Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.</li>
<li>Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.</li>
<li>Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.</li>
</ul>


Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.
Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.
Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.


APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

<ul>
<li>Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.</li>
<li>BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.</li>
<li>Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.</li>
</ul>


Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.
BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.
Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.


APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Equity Bottom-Up

Suzhou Ribo Life Science / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-ribo-life-science-co-ltd" target="_blank" data-smartkarma-citation="entities:45112:1" rel="noopener">Suzhou Ribo Life Science (SRL HK)</a> entered into a licensing agreement with Madrigal Pharmaceuticals for six pre-clinical small interfering RNA (siRNA) programs for the treatment of metabolic dysfunction-associated steatohepatitis (MASH).</li>
<li>Ribo Life will receive an upfront payment of US$60M and cumulative payments could reach US$4.4B if certain development, regulatory and commercial milestones are achieved, plus potential royalties on net sales.</li>
<li>The deal has the potential to bear fruits for Ribo Life only in the long term. At the current share price, the stock does feel overvalued to an extent.</li>
</ul>



Suzhou Ribo Life Science (SRL HK) entered into a licensing agreement with Madrigal Pharmaceuticals for six pre-clinical small interfering RNA (siRNA) programs for the treatment of metabolic dysfunction-associated steatohepatitis (MASH).
Ribo Life will receive an upfront payment of US$60M and cumulative payments could reach US$4.4B if certain development, regulatory and commercial milestones are achieved, plus potential royalties on net sales.
The deal has the potential to bear fruits for Ribo Life only in the long term. At the current share price, the stock does feel overvalued to an extent.


Ribo Life Science (6938 HK): Madrigal MASH Deal A Positive, But Still a Long Waiting Game

<ul>
<li>Shanghai Henlius Biotech announced that PMDA of Japan approved phase 2/3 clinical trial of HLX43 for injection (an anti-PD-L1 antibody-drug conjugate) for advanced squamous non-small cell lung cancer (NSCLC).</li>
<li>Simcere Pharmaceutical announced that, SIM0613 for Injection, an antibody-drug conjugate, received the clinical trial approval in China, and is intended for commencing the clinical trial for advanced solid tumors.</li>
<li>Olympus has signed an exclusive global distribution agreement with EndoRobotics. Under this agreement, robot-assisted technologies manufactured by EndoRobotics will be distributed globally by Olympus exclusively.</li>
</ul>


Shanghai Henlius Biotech announced that PMDA of Japan approved phase 2/3 clinical trial of HLX43 for injection (an anti-PD-L1 antibody-drug conjugate) for advanced squamous non-small cell lung cancer (NSCLC).
Simcere Pharmaceutical announced that, SIM0613 for Injection, an antibody-drug conjugate, received the clinical trial approval in China, and is intended for commencing the clinical trial for advanced solid tumors.
Olympus has signed an exclusive global distribution agreement with EndoRobotics. Under this agreement, robot-assisted technologies manufactured by EndoRobotics will be distributed globally by Olympus exclusively.


APAC Healthcare Weekly (May 10) – Henlius Bio, Simcere, Olympus, Daewoong Pharma

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Suzhou Ribo Life Science / Equity Capital Markets

<ul>
<li>The "breadth" of pipeline doesn’t translate into the "depth" of competition.Instead, the dispersion of resources leads to slow advancement of core products, and the imbalance in investment weakened commercial competitiveness.</li>
<li>Ribo’s outsourcing model will drive up production costs and delay clinical trials/market entry. If a partner terminates cooperation due to clinical trial failure/strategic adjustments, revenue will face a sharp decline.</li>
<li>Based on Ribo’s IPO pricing (HK$57.97/share) and 2024 revenue, P/S is 59x, which is lower than peer.This valuation/IPO pricing is not without basis, with potential room for future valuation increases.</li>
</ul>


The "breadth" of pipeline doesn’t translate into the "depth" of competition.Instead, the dispersion of resources leads to slow advancement of core products, and the imbalance in investment weakened commercial competitiveness.
Ribo’s outsourcing model will drive up production costs and delay clinical trials/market entry. If a partner terminates cooperation due to clinical trial failure/strategic adjustments, revenue will face a sharp decline.
Based on Ribo’s IPO pricing (HK$57.97/share) and 2024 revenue, P/S is 59x, which is lower than peer.This valuation/IPO pricing is not without basis, with potential room for future valuation increases.


Pre-IPO Suzhou Ribo Life Science (PHIP Updates) - Some Points Worth the Attention

China

Develops siRNA therapeutics for liver, cardiovascular, metabolic and renal diseases

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Suzhou Ribo Life Science (6938 HK)

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

Ribo Life Science (6938 HK): Madrigal MASH Deal A Positive, But Still a Long Waiting Game

Suzhou Ribo Life Science partners with Madrigal Pharmaceuticals for siRNA programs targeting MASH. Upfront payments etc are fine, but Ribo Life is...

Tina Banerjee

APAC Healthcare Weekly (May 10) – Henlius Bio, Simcere, Olympus, Daewoong Pharma

Henlius Bio and Simcere got trial approval for their respective ADC candidates in Japan and China, respectively. Olympus forges exclusive global...

Tina Banerjee

Pre-IPO Suzhou Ribo Life Science (PHIP Updates) - Some Points Worth the Attention

Ribo's IPO pricing (HK$57.97/share) is reasonable and leaves room for valuation increases, thus there is good upside on IPO debut, which is in line...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

Ribo Life Science (6938 HK): Madrigal MASH Deal A Positive, But Still a Long Waiting Game

​Suzhou Ribo Life Science partners with Madrigal Pharmaceuticals for siRNA programs targeting MASH. Upfront payments etc are fine, but Ribo Life is...

Tina Banerjee

APAC Healthcare Weekly (May 10) – Henlius Bio, Simcere, Olympus, Daewoong Pharma

Henlius Bio and Simcere got trial approval for their respective ADC candidates in Japan and China, respectively. Olympus forges exclusive global...

Tina Banerjee

Pre-IPO Suzhou Ribo Life Science (PHIP Updates) - Some Points Worth the Attention

Ribo's IPO pricing (HK$57.97/share) is reasonable and leaves room for valuation increases, thus there is good upside on IPO debut, which is in line...

Xinyao (Criss) Wang

Suzhou Ribo Life Science partners with Madrigal Pharmaceuticals for siRNA programs targeting MASH. Upfront payments etc are fine, but Ribo Life is...