HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Tyligand Bioscience / Equity Capital Markets

<ul>
<li>The difficulty of developing KRAS G12D has been recognized by the industry. Investors will be more cautious about any early and unverified G12D projects, demanding higher risk premiums.</li>
<li>Without data validation, the market cannot assess whether the efficacy/safety of TSN1611 are competitive. The “good safety” data of TSN222 still needs to be validated through larger clinical trials.</li>
<li>We think Tyligand’s valuation may not exceed the valuations of comparable companies such as <a href="https://www.smartkarma.com/entities/jacobio-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:29696:1" rel="noopener">Jacobio Pharmaceuticals (1167 HK)</a> and <a href="https://www.smartkarma.com/entities/genfleet-therapeutics" target="_blank" data-smartkarma-citation="entities:44187:1" rel="noopener">GenFleet Therapeutics (GENFL12 HK)</a>.</li>
</ul>


The difficulty of developing KRAS G12D has been recognized by the industry. Investors will be more cautious about any early and unverified G12D projects, demanding higher risk premiums.
Without data validation, the market cannot assess whether the efficacy/safety of TSN1611 are competitive. The “good safety” data of TSN222 still needs to be validated through larger clinical trials.
We think Tyligand’s valuation may not exceed the valuations of comparable companies such as Jacobio Pharmaceuticals (1167 HK) and GenFleet Therapeutics (GENFL12 HK).


Pre-IPO Tyligand Bioscience - Concerns on KRAS Will Directly Limit the Valuation Ceiling

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.

<ul>
<li>Tyligand Bioscience, a China-based biotech, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC is the sole sponsor.</li>
<li>In this note, we look at the company's one late-stage core product TSN1611.</li>
<li>We also look at the company's pre-IPO investors and management team.</li>
</ul>


Tyligand Bioscience, a China-based biotech, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC is the sole sponsor.
In this note, we look at the company's one late-stage core product TSN1611.
We also look at the company's pre-IPO investors and management team.


Tyligand Bioscience (泰励生物) Pre-IPO: Late Entrant to the KRAS G12D Target

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Tyligand Bioscience (TLG HK)

Pre-IPO Tyligand Bioscience - Concerns on KRAS Will Directly Limit the Valuation Ceiling

Investors wary of early KRAS G12D projects, demand higher risk premiums. Validation needed for TSN1611 and TSN222. Tyligand's valuation may not...

Xinyao (Criss) Wang

Tyligand Bioscience (泰励生物) Pre-IPO: Late Entrant to the KRAS G12D Target

China biotech Tyligand Bioscience aims to raise $100 million through Hong Kong listing with CITIC as sole sponsor. We look at its late-stage core...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Tyligand Bioscience - Concerns on KRAS Will Directly Limit the Valuation Ceiling

​Investors wary of early KRAS G12D projects, demand higher risk premiums. Validation needed for TSN1611 and TSN222. Tyligand's valuation may not...

Xinyao (Criss) Wang

Tyligand Bioscience (泰励生物) Pre-IPO: Late Entrant to the KRAS G12D Target

​China biotech Tyligand Bioscience aims to raise $100 million through Hong Kong listing with CITIC as sole sponsor. We look at its late-stage core...

Ke Yan, CFA, FRM

Investors wary of early KRAS G12D projects, demand higher risk premiums. Validation needed for TSN1611 and TSN222. Tyligand's valuation may not...

China biotech Tyligand Bioscience aims to raise $100 million through Hong Kong listing with CITIC as sole sponsor. We look at its late-stage core...