In today’s briefing:
- End of Mandatory Lock-Up Periods for 41 Companies in Korea in July 2023
- Lotus Pharmaceutical Placement – Sound Fundamentals but Doesn’t Seem Well Flagged
- Sosei Group (4565 JP): Hit Hard by Partner’s Clinical Trial Termination; Need Time to Recover
End of Mandatory Lock-Up Periods for 41 Companies in Korea in July 2023
- We discuss the end of the mandatory lock-up periods for 41 stocks in Korea in July 2023, among which 6 are in KOSPI and 35 are in KOSDAQ.
- These 41 stocks on average could be subject to further selling pressures in June and could underperform relative to the market.
- Among these 41 stocks, the top five market cap stocks include Lunit, Sungeel Hitech, KG Mobility, Enchem, and E&D Co.
Lotus Pharmaceutical Placement – Sound Fundamentals but Doesn’t Seem Well Flagged
- Lotus Pharmaceutical (1795 TT)’s majority shareholder, Alvogen Emerging Markets Holdings (AEMH), aims to raise up to US$247m through an affiliated secondary block offering.
- The deal is a small one to digest at only 2.4 days of three month ADV, despite being about 8.7% of current mcap.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Sosei Group (4565 JP): Hit Hard by Partner’s Clinical Trial Termination; Need Time to Recover
- Sosei Group (4565 JP) shares sold off heavily after a major setback in partner’s clinical trial. On June 26, Pfizer Inc (PFE US) decided to discontinue the development of lotiglipron (PF-07081532).
- PF-07081532 is one of three clinical candidates nominated by Pfizer during its multi-target drug discovery collaboration with Sosei to research and develop potential new medicines.
- As lotiglipron was the most advanced clinical candidate using Sosei’s drug discovery platform, the heavy sell-off seen in Sosei shares should not be considered as overreaction.
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