Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> signed an outlicensing deal worth more than $6B with Pfizer for its PD-1/VEGF bispecific antibody, SSGJ-707. Since signing the deal, 3SBio shares rallied more than 55%.</li>
<li>Considering deals signed with Chinese companies for bispecific antibody drug candidates in recent times, 3SBio seems to have secured best valuation for its asset.</li>
<li>Initiation of global trial of SSGJ-707 and data readout from its ongoing China trials for additional indications, continued strong financial performance, and new approvals are upcoming catalysts.</li>
</ul>



3SBio Inc (1530 HK) signed an outlicensing deal worth more than $6B with Pfizer for its PD-1/VEGF bispecific antibody, SSGJ-707. Since signing the deal, 3SBio shares rallied more than 55%.
Considering deals signed with Chinese companies for bispecific antibody drug candidates in recent times, 3SBio seems to have secured best valuation for its asset.
Initiation of global trial of SSGJ-707 and data readout from its ongoing China trials for additional indications, continued strong financial performance, and new approvals are upcoming catalysts.


3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Akeso Biopharma Inc / Equity Capital Markets

<ul>
<li>OS benefit has been observed in HARMONi-A study, which however is just a small part of the PD-1/VEGF commercial landscape. The main battlefield is still the head-to-head trial against Keytruda.</li>
<li>We think the current high valuation of Akeso has begun to price in the successful HARMONi-2 results to some extent, which however is not a done deal.</li>
<li>Investors may need to be cautious about this placement, especially when the founders of Akeso actually chose to reduce their positions. Market cooling down may not be far off.</li>
</ul>


OS benefit has been observed in HARMONi-A study, which however is just a small part of the PD-1/VEGF commercial landscape. The main battlefield is still the head-to-head trial against Keytruda.
We think the current high valuation of Akeso has begun to price in the successful HARMONi-2 results to some extent, which however is not a done deal.
Investors may need to be cautious about this placement, especially when the founders of Akeso actually chose to reduce their positions. Market cooling down may not be far off.


Akeso Biopharma (9926 HK) Placement - We Are Now at a Critical Point

<ul>
<li>The policy turning point of high-value consumables/medical device industry is not far away. When a mature pricing mechanism is formed, it’s the time when industry expectations reverse and stabilize.</li>
<li>There’s rumor that AstraZeneca is in discussions for a US$15 billion partnership focused on ivonescimab. Although we understand that investors have been anticipating a big deal, we remain cautious.</li>
<li>After the outstanding IPO debut, IFBH’s share price continued to fall. The capital frenzy has led to the valuation to deviate seriously from the fundamentals. The outlook is not optimistic.</li>
</ul>


The policy turning point of high-value consumables/medical device industry is not far away. When a mature pricing mechanism is formed, it’s the time when industry expectations reverse and stabilize.
There’s rumor that AstraZeneca is in discussions for a US$15 billion partnership focused on ivonescimab. Although we understand that investors have been anticipating a big deal, we remain cautious.
After the outstanding IPO debut, IFBH’s share price continued to fall. The capital frenzy has led to the valuation to deviate seriously from the fundamentals. The outlook is not optimistic.


China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

Newtrend Technology / Equity Capital Markets

<ul>
<li>Summit's chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.</li>
<li>The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.</li>
<li>The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the "price war" and oversupply issue. Reasonable valuation should be lower than <a href="https://www.smartkarma.com/entities/anhui-jinhe-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:4296:1" rel="noopener">Anhui Jinhe Industrial (002597 CH)</a>.</li>
</ul>


Summit's chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.
The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.
The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the "price war" and oversupply issue. Reasonable valuation should be lower than Anhui Jinhe Industrial (002597 CH).


China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

Sichuan Biokin Pharmaceutical / Equity Capital Markets

<ul>
<li>CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo) and pay more attention to the quality of external M&amp;As. China Resources+Tasly+KPC will be the core drivers of future performance.</li>
<li>Akeso’s first global phase 3 readout for ivonescimab was disappointing, which cast shadow on the final FDA approval. We shared our views on the outlook and valuation ahead.</li>
<li>The failure of HER3-DXd cast shadow over the outlook of HER3. We think Biokin is overvalued. Its valuation should be lower than Akeso and Kelun Bio.</li>
</ul>


CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo) and pay more attention to the quality of external M&amp;As. China Resources+Tasly+KPC will be the core drivers of future performance.
Akeso’s first global phase 3 readout for ivonescimab was disappointing, which cast shadow on the final FDA approval. We shared our views on the outlook and valuation ahead.
The failure of HER3-DXd cast shadow over the outlook of HER3. We think Biokin is overvalued. Its valuation should be lower than Akeso and Kelun Bio.


China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

United States

Summit Therapeutics Inc. operates as a biopharmaceutical company. The Company focuses on developing new mechanism antibiotics for the treatment of people with infectious diseases. Summit Therapeutics serves customers in the United States and the United Kingdom.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Summit Therapeutics (SMMT US)

3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

3SBio signed $6B outlicensing deal with Pfizer for SSGJ-707, resulting in spectacular rally in 3SBio shares. Global trial initiation of SSGJ-707...

Tina Banerjee

Akeso Biopharma (9926 HK) Placement - We Are Now at a Critical Point

Akeso's potential success in HARMONi-2 study may be already factored into high valuation. Investors need to be cautious about this placement,...

Xinyao (Criss) Wang

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

High-value medical device industry is on the brink of a policy turning point. There's many uncertainties about AstraZeneca-Summit $15bn deal. IFBH...

Xinyao (Criss) Wang

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...

Xinyao (Criss) Wang

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo).Summit/Akeso's disappointing phase 3 readout raises doubts on FDA approval for...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

​3SBio signed $6B outlicensing deal with Pfizer for SSGJ-707, resulting in spectacular rally in 3SBio shares. Global trial initiation of SSGJ-707...

Tina Banerjee

Akeso Biopharma (9926 HK) Placement - We Are Now at a Critical Point

​Akeso's potential success in HARMONi-2 study may be already factored into high valuation. Investors need to be cautious about this placement,...

Xinyao (Criss) Wang

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

High-value medical device industry is on the brink of a policy turning point. There's many uncertainties about AstraZeneca-Summit $15bn deal. IFBH...

Xinyao (Criss) Wang

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

​Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...

Xinyao (Criss) Wang

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

​CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo).Summit/Akeso's disappointing phase 3 readout raises doubts on FDA approval for...

Xinyao (Criss) Wang

3SBio signed $6B outlicensing deal with Pfizer for SSGJ-707, resulting in spectacular rally in 3SBio shares. Global trial initiation of SSGJ-707...

Akeso's potential success in HARMONi-2 study may be already factored into high valuation. Investors need to be cautious about this placement,...

Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...

CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo).Summit/Akeso's disappointing phase 3 readout raises doubts on FDA approval for...