Xinyao (Criss) Wang

HK/China Healthcare Analyst (ex-Fosun Pharma)

Equity Capital Markets

<ul>
<li>Laekna’s development mode is mainly based on license-in. However, the increasingly low cost performance of in-licensed products and potential legal risks have made the capital “reconsider”. </li>
<li>Both two core products LAE002 and LAE001 have to face the challenge of market acceptance and potential R&amp;D failure risks. China’s NRDL negotiation further casts doubts on their commercialization prospects.</li>
<li>So, the investment in Laekna may not generate expected return. Together with the unfriendly external environment, we are conservative about <a href="https://www.smartkarma.com/entities/laekna-inc" target="_blank" data-smartkarma-citation="entities:36029:1" rel="noopener">Laekna (LAEKNA HK)</a>’s outlook at the current stage.</li>
</ul>

Laekna

Pre-IPO Laekna - Low Cost Performance of License-In Mode Leads to A "Rethink" Of Investment Value