Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Shaanxi Micot Pharmaceutical Technology / Equity Capital Markets

Shaanxi Micot Pharmaceutical Technology (SMP HK)

<ul>
<li>Shaanxi Micot Pharmaceutical Technology, a clinical-stage biotechnology company, has launched HK IPO consisting of 58M H shares. The indicative offer price range has been fixed at HK$18.20–21.00 per share.</li>
<li>The company intends to raise HK$1,219M, primarily to fund ongoing and planned clinical trials and planned commercial launch of core and key product candidates.</li>
<li>The subscription period will close on June 18, with the shares expected to make trading debut on June 24. CCB International and CMS are the joint sponsors to the issue.</li>
</ul>


Shaanxi Micot Pharmaceutical Technology, a clinical-stage biotechnology company, has launched HK IPO consisting of 58M H shares. The indicative offer price range has been fixed at HK$18.20–21.00 per share.
The company intends to raise HK$1,219M, primarily to fund ongoing and planned clinical trials and planned commercial launch of core and key product candidates.
The subscription period will close on June 18, with the shares expected to make trading debut on June 24. CCB International and CMS are the joint sponsors to the issue.


Micot Pharmaceutical IPO: Sizable End Market and Product Superiority to Drive Sustainable Growth

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical’s SYS6010 met primary endpoint in Phase 3 study as a monotherapy for NSCLC. Akeso’s ivonescimab demonstrates significant overall survival in Phase 3 trial for advanced biliary tract cancer.</li>
<li>Takeda Pharma secured FDA approval for Mimrylo (rusfertide) for the treatment of erythrocytosis in adults with polycythemia vera. Astellas Pharma initiates global Phase 3 study evaluating ASP2138 for gastric cancers.</li>
<li>Hanmi Pharm outlicenses obesity drug candidate HM1732 to Genentech for a total deal value of $2.3B. SK Biopharmaceuticals entered an agreement to in-license opakalim, an investigational antiseizure medication, from Biohaven.</li>
</ul>


CSPC Pharmaceutical’s SYS6010 met primary endpoint in Phase 3 study as a monotherapy for NSCLC. Akeso’s ivonescimab demonstrates significant overall survival in Phase 3 trial for advanced biliary tract cancer.
Takeda Pharma secured FDA approval for Mimrylo (rusfertide) for the treatment of erythrocytosis in adults with polycythemia vera. Astellas Pharma initiates global Phase 3 study evaluating ASP2138 for gastric cancers.
Hanmi Pharm outlicenses obesity drug candidate HM1732 to Genentech for a total deal value of $2.3B. SK Biopharmaceuticals entered an agreement to in-license opakalim, an investigational antiseizure medication, from Biohaven.


APAC Healthcare Weekly (August 30)– CSPC Pharma, Akeso, Takeda, Astellas, Hanmi Pharm, SK Biopharma

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>In addition to fierce competition in GLP-1 market, Micot also lacks experience in drug production, market promotion and sales. Any mistake in any link may lead to poor market acceptance.</li>
<li>After a product is launched on the market, whether it can smoothly enter the NRDL and how it is priced will directly determine its market penetration speed and peak sales. </li>
<li>The core drivers of Micot’s valuation mainly depend on the future clinical data and market space of pipeline. Valuation could be lower than peers due to lack of commercialized products. </li>
</ul>


In addition to fierce competition in GLP-1 market, Micot also lacks experience in drug production, market promotion and sales. Any mistake in any link may lead to poor market acceptance.
After a product is launched on the market, whether it can smoothly enter the NRDL and how it is priced will directly determine its market penetration speed and peak sales. 
The core drivers of Micot’s valuation mainly depend on the future clinical data and market space of pipeline. Valuation could be lower than peers due to lack of commercialized products. 


