Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Transcenta, formerly Mabspace, is a global clinical stage biopharmaceutical company. It is looking to raise up to USD 200m via a Hong Kong listing.  In this note, we look at two drug candidates, the next generation PD-L1 MSB2311, and the Claudin 18.2 antibody, TS001. MSB2311 features PH-dependent binding property that can result in recycling of the antibody. TS001 improves the binding property and hence increases the addressable market vs the benchmark zolbetuximab. We think the company's products are differentiated though both PD-1/PD-L1, and the Claudin 18.2 class of drugs are intensely contested. The company has a strong management team with relevant experience of R&amp;D. It also has pre-IPO investors with four rounds of capital raising pre-IPO.

Transcenta, formerly Mabspace, is a global clinical stage biopharmaceutical company. It is looking to raise up to USD 200m via a Hong Kong listing.  In this note, we look at two drug candidates, the next generation PD-L1 MSB2311, and the Claudin 18.2 antibody, TS001. MSB2311 features PH-dependent binding property that can result in recycling of the antibody. TS001 improves the binding property and hence increases the addressable market vs the benchmark zolbetuximab. We think the company's products are differentiated though both PD-1/PD-L1, and the Claudin 18.2 class of drugs are intensely contested. The company has a strong management team with relevant experience of R&amp;D. It also has pre-IPO investors with four rounds of capital raising pre-IPO. 

Transcenta (创胜) Pre-IPO: Buy the Experienced Team

China

Transcenta is a clinical-stage biopharmaceutical company with integrated capabilities in the discovery, research, development, manufacturing, and business development of biopharmaceuticals. The company develops therapeutic antibody molecules for oncology and selected non-oncology indications, including bone and kidney disorders, and also provides contract development and manufacturing organization (CDMO) services. Transcenta is headquartered in Suzhou, China, and was founded in 2010.

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Transcenta (6628 HK)

Transcenta (创胜) Pre-IPO: Buy the Experienced Team

Formerly Mabspace, we think Transcenta has an experienced team with with innovative product though the immediate addressable market is not huge.

Ke Yan, CFA, FRM

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