Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.</li>
<li>IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.</li>
<li>1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.</li>
</ul>



SK Bioscience (302440 KS) has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.
IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.
1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.


SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul>
<li>After years of falling valuations and stalled IPO activity, China’s innovative drug industry is showing early signs of a comeback.</li>
<li>A spate of large-scale cross-border licensing deals is rekindling global interest and lifting stock prices, suggesting a possible shift in momentum for the sector.</li>
<li>Yet despite headline-grabbing transactions and the buoyant market response, industry veterans warn the rebound may be selective, with persistent challenges still clouding the sector’s long-term outlook.</li>
</ul>


After years of falling valuations and stalled IPO activity, China’s innovative drug industry is showing early signs of a comeback.
A spate of large-scale cross-border licensing deals is rekindling global interest and lifting stock prices, suggesting a possible shift in momentum for the sector.
Yet despite headline-grabbing transactions and the buoyant market response, industry veterans warn the rebound may be selective, with persistent challenges still clouding the sector’s long-term outlook.


Chinese Biotech Innovators Push Overseas as Sector Faces Reckoning 

Cross Asset Strategy

<ul><li>Drugs / Cover Story: Chinese biotech is having a ‘deepseek moment’</li><li>Hong Kong /: Hong Kong bets on stablecoins and AI to future-proof its financial edge</li><li>Home appliances /Analysis: New U.S. tariffs mean tough times ahead for appliance-makers</li></ul>

Drugs / Cover Story: Chinese biotech is having a ‘deepseek moment’Hong Kong /: Hong Kong bets on stablecoins and AI to future-proof its financial edgeHome appliances /Analysis: New U.S. tariffs mean tough times ahead for appliance-makers

CX Daily: Chinese Biotech Is Having a ‘DeepSeek Moment’ 

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality</li>
<li>The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio's valuation may continue to rise, Akeso's valuation could face downward revisions.</li>
<li>RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.</li>
</ul>


The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality
The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio's valuation may continue to rise, Akeso's valuation could face downward revisions.
RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.


China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

<ul>
<li>3SBio entered into an exclusive licensing agreement with Pfizer granting them exclusive license to develop, manufacture, commercialize, and otherwise exploit its breakthrough PD-1/VEGF bispecific antibody SSGJ-707 worldwide excluding mainland China.</li>
<li>CSPC Pharmaceutical Group Limited announced that CPO301, their first-in-class epidermal growth factor receptor (‘‘EGFR’’) antibody drug conjugate (ADC), has been granted the third Fast Track designation by the U.S. FDA.</li>
<li>Samsung Biologics Co. announced that it plans to spin off its biosimilar development business into separate new entity, Samsung Epis Holdings. Samsung Biologics will become a pure-play CDMO.</li>
</ul>


3SBio entered into an exclusive licensing agreement with Pfizer granting them exclusive license to develop, manufacture, commercialize, and otherwise exploit its breakthrough PD-1/VEGF bispecific antibody SSGJ-707 worldwide excluding mainland China.
CSPC Pharmaceutical Group Limited announced that CPO301, their first-in-class epidermal growth factor receptor (‘‘EGFR’’) antibody drug conjugate (ADC), has been granted the third Fast Track designation by the U.S. FDA.
Samsung Biologics Co. announced that it plans to spin off its biosimilar development business into separate new entity, Samsung Epis Holdings. Samsung Biologics will become a pure-play CDMO.


APAC Healthcare Weekly (May 25)- 3SBio, Samsung Biologics, Celltrion, CSPC Pharma, Chugai

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)

SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Tina Banerjee

Chinese Biotech Innovators Push Overseas as Sector Faces Reckoning

After years of falling valuations and stalled IPO activity, China’s innovative drug industry is showing early signs of a comeback. A spate of...

Caixin Global

CX Daily: Chinese Biotech Is Having a ‘DeepSeek Moment’

Drugs / Cover Story: Chinese biotech is having a ‘deepseek moment’ Hong Kong /: Hong Kong bets on stablecoins and AI to future-proof its financial...

Caixin Global

China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...

Xinyao (Criss) Wang

APAC Healthcare Weekly (May 25)- 3SBio, Samsung Biologics, Celltrion, CSPC Pharma, Chugai

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

​SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Tina Banerjee

Chinese Biotech Innovators Push Overseas as Sector Faces Reckoning

After years of falling valuations and stalled IPO activity, China’s innovative drug industry is showing early signs of a comeback. A spate of...

Caixin Global

CX Daily: Chinese Biotech Is Having a ‘DeepSeek Moment’

Drugs / Cover Story: Chinese biotech is having a ‘deepseek moment’ Hong Kong /: Hong Kong bets on stablecoins and AI to future-proof its financial...

Caixin Global

China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

​Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...

Xinyao (Criss) Wang

APAC Healthcare Weekly (May 25)- 3SBio, Samsung Biologics, Celltrion, CSPC Pharma, Chugai

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...