In today’s briefing:
- Akeso Inc Placement – Another Opportunistic Raise, Mixed past Deal but Is Relatively Small
- Pre-IPO Beijing Sinotau International Pharmaceutical Technology – The Pipeline and the Outlook
- Cybin, Inc: AbbVie’s Gilgamesh Transaction Sheds More Light on CYB003’s Value
- Medical Data Vision Co., Ltd (3902 JP): Research Update
- Shanghai Junshi Bioscience (1877 HK): Tuoyi Holds Momentum Steady As a Rock, Losses Narrow in 1H
Akeso Inc Placement – Another Opportunistic Raise, Mixed past Deal but Is Relatively Small
- Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders.
- Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
Pre-IPO Beijing Sinotau International Pharmaceutical Technology – The Pipeline and the Outlook
- The mature and complete upstream to downstream industrial chain of nuclear medicine has high barriers. It is unknown whether the entire nuclear drug market can reach the scale of ADC.
- There’re uncertainties in commercialization of Sinotau’s pipeline, which faces the pressure of lowering price, NRDL negotiation, challenge from generic drugs. Uneven distribution of nuclear resources constrains the application of products.
- Short-Term performance mainly relies on the commercialization breakthrough of XTR008 and XTR005. Our forecast is revenue could reach RMB300-500 million in 2026. Pre-IPO valuation of RMB5.188 billion is not cheap.
Cybin, Inc: AbbVie’s Gilgamesh Transaction Sheds More Light on CYB003’s Value
- AbbVie goes all in for Gilgamesh’s lead depression drug candidate.
- On August 25, AbbVie (NYSE: ABBV) announced that it will acquire outright Gilgamesh’s lead novel pipeline drug program, bretisilocin, targeting the treatment of major depressive disorder (MDD) for up to $1.2 billion, inclusive of an upfront payment (yet to be disclosed) and development milestones.
- This builds on a collaboration and option-to-license agreement established by the two parties last year whereby AbbVie paid Gilgamesh an upfront payment of $65 million, with an option to license future assets with potential milestone payments of up to $1.95 billion as well as tiered royalties from mid-single to low double digits on net sales should these developments move to commercialization.
Medical Data Vision Co., Ltd (3902 JP): Research Update
- FY25 1H results summary Medical Data Vision [MDV] reported FY25 1H (Dec year-end) results with sales coming in largely in line with the firm’s guidance while reporting an operating loss in Q2, on higher costs [COGS and personnel] incurred to boost sales in 2H.
- MDV produced 1H gross profit [GP] of ¥2,126mil (+3.2% YoY) and an operating loss of -¥5mil (vs FY24 1H OP of ¥26mil) on sales of ¥3,034mil (+9.1% YoY).
- The topline increase was achieved thanks to improved sales in the Data Utilisation segment.
Shanghai Junshi Bioscience (1877 HK): Tuoyi Holds Momentum Steady As a Rock, Losses Narrow in 1H
- Shanghai Junshi Biosciences (1877 HK) reported 49% revenue growth on the back of toripalimab during 1H25 in China. 10 indications of total 12 approved, included in China’s NRDL.
- Toripalimab (branded as Loqtorzi) in U.S reported ~$17.3M revenue in 1H25 vs $5.8M in 1H24. Approvals received in new geographies like UAE and Kuwait.
- With solid R&D focus and Tuoyi’s prospects going ahead, given the regular geographical and indication expansions, it surely offers a long-term growth prospect.
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