>
</ul>


Biotechnology company developing next-generation injectable and oral nutrient stimulated hormone, or NuSH, analog peptides to treat obesity, overweight and related conditions filed for Q1 IPO
Preliminary Phase 2 results in January suggested a durable pharmacodynamic, or PD, effect consistent with the observed half-life.
ARCH Ventures along with Fidelity are among the existing shareholders as this company enters begins its road to be a publicly traded company


Metsera, Inc. (MTSR): Peeking at the Prospectus for the Next Obesity and Metabolic Diseases Biotech

United States

Pfizer Inc. operates as a pharmaceutical company. The Company offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. Pfizer serves customers worldwide.

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Pfizer (PFE UN)

Chugai Pharmaceutical (4519 JP): Positive Phase 3 Results Of Orforglipron Augurs Well

Eli Lilly announces positive Phase 3 results for orforglipron, a GLP-1 drug candidate licensed from Chugai, showing promising weight loss results...

Tina Banerjee

Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK). In this note, we talk about the deal...

Sumeet Singh

China Healthcare Weekly (Mar.2) - NewCo Model, Pfizer-Summit Deal, Henlius to Enter HK Stock Connect

The NewCo model is just an "intermediate state" for Chinese Biotech. After Pfizer-Summit deal, the possibility of Summit being acquired is reduced....

Xinyao (Criss) Wang

Asia Real Estate Tracker (18-Feb-2025): ADIA, Hines sell Shanghai Trophy Tower for $1.5B

ADIA and Hines sell Shanghai Tower for $1.5B, Keppel DC REIT sells German data centre, TPG offers $65M for Econ Healthcare, while Singapore home...

Asia Real Estate Tracker

Metsera, Inc. (MTSR): Peeking at the Prospectus for the Next Obesity and Metabolic Diseases Biotech

Biotech company developing NuSH peptides for obesity files for Q1 IPO with promising Phase 2 results and support from ARCH Ventures and Fidelity.

IPO Boutique

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Chugai Pharmaceutical (4519 JP): Positive Phase 3 Results Of Orforglipron Augurs Well

​Eli Lilly announces positive Phase 3 results for orforglipron, a GLP-1 drug candidate licensed from Chugai, showing promising weight loss results...

Tina Banerjee

Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK). In this note, we talk about the deal...

Sumeet Singh

China Healthcare Weekly (Mar.2) - NewCo Model, Pfizer-Summit Deal, Henlius to Enter HK Stock Connect

The NewCo model is just an "intermediate state" for Chinese Biotech. After Pfizer-Summit deal, the possibility of Summit being acquired is reduced....

Xinyao (Criss) Wang

Asia Real Estate Tracker (18-Feb-2025): ADIA, Hines sell Shanghai Trophy Tower for $1.5B

ADIA and Hines sell Shanghai Tower for $1.5B, Keppel DC REIT sells German data centre, TPG offers $65M for Econ Healthcare, while Singapore home...

Asia Real Estate Tracker

Metsera, Inc. (MTSR): Peeking at the Prospectus for the Next Obesity and Metabolic Diseases Biotech

​Biotech company developing NuSH peptides for obesity files for Q1 IPO with promising Phase 2 results and support from ARCH Ventures and Fidelity.

IPO Boutique

Eli Lilly announces positive Phase 3 results for orforglipron, a GLP-1 drug candidate licensed from Chugai, showing promising weight loss results...

Biotech company developing NuSH peptides for obesity files for Q1 IPO with promising Phase 2 results and support from ARCH Ventures and Fidelity.