HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>We analyzed the COVID-19 product BRII-196/BRII-198 in terms of its strength compared with peers, the outlook, and the valuation upside potential of <a href="https://www.smartkarma.com/entities/brii-biosciences" target="_blank" data-smartkarma-citation="entities:33014:1" rel="noopener">Brii Biosciences (2137 HK)</a> accordingly.</li>
<li>We also analyzed the concerns after the pandemic is under control, and provided our advices for investors about the valuation at that time.</li>
<li>Brii is a company with the potential of “zero to one”, but its valuation would increase exponentially only if its candidates are superior to similar products of leading global giants.</li>
</ul>


We analyzed the COVID-19 product BRII-196/BRII-198 in terms of its strength compared with peers, the outlook, and the valuation upside potential of Brii Biosciences (2137 HK) accordingly.
We also analyzed the concerns after the pandemic is under control, and provided our advices for investors about the valuation at that time.
Brii is a company with the potential of “zero to one”, but its valuation would increase exponentially only if its candidates are superior to similar products of leading global giants.


Brii Biosciences (2137.HK) - With the Potential of “Zero to One”

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aptabio-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:34894:1" rel="noopener">AptaBio Therapeutics (293780 KS) </a>shares surged 28% in last one month, increasing its one-year gain to 213% versus KOSPI’s gain of 26%. Share price was driven by presentation of clinical progress of AptaBio’s pipeline at a virtual meeting held from October 7 to 9, 2021.</li>
<li>By leveraging on its two proprietary platform technologies, NOX inhibitor discovery platform and Aptamer-drug conjugate platform, AptaBio has developed eight new clinical candidates for complications of diabetes mellitus and three new candidates for anticancer agents. Its lead candidate APX-115 is also being studied as an oral COVID-19 treatment.  </li>
<li>This insight has analyzed the strength and potential of AptaBio’s late-stage pipeline to find whether further stream is left after a spectacular rally in share price in last one year.</li>
</ul>



AptaBio Therapeutics (293780 KS) shares surged 28% in last one month, increasing its one-year gain to 213% versus KOSPI’s gain of 26%. Share price was driven by presentation of clinical progress of AptaBio’s pipeline at a virtual meeting held from October 7 to 9, 2021.
By leveraging on its two proprietary platform technologies, NOX inhibitor discovery platform and Aptamer-drug conjugate platform, AptaBio has developed eight new clinical candidates for complications of diabetes mellitus and three new candidates for anticancer agents. Its lead candidate APX-115 is also being studied as an oral COVID-19 treatment.  
This insight has analyzed the strength and potential of AptaBio’s late-stage pipeline to find whether further stream is left after a spectacular rally in share price in last one year.


AptaBio Therapeutics (293780 KS): Promising, Innovative, and First-In-Class Pipeline

During July–September <a href="https://www.smartkarma.com/entities/bnc-korea-co-ltd" target="_blank" data-smartkarma-citation="entities:34785:1" rel="noopener">BNC Korea (256840 KS) </a>shares jumped more than 8x to a touch a peak of approximately KRW 70,000 on a published media report that states its partner in Taiwan received emergency approval for a COVID-19 oral drug. With competitor Merck (MRK) reporting positive clinical trial results and seeking emergency use approval for its oral antiviral medicine for COVID-19, BNC Korea shares have been declining and corrected nearly 60% from its peak.

During July–September BNC Korea (256840 KS) shares jumped more than 8x to a touch a peak of approximately KRW 70,000 on a published media report that states its partner in Taiwan received emergency approval for a COVID-19 oral drug. With competitor Merck (MRK) reporting positive clinical trial results and seeking emergency use approval for its oral antiviral medicine for COVID-19, BNC Korea shares have been declining and corrected nearly 60% from its peak.

BNC Korea (256840 KS): Oral COVID-19 Treatment No More Remains a Catalyst

In February, 2021, China’s National Medical Products Administration (NMPA) granted priority review to the New Drug Application (NDA) for ATG-010 (selinexor, XPOVIO), a first-in-class selective inhibitor of nuclear export (SINE) compound, for the treatment of patients with relapsed/refractory multiple myeloma (rrMM). Recently, <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a> announced that the NMPA has also approved the Investigational New Drug (IND) application for a Phase III clinical trial designed to evaluate the safety and efficacy of selinexor (XPOVIO) in the treatment of advanced or recurrent endometrial cancer (the SIENDO trial). In fact, selinexor would be the first-to-market product in the pipeline and is also a core product for the Company. So, how is this product and what is the business prospect of Antengene?

