HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Shenzhen Edge Medical (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Jan.4) - NRDL Negotiation Breakthrough, Thoughts on Ribo's IPO Pricing

Pre-IPO Suzhou Ribo Life Science (PHIP Updates) - Some Points Worth the Attention

Pre-IPO FS.COM - The Concerns Behind the Business Model and the Outlook

Pre-IPO Videotimes Technology Holdings - Expected to See Performance Decline Due to Tariff War

Pre-IPO 52TOYS Development - The Business Model and the Concerns Behind

Pre-IPO Boxihe Outdoor Sports Group - The Concerns Behind the High Growth

Equity Capital Markets

IMPACT Therapeutics / Equity Capital Markets

<ul>
<li>Senaparib demonstrated statistically significant and clinically meaningful improvement in PFS in Phase III trial, which is its core competitiveness, but Senaparib is facing challenges in commercialization due to fierce competition.</li>
<li>The potential of IMP1734/IMP9064/IMP7068/IMP1707 depends on clinical success, the approval schedule, final indications layout. In optimistic scenario, a blockbuster drug has the potential to reach peak sales of RMB1-2 billion.</li>
<li>RMB1-2.25 billion could be valuation bottom line, which is below the post-money valuation of RMB3.3 billion after Series D++ Financing. Meanwhile, valuation of IMPACT would be lower than Zai Lab.</li>
</ul>


Senaparib demonstrated statistically significant and clinically meaningful improvement in PFS in Phase III trial, which is its core competitiveness, but Senaparib is facing challenges in commercialization due to fierce competition.
The potential of IMP1734/IMP9064/IMP7068/IMP1707 depends on clinical success, the approval schedule, final indications layout. In optimistic scenario, a blockbuster drug has the potential to reach peak sales of RMB1-2 billion.
RMB1-2.25 billion could be valuation bottom line, which is below the post-money valuation of RMB3.3 billion after Series D++ Financing. Meanwhile, valuation of IMPACT would be lower than Zai Lab.


Jiangsu Hengrui Pharmaceuticals (1276 HK)

Pre-IPO IMPACT Therapeutics - Thoughts on the Pipeline, the Concerns and Valuation Outlook