In today’s briefing:
- Rakuten Bank Vs SBI Sumishin Net Bank
- Pre-IPO Kelun Biotech – Debut Is the Peak, and Then It Wanes?
Rakuten Bank Vs SBI Sumishin Net Bank
- Rakuten Bank (5838 JP) is an online bank in Japan. It is looking to raise about $870 million. The pricing is on 5 April and the listing is on 21 April.
- In Rakuten Bank IPO: The Investment Case, we highlighted the key elements of the investment case.
- SBI Sumishin Net Bank (7163 JP), the key peer, will list on 29 March. In this note, we compare Rakuten Bank and SBI Sumishin across several key metrics.
Pre-IPO Kelun Biotech – Debut Is the Peak, and Then It Wanes?
- Kelun-Biotech did not get widespread attention until it reached three license and collaboration agreements with Merck, with upfront and milestone payments totaling up to US$11.8 billion.
- The remaining products have limited investment value. After Kelun-Biotech out-licensed all of its valuable core assets in pipeline, it could mainly remain at the stage of biotech in the future.
- The original core R&D team members have left, which means the “root of Kelun-Biotech is broken”. The lack of sustainable follow-up R&D capability would have negative impact on valuation performance.
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