Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Boryung Pharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boryung-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:19265:1" rel="noopener">Boryung Pharmaceutical (003850 KS)</a> is acquiring cytotoxic anti-cancer drug Taxotere (docetaxel) from <a href="https://www.smartkarma.com/entities/sanofi" target="_blank" data-smartkarma-citation="entities:4564:1" rel="noopener">Sanofi (SAN FP)</a> for €175M (~KRW288B), inclusive of potential milestone payments worth €14M.</li>
<li>Post acquisition, Boryung aims to enhance the therapeutic value of Taxotere to include formulation improvements, combination strategies, and research into new indications. Currently, oncology contributes 20%+ of total revenue.</li>
<li>Over the last six months, Boryung shares remained almost flat, reflecting lack of any strong catalyst. Acquisition of Taxotere is not going to change the situation overnight.</li>
</ul>



Boryung Pharmaceutical (003850 KS) is acquiring cytotoxic anti-cancer drug Taxotere (docetaxel) from Sanofi (SAN FP) for €175M (~KRW288B), inclusive of potential milestone payments worth €14M.
Post acquisition, Boryung aims to enhance the therapeutic value of Taxotere to include formulation improvements, combination strategies, and research into new indications. Currently, oncology contributes 20%+ of total revenue.
Over the last six months, Boryung shares remained almost flat, reflecting lack of any strong catalyst. Acquisition of Taxotere is not going to change the situation overnight.


Boryung Pharmaceutical (003850 KS): New Drug Acquisition Fans High Oncology Aspiration

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET Index is expected to be volatile today, with the support at 1,231/1,221 points and the resistance at 1,245/1,251 points 50-week EMA), pressured by sell-on-fact sentiment following the announcement of Thailand's new US reciprocal tariff rate at 19%, which was in line with market expectations and had already been priced in.</li><li>However, we recommend accumulating on weakness, as the downside for the SET Index appears limited due to a declining risk premium outlook, which supports upward revisions to this year's export and economic forecasts – benefiting listed companies' earnings, particularly in the export sector.</li><li>Overall, we view this as slightly negative for the market in the short term, as Thailand's tariff rate is now on par with peers and the recent share price rally has already priced in some optimism.</li></ul>

The SET Index is expected to be volatile today, with the support at 1,231/1,221 points and the resistance at 1,245/1,251 points 50-week EMA), pressured by sell-on-fact sentiment following the announcement of Thailand's new US reciprocal tariff rate at 19%, which was in line with market expectations and had already been priced in.However, we recommend accumulating on weakness, as the downside for the SET Index appears limited due to a declining risk premium outlook, which supports upward revisions to this year's export and economic forecasts – benefiting listed companies' earnings, particularly in the export sector.Overall, we view this as slightly negative for the market in the short term, as Thailand's tariff rate is now on par with peers and the recent share price rally has already priced in some optimism.

Market May Experience Short-Term Volatility, But There Is Potential for a Continued Upward Trend in the Near Term

Jiangsu Hengrui Pharmaceuticals / Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals (1276 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> entered into agreements with GSK, granting an exclusive worldwide right of HRS-9821, a small molecule, PDE3/PDE4 inhibitor in clinical development for the treatment of COPD.</li>
<li>The only similar products available worldwide is Verona Pharma’s Ohtuvayre (ensifentrine) which was approved for marketing by the FDA in June 2024 for maintenance therapy of COPD.</li>
<li>The COPD segment has seen increased activity over the last one year in terms of drug approvals, acquisitions, and licensing agreements. This reiterates the growing potential of the COPD market.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK) entered into agreements with GSK, granting an exclusive worldwide right of HRS-9821, a small molecule, PDE3/PDE4 inhibitor in clinical development for the treatment of COPD.
The only similar products available worldwide is Verona Pharma’s Ohtuvayre (ensifentrine) which was approved for marketing by the FDA in June 2024 for maintenance therapy of COPD.
The COPD segment has seen increased activity over the last one year in terms of drug approvals, acquisitions, and licensing agreements. This reiterates the growing potential of the COPD market.


Jiangsu Hengrui Pharmaceuticals (1276 HK): Is HRS-9821 Licensing Deal with GSK Good Enough?

Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

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<ul><li>Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market.</li><li>57-65% of early diagnosis lung cancer patients suffer from LCC, it is a highly debilitating condition.</li><li>The US lung cancer therapeutics market consensus values range from ~USD 29.9bn in 2023 to ~USD 71.3bn in 2034, suggesting a compound annual growth rate (CAGR) of 8.2% over our 10 year forecast period.</li></ul>

Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market.57-65% of early diagnosis lung cancer patients suffer from LCC, it is a highly debilitating condition.The US lung cancer therapeutics market consensus values range from ~USD 29.9bn in 2023 to ~USD 71.3bn in 2034, suggesting a compound annual growth rate (CAGR) of 8.2% over our 10 year forecast period.