In February, 2021, China’s National Medical Products Administration (NMPA) granted priority review to the New Drug Application (NDA) for ATG-010 (selinexor, XPOVIO), a first-in-class selective inhibitor of nuclear export (SINE) compound, for the treatment of patients with relapsed/refractory multiple myeloma (rrMM). Recently, Antengene (6996 HK) announced that the NMPA has also approved the Investigational New Drug (IND) application for a Phase III clinical trial designed to evaluate the safety and efficacy of selinexor (XPOVIO) in the treatment of advanced or recurrent endometrial cancer (the SIENDO trial). In fact, selinexor would be the first-to-market product in the pipeline and is also a core product for the Company. So, how is this product and what is the business prospect of Antengene?

Antengene (6996.HK) - Still Has a Long Way to Go Despite the New Progress On Selinexor

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Connect Biopharma / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/connect-biopharma-holdings-l" target="_blank" data-smartkarma-citation="entities:32187:1" rel="noopener">Connect Biopharma (CNTB US)</a> is a global clinical-stage biopharmaceutical company developing therapies for the treatment of T cell-driven inflammatory diseases. Connect has a pipeline of four drug candidates. The two most advanced clinical-stage programs, CBP-201 and CBP-307, are potentially differentiated product candidates against validated targets.Connect has launched a Nasdaq IPO to raise net proceeds of $135 million at the mid-point of the IPO price range of $15.00 and $17.00 per ADS. At the mid-point of the IPO price range, Connect will command a market cap of $863 million.<div class="content-highlight">Connect specialises in designing and developing product candidates that modulate the immune system, with a particular focus on T cells. CBP-201, the lead product candidate, has the potential to bring improved therapeutic benefit to atopic dermatitis (AD) patients than the current standard of care. CBP-307 has the potential to deliver best-in-class lymphocyte recovery times in combination with a well-tolerated safety profile for the treatment of UC (ulcerative colitis) and CD (Crohn’s disease). Overall, we believe that the prospects of Connect’s clinical-stage drug assets are favourable. We will discuss the rNPV of the assets in our next note.</div>

Connect Biopharma (CNTB US) is a global clinical-stage biopharmaceutical company developing therapies for the treatment of T cell-driven inflammatory diseases. Connect has a pipeline of four drug candidates. The two most advanced clinical-stage programs, CBP-201 and CBP-307, are potentially differentiated product candidates against validated targets.Connect has launched a Nasdaq IPO to raise net proceeds of $135 million at the mid-point of the IPO price range of $15.00 and $17.00 per ADS. At the mid-point of the IPO price range, Connect will command a market cap of $863 million.Connect specialises in designing and developing product candidates that modulate the immune system, with a particular focus on T cells. CBP-201, the lead product candidate, has the potential to bring improved therapeutic benefit to atopic dermatitis (AD) patients than the current standard of care. CBP-307 has the potential to deliver best-in-class lymphocyte recovery times in combination with a well-tolerated safety profile for the treatment of UC (ulcerative colitis) and CD (Crohn’s disease). Overall, we believe that the prospects of Connect’s clinical-stage drug assets are favourable. We will discuss the rNPV of the assets in our next note.

United States

Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company that discovers, develops, and commercializes pharmaceutical products for the treatment of serious medical conditions. The Company has therapeutic candidates in clinical trials for the potential treatment of cancer, eye diseases, and inflammatory diseases, and has preclinical programs in other diseases and disorders.

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Regeneron Pharmaceuticals (REGN US)

Brii Biosciences (2137.HK) - With the Potential of “Zero to One”

The article analyzed Brii Biosciences in terms of its COVID-19 product BRII-196/BRII-198, the meaning of its success, the concerns,the impact on...

Xinyao (Criss) Wang

AptaBio Therapeutics (293780 KS): Promising, Innovative, and First-In-Class Pipeline

AptaBio has a strong and innovative pipeline targeting multi-billion-dollar revenue opportunity. This insight has analyzed the potential of the...

Tina Banerjee

BNC Korea (256840 KS): Oral COVID-19 Treatment No More Remains a Catalyst

In-licensed oral COVID-19 treatment no longer remains a catalyst after competitor's encouraging clinical trial results. Other oral treatments are...

Tina Banerjee

Antengene (6996.HK) - Still Has a Long Way to Go Despite the New Progress On Selinexor

Based on the new progress of the core product candidate ATG-010 (selinexor, XPOVIO), this article analyzed the business prospects, concerns and...

Xinyao (Criss) Wang

Connect Biopharma IPO: Potent Medicine

Connect has launched a Nasdaq IPO to raise net proceeds of $135m at the mid-point of the IPO price range. Overall, we believe that the prospects of...

Arun George

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