In today’s briefing:
- Hengrui (恒瑞医药) A/H Listing: An Updated Comparison with Hansoh
- ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline
- AMS: Growing O&O Segment Contributed to 33% Revenue Growth in 2024 Two New O&O Projects Moving Forward
- RVPH: M&A Deals Highlight Brilaroxazine Value
Hengrui (恒瑞医药) A/H Listing: An Updated Comparison with Hansoh
- Jiangsu Hengrui Medicine (600276 CH) a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.
- Given its similarity to Hong Kong-listed Hansoh Pharma, had done a comparison between the two.
- In this note, we looked at the latest results releases from both companies and highlighted granular differences. It is also interesting to compare the relative valuation from a historical perspective.
ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline
- ABLBio (298380 KS) announced licensing agreement with GlaxoSmithKline PLC (GSK LN) to develop novel treatments for neurodegenerative diseases by utilizing ABL Bio’s blood-brain barrier (BBB) shuttle platform, Grabody-B.
- ABL Bio is eligible to receive up to £2.075B in research, development, regulatory, and commercialization milestone payments across multiple potential programs. The company will receive tiered royalties on net sales.
- Last October, ABL Bio completed the manufacturing technology transfer for ABL301, a bispecific antibody containing Grabody-B to treat Parkinson’s disease, to Sanofi and unlocked a milestone payment of $5M.
AMS: Growing O&O Segment Contributed to 33% Revenue Growth in 2024 Two New O&O Projects Moving Forward
- With recent approval from state regulators to move forward on planned projects in Bristol, RI and Johnston, RI, the company continues to grow the number of facilities operated under its O&O model, a core objective.
- In 1Q25, AMS acquired property in Bristol, RI where it expects to construct a linear accelerator facility that would likely begin treating patients in about 18-24 months & AMS anticipates significant synergies within its expanding Rhode Island footprint.
- We expect these and other potential new projects will likely leverage an ‘asset-light’ approach that includes partnerships to reduce AMS’s upfront capital investment & enable AMS to retain a majority interest in the centers.
RVPH: M&A Deals Highlight Brilaroxazine Value
- Reviva is a research and development pharmaceutical company with two portfolio compounds targeting nine indications.
- The candidates address multiple related mental disorders, rare diseases & other categories of un met need.
- Reviva’s lead indication in schizophrenia with brilaroxazine (RP5063) completed its 1st Phase III trial & is set to begin its 2nd in 2025.
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