Merus NV - ACF Thematic Oncology Lung Cancer Cough LCC 25042025

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio (298380 KS)</a> announced licensing agreement with <a href="https://www.smartkarma.com/entities/glaxosmithkline-plc" target="_blank" data-smartkarma-citation="entities:21960:1" rel="noopener">GlaxoSmithKline PLC (GSK LN)</a> to develop novel treatments for neurodegenerative diseases by utilizing ABL Bio’s blood-brain barrier (BBB) shuttle platform, Grabody-B.</li>
<li>ABL Bio is eligible to receive up to £2.075B in research, development, regulatory, and commercialization milestone payments across multiple potential programs. The company will receive tiered royalties on net sales.</li>
<li>Last October, ABL Bio completed the manufacturing technology transfer for ABL301, a bispecific antibody containing Grabody-B to treat Parkinson’s disease, to Sanofi and unlocked a milestone payment of $5M.</li>
</ul>



ABLBio (298380 KS) announced licensing agreement with GlaxoSmithKline PLC (GSK LN) to develop novel treatments for neurodegenerative diseases by utilizing ABL Bio’s blood-brain barrier (BBB) shuttle platform, Grabody-B.
ABL Bio is eligible to receive up to £2.075B in research, development, regulatory, and commercialization milestone payments across multiple potential programs. The company will receive tiered royalties on net sales.
Last October, ABL Bio completed the manufacturing technology transfer for ABL301, a bispecific antibody containing Grabody-B to treat Parkinson’s disease, to Sanofi and unlocked a milestone payment of $5M.


ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline

United States

Sanofi is a global pharmaceutical company that researches, develops and manufactures prescription pharmaceuticals and vaccines.  The Company develops cardiovascular, thrombosis, metabolic disorder, central nervous system, internal medicine and oncology drugs, and vaccines.

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Sanofi ADR (SNY US)

Boryung Pharmaceutical (003850 KS): New Drug Acquisition Fans High Oncology Aspiration

Boryung Pharmaceutical is acquiring anti-cancer drug Taxotere from Sanofi for €175M. This deal marks the company’s first acquisition of an...

Tina Banerjee

Market May Experience Short-Term Volatility, But There Is Potential for a Continued Upward Trend in the Near Term

The SET Index is expected to be volatile today, with the support at 1,231/1,221 points and the resistance at 1,245/1,251 points 50-week EMA),...

Krungthai XSpring

Jiangsu Hengrui Pharmaceuticals (1276 HK): Is HRS-9821 Licensing Deal with GSK Good Enough?

Jiangsu Hengrui partners with GSK for exclusive outlicensing rights to COPD treatment, highlighting the growing potential of the market with...

Tina Banerjee

Merus NV - ACF Thematic Oncology Lung Cancer Cough LCC 25042025

Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market. 57-65% of early diagnosis...

ACF Equity Research

ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline

ABLBio partners with GSK to develop CNS treatments using Grabody-B, potentially receiving up to £2.075B in milestone payments and royalties....

Tina Banerjee

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52-week Range

Market Cap (USDm)

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Boryung Pharmaceutical (003850 KS): New Drug Acquisition Fans High Oncology Aspiration

​Boryung Pharmaceutical is acquiring anti-cancer drug Taxotere from Sanofi for €175M. This deal marks the company’s first acquisition of an...

Tina Banerjee

Market May Experience Short-Term Volatility, But There Is Potential for a Continued Upward Trend in the Near Term

The SET Index is expected to be volatile today, with the support at 1,231/1,221 points and the resistance at 1,245/1,251 points 50-week EMA),...

Krungthai XSpring

Jiangsu Hengrui Pharmaceuticals (1276 HK): Is HRS-9821 Licensing Deal with GSK Good Enough?

​Jiangsu Hengrui partners with GSK for exclusive outlicensing rights to COPD treatment, highlighting the growing potential of the market with...

Tina Banerjee

Merus NV - ACF Thematic Oncology Lung Cancer Cough LCC 25042025

Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market. 57-65% of early diagnosis...

ACF Equity Research

ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline

​ABLBio partners with GSK to develop CNS treatments using Grabody-B, potentially receiving up to £2.075B in milestone payments and royalties....

Tina Banerjee

Boryung Pharmaceutical is acquiring anti-cancer drug Taxotere from Sanofi for €175M. This deal marks the company’s first acquisition of an...

Jiangsu Hengrui partners with GSK for exclusive outlicensing rights to COPD treatment, highlighting the growing potential of the market with...

ABLBio partners with GSK to develop CNS treatments using Grabody-B, potentially receiving up to £2.075B in milestone payments and royalties....