Pre-IPO Shaanxi Micot Pharmaceutical Technology - About the Pipeline and the Concerns Behind

<ul>
<li>Hengrui Pharmaceuticals’ trastuzumab rezetecan got third indication approval in China for colorectal cancer. CSPC Pharma and AstraZeneca entered JV contract for the construction of new-generation biologics manufacturing facility in China.</li>
<li>Takeda Pharmaceutical got FDA approval for Orzeyful for narcolepsy type 1. As a first-in-class orexin treatment, Orzeyful is the only medicine indicated in the U.S. to treat the disease holistically.</li>
<li>Otsuka announced new data from the Phase 3 trial demonstrating that Voyxact stabilizes kidney function decline. Alteogen signed an exclusive license agreement with a global pharmaceutical company for ALT-B4. </li>
</ul>


Hengrui Pharmaceuticals’ trastuzumab rezetecan got third indication approval in China for colorectal cancer. CSPC Pharma and AstraZeneca entered JV contract for the construction of new-generation biologics manufacturing facility in China.
Takeda Pharmaceutical got FDA approval for Orzeyful for narcolepsy type 1. As a first-in-class orexin treatment, Orzeyful is the only medicine indicated in the U.S. to treat the disease holistically.
Otsuka announced new data from the Phase 3 trial demonstrating that Voyxact stabilizes kidney function decline. Alteogen signed an exclusive license agreement with a global pharmaceutical company for ALT-B4. 


APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

<ul>
<li>Sino Biopharmaceutical entered outlicensing deal with AstraZeneca for respiratory drug candidate TQC3721. Hansoh Pharmaceutical’s ADC drug candidate HS-20093 met primary endpoint of overall survival in Phase 3 trial for SCLC.</li>
<li>Wuxi Biologics’ Hebei drug substance manufacturing facility passed the Pre-License Inspection by the FDA. Astellas Pharma’s Padcev Keytruda combo was accepted for China review in perioperative muscle-invasive bladder cancer.</li>
<li>Otsuka’s Astex Pharmaceuticals inked R&amp;D deal with Genentech to identify small molecule breast cancer drug candidates. Celltrion’s Avastin biosimilar has secured formulary listings with two major PBMs in the U.S.</li>
</ul>


Sino Biopharmaceutical entered outlicensing deal with AstraZeneca for respiratory drug candidate TQC3721. Hansoh Pharmaceutical’s ADC drug candidate HS-20093 met primary endpoint of overall survival in Phase 3 trial for SCLC.
Wuxi Biologics’ Hebei drug substance manufacturing facility passed the Pre-License Inspection by the FDA. Astellas Pharma’s Padcev Keytruda combo was accepted for China review in perioperative muscle-invasive bladder cancer.
Otsuka’s Astex Pharmaceuticals inked R&amp;D deal with Genentech to identify small molecule breast cancer drug candidates. Celltrion’s Avastin biosimilar has secured formulary listings with two major PBMs in the U.S.


APAC Healthcare Weekly (July 12) – Sino Bio, Hansoh Pharma, Wuxi Bio, Astellas, Otsuka, Celltrion

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Shaanxi Micot Pharmaceutical Technology (SMP HK)

Micot Pharmaceutical IPO: Sizable End Market and Product Superiority to Drive Sustainable Growth

Micot Pharma has launched HK IPO consisting of 58M H shares at HK$18.20–21.00 per share to fund clinical trials and planned commercial launch of...

Tina Banerjee

APAC Healthcare Weekly (August 30)– CSPC Pharma, Akeso, Takeda, Astellas, Hanmi Pharm, SK Biopharma

CSPC and Akeso announced positive results from their respective Phase 3 trials for cancer drug candidates. Takeda got FDA approval for blood cancer...

Tina Banerjee

Pre-IPO Shaanxi Micot Pharmaceutical Technology - About the Pipeline and the Concerns Behind

In addition to fierce competition, Micot lacks experience in drug promotion and sales. The core drivers of valuation depend on future clinical data...

Xinyao (Criss) Wang

APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

Hengrui’s trastuzumab rezetecan got 3rd indication approval in China. CSPC and AstraZeneca form JV for biologics manufacturing facility in China....

Tina Banerjee

APAC Healthcare Weekly (July 12) – Sino Bio, Hansoh Pharma, Wuxi Bio, Astellas, Otsuka, Celltrion

Sino Bio stuck outlicensing deal with AstraZeneca. Hansoh’s ADC drug candidate met primary endpoint in Phase 3 trial. China will review Astellas’...

Tina Banerjee

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