Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

<ul><li>Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central banker” will soon become mainstream.&nbsp; </li><li>In this piece, KVP takes a snap shot of what happened, the significance &amp; potential ways to look to play things going forward. </li></ul>

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central banker” will soon become mainstream.&nbsp; In this piece, KVP takes a snap shot of what happened, the significance &amp; potential ways to look to play things going forward. 

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> entered into a strategic collaboration and license agreement with AstraZeneca for the development of innovative long-acting peptide medicines.</li>
<li>CSPC will receive upfront payment of US$1.2B and will be eligible for US$3.5B in R&amp;D milestone payments, US$13.8B in sales milestone payments, plus up to double-digit royalties.</li>
<li>CSPC’s play in the weight management drug scene will surely help boost revenues, but intense competition is likely to make the party short lived.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) entered into a strategic collaboration and license agreement with AstraZeneca for the development of innovative long-acting peptide medicines.
CSPC will receive upfront payment of US$1.2B and will be eligible for US$3.5B in R&amp;D milestone payments, US$13.8B in sales milestone payments, plus up to double-digit royalties.
CSPC’s play in the weight management drug scene will surely help boost revenues, but intense competition is likely to make the party short lived.


CSPC Pharma (1093 HK): AstraZeneca Collaboration Good, Impact Might Be Short Lived Given Competition

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a> has announced 9MFY26 result, with revenue, operating profit, and net profit reaching record highs, led by growth in core businesses.</li>
<li>Double-Digit growth in royalty income from HIV franchise, rebound in domestic prescription business led by Torii, and expanded sales of Cefiderocol in the U.S. and EU drove 9MFY26 performance.</li>
<li>With high base effect for Xocova ending, and new growth drivers remaining intact, Shionogi’s financial performance to improve from FY27. The company is expecting few new launches during FY28–32.</li>
</ul>



Shionogi &amp; Co (4507 JP) has announced 9MFY26 result, with revenue, operating profit, and net profit reaching record highs, led by growth in core businesses.
Double-Digit growth in royalty income from HIV franchise, rebound in domestic prescription business led by Torii, and expanded sales of Cefiderocol in the U.S. and EU drove 9MFY26 performance.
With high base effect for Xocova ending, and new growth drivers remaining intact, Shionogi’s financial performance to improve from FY27. The company is expecting few new launches during FY28–32.


Shionogi & Co (4507 JP): Decent 9MFY26 Result; No Revision in FY Forecast; Accelerate Growth Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen (9995 HK)</a> entered an exclusive outlicensing agreement with <a href="https://www.smartkarma.com/entities/abbvie-inc" target="_blank" data-smartkarma-citation="entities:1135:1" rel="noopener">Abbvie Inc (ABBV US)</a>  regarding RC148, a novel investigational PD-1/ VEGF bispecific antibody drug candidate for an upfront payment of $650M.</li>
<li>Remegen is eligible to receive up to $4.95B in development, regulatory, and commercial milestone payments, as well as tiered double-digit royalty payments on net sales outside the Greater China region.</li>
<li>RC148 is currently being developed in China by Remegen as a monotherapy and in combination for treating patients with various advanced malignant solid tumors, including certain lung cancers.</li>
</ul>



Remegen (9995 HK) entered an exclusive outlicensing agreement with Abbvie Inc (ABBV US)  regarding RC148, a novel investigational PD-1/ VEGF bispecific antibody drug candidate for an upfront payment of $650M.
Remegen is eligible to receive up to $4.95B in development, regulatory, and commercial milestone payments, as well as tiered double-digit royalty payments on net sales outside the Greater China region.
RC148 is currently being developed in China by Remegen as a monotherapy and in combination for treating patients with various advanced malignant solid tumors, including certain lung cancers.


Remegen (9995 HK): New Licensing Deal With AbbVie Brings $650M Upfront Cash

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> is looking to raise around US$400m from a primary placement.</li>
<li>The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



3SBio Inc (1530 HK) is looking to raise around US$400m from a primary placement.
The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

Never Trust A Swiss Central Banker

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central...

Kay Van-Petersen

CSPC Pharma (1093 HK): AstraZeneca Collaboration Good, Impact Might Be Short Lived Given Competition

CSPC Pharma partnered with AstraZeneca for long-acting peptide medicines, receiving substantial upfront and milestone payments. Weight loss drug...

Tina Banerjee

Shionogi & Co (4507 JP): Decent 9MFY26 Result; No Revision in FY Forecast; Accelerate Growth Ahead

Shionogi reports record high revenue, operating and net profits in 9MFY26, driven by growth in core businesses. The company is expecting few new...

Tina Banerjee

Remegen (9995 HK): New Licensing Deal With AbbVie Brings $650M Upfront Cash

Remegen inked an exclusive outlicensing deal with AbbVie for RC148, an investigational PD-1/ VEGF bispecific antibody drug candidate for an upfront...

Tina Banerjee

3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal

3SBio Inc is planning to raise $400m through a primary placement, a small deal representing 2.9 days of stock's ADV and 3.9% of total shares...

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Never Trust A Swiss Central Banker

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central...

Kay Van-Petersen

CSPC Pharma (1093 HK): AstraZeneca Collaboration Good, Impact Might Be Short Lived Given Competition

​CSPC Pharma partnered with AstraZeneca for long-acting peptide medicines, receiving substantial upfront and milestone payments. Weight loss drug...

Tina Banerjee

Shionogi & Co (4507 JP): Decent 9MFY26 Result; No Revision in FY Forecast; Accelerate Growth Ahead

​Shionogi reports record high revenue, operating and net profits in 9MFY26, driven by growth in core businesses. The company is expecting few new...

Tina Banerjee

Remegen (9995 HK): New Licensing Deal With AbbVie Brings $650M Upfront Cash

Remegen inked an exclusive outlicensing deal with AbbVie for RC148, an investigational PD-1/ VEGF bispecific antibody drug candidate for an upfront...

Tina Banerjee

3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal

​3SBio Inc is planning to raise $400m through a primary placement, a small deal representing 2.9 days of stock's ADV and 3.9% of total shares...

Nicholas Tan

CSPC Pharma partnered with AstraZeneca for long-acting peptide medicines, receiving substantial upfront and milestone payments. Weight loss drug...

Shionogi reports record high revenue, operating and net profits in 9MFY26, driven by growth in core businesses. The company is expecting few new...

3SBio Inc is planning to raise $400m through a primary placement, a small deal representing 2.9 days of stock's ADV and 3.9% of total shares...