Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>On 24 March, the CEO of Sam Chun Dang Pharm (Chun In-Seok) announced that he plans to sell 265,700 common shares in after-hours trading from 23 April to 22 May.</li>
<li>After this announcement, Sam Chun Dang Pharm's share price rose by 19% to 1,115,000 won. His stake sale would represent 296 billion won at closing price as of 25 March. </li>
<li>Given the company's current market cap of 26.2 trillion won, this would represent P/S of 52x and P/E of 111x, based on the 2027 consensus estimates. </li>
</ul>


On 24 March, the CEO of Sam Chun Dang Pharm (Chun In-Seok) announced that he plans to sell 265,700 common shares in after-hours trading from 23 April to 22 May.
After this announcement, Sam Chun Dang Pharm's share price rose by 19% to 1,115,000 won. His stake sale would represent 296 billion won at closing price as of 25 March. 
Given the company's current market cap of 26.2 trillion won, this would represent P/S of 52x and P/E of 111x, based on the 2027 consensus estimates. 


Sam Chun Dang Pharm: Block Deal Sale of Nearly 300 Billion Won by the CEO

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Start with top market cap names, screen out high PBR and governance overhang. Apply sector relative PBR filter. Using 2.9x cutoff, ~82 KOSDAQ 150 names screen as likely Premium candidates.</li>
<li>Enforced Premium versus Standard structure with promotion and relegation raises outflow risk. Premium replacing KQ150 looks increasingly likely, unlike failed KRX 300 or value up attempts.</li>
<li>Gradual migration from 2H; overweight ~80 quality KQ150 names. Assuming 50–60% AUM shift plus pension inflows, Premium-tracking passive funds could eventually reach KRW 15–18T, with prepositioning flows building.</li>
</ul>


Start with top market cap names, screen out high PBR and governance overhang. Apply sector relative PBR filter. Using 2.9x cutoff, ~82 KOSDAQ 150 names screen as likely Premium candidates.
Enforced Premium versus Standard structure with promotion and relegation raises outflow risk. Premium replacing KQ150 looks increasingly likely, unlike failed KRX 300 or value up attempts.
Gradual migration from 2H; overweight ~80 quality KQ150 names. Assuming 50–60% AUM shift plus pension inflows, Premium-tracking passive funds could eventually reach KRW 15–18T, with prepositioning flows building.


KOSDAQ Two-Tier Official: Alpha Trades Target ~80 Overweight Names Within KQ150 from 2H

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Henlius Biotech is collaborating with Sandoz for commercialization of up to 10 biosimilars in ~$322M deal. Wuxi XDC achieved GMP release of its antibody bioconjugates production line at Singapore site.</li>
<li>Chugai Pharmaceutical signed an exclusive license agreement with GSK for the anti-dengue virus antibody AID351. Daiichi Sankyo’s Enhertu demonstrated PFS improvement as first-line treatment of NSCLC in Phase 3 trial.</li>
<li>Celltrion has launched IV formulation of Steqeyma in Japan. Eubiologics submitted an IND to the MFDS for domestic Phase 1 trial for its Alzheimer’s disease vaccine candidate, Padivax.</li>
</ul>


Henlius Biotech is collaborating with Sandoz for commercialization of up to 10 biosimilars in ~$322M deal. Wuxi XDC achieved GMP release of its antibody bioconjugates production line at Singapore site.
Chugai Pharmaceutical signed an exclusive license agreement with GSK for the anti-dengue virus antibody AID351. Daiichi Sankyo’s Enhertu demonstrated PFS improvement as first-line treatment of NSCLC in Phase 3 trial.
Celltrion has launched IV formulation of Steqeyma in Japan. Eubiologics submitted an IND to the MFDS for domestic Phase 1 trial for its Alzheimer’s disease vaccine candidate, Padivax.


APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

<ul>
<li>Jiangsu Hengrui Pharmaceuticals received the NMPA approval for a new indication for dalpiciclib isethionate tablets. InSilico Medicine has achieved the first clinical milestone in its co-development collaboration with Hygtia Therapeutics.</li>
<li>Chugai has filed regulatory application in Japan for sparsentan for the treatment IgA nephropathy. Shionogi has invested in IVF company Dioseve through its corporate venture capital (CVC) initiatives.</li>
<li>Lupin launched Azilsartan Medoxomil tablets in the U.S. for the treatment of hypertension. Dr. Reddy’s Laboratories launched first-to file product Bosutinib tablets, a generic equivalent of Bosulif in the U.S.</li>
</ul>


Jiangsu Hengrui Pharmaceuticals received the NMPA approval for a new indication for dalpiciclib isethionate tablets. InSilico Medicine has achieved the first clinical milestone in its co-development collaboration with Hygtia Therapeutics.
Chugai has filed regulatory application in Japan for sparsentan for the treatment IgA nephropathy. Shionogi has invested in IVF company Dioseve through its corporate venture capital (CVC) initiatives.
Lupin launched Azilsartan Medoxomil tablets in the U.S. for the treatment of hypertension. Dr. Reddy’s Laboratories launched first-to file product Bosutinib tablets, a generic equivalent of Bosulif in the U.S.


APAC Healthcare Weekly (June 21) – Hengrui, InSilico Medicine, Chugai, Shionogi, Lupin, Dr. Reddy’s

<ul>
<li>Fosun Pharmaceutical’s marketing application of acute lymphoblastic leukemia drug was accepted by the NMPA. CSPC Pharma obtained approval to conduct clinical trial for Leqembi biosimilar in China.</li>
<li>Celltrion is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. Lotus Pharmaceutical is acquiring Alvogen US, a privately held, fully integrated pharmaceutical company.</li>
<li>Glenmark Pharmaceutical entered into an exclusive license and collaboration agreement with Hengrui Pharma for Trastuzumab Rezetecan, a next-generation HER2-targeting antibody drug conjugate (ADC) for an upfront payment of $18M.</li>
</ul>


Fosun Pharmaceutical’s marketing application of acute lymphoblastic leukemia drug was accepted by the NMPA. CSPC Pharma obtained approval to conduct clinical trial for Leqembi biosimilar in China.
Celltrion is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. Lotus Pharmaceutical is acquiring Alvogen US, a privately held, fully integrated pharmaceutical company.
Glenmark Pharmaceutical entered into an exclusive license and collaboration agreement with Hengrui Pharma for Trastuzumab Rezetecan, a next-generation HER2-targeting antibody drug conjugate (ADC) for an upfront payment of $18M.


APAC Healthcare Weekly (September 28) – Fosun Pharma, CSPC Pharma, Celltrion, Lotus Pharma, Glenmark

South Korea

Sam Chun Dang Pharm Co., Ltd. (SCD) develops, manufactures, and markets medicines for human health care.  The Company specializes in producing medical treatment drugs as well as diagnostic drugs.  SCD Pharm's products include antibiotics, respiratory stimulants, pneumonia diagnosis devices, and many others.

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Sam Chun Dang Pharm (000250 KS)

Sam Chun Dang Pharm: Block Deal Sale of Nearly 300 Billion Won by the CEO

On 24 March, the CEO of Sam Chun Dang Pharm (Chun In-Seok) announced that he plans to sell 265,700 common shares in after-hours trading from 23...

Douglas Kim

KOSDAQ Two-Tier Official: Alpha Trades Target ~80 Overweight Names Within KQ150 from 2H

KOSDAQ two-tiering is now official with FSC confirmation: Alpha trades expected targeting ~80 overweight names within KOSDAQ 150 from 2H this year.

Sanghyun Park

APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

Henlius strikes biosimilar commercialization deal with Sandoz. Chugai signs exclusive license deal with GSK for anti-dengue virus antibody....

Tina Banerjee

APAC Healthcare Weekly (June 21) – Hengrui, InSilico Medicine, Chugai, Shionogi, Lupin, Dr. Reddy’s

Hengrui’s dalpiciclib got label expansion approval in China. Insilico achieved first milestone for co-development collaboration with Hygtia. Chugai...

Tina Banerjee

APAC Healthcare Weekly (September 28) – Fosun Pharma, CSPC Pharma, Celltrion, Lotus Pharma, Glenmark

CSPC Pharma got trial approval for Leqembi biosimilar. Celltrion is acquiring Lilly’s plant. Lotus Pharmaceutical is acquiring Alvogen US. Hengrui...

Tina Banerjee

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