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.

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Equity Capital Markets

NovaBridge Biosciences / Equity Capital Markets

<ul>
<li>Among pipeline, the most valuable assets are Givastomig and Ragistomig. 4-1BB is an important target for immune agonists, but its development has been hindered in the past due to hepatotoxicity. </li>
<li>Givastomig and Ragistomig may overcome the challenges of limited efficacy/high toxicity through a unique conditional activation mechanism. The peak sales of Givastomig may reach the level of US$1-2 billion.</li>
<li>A comfortable valuation range is between US$1.5-2.5bn, which will be influenced by market sentiment at the time of IPO, the key clinical trial data, and progress of potential BD transactions.</li>
</ul>


Among pipeline, the most valuable assets are Givastomig and Ragistomig. 4-1BB is an important target for immune agonists, but its development has been hindered in the past due to hepatotoxicity. 
Givastomig and Ragistomig may overcome the challenges of limited efficacy/high toxicity through a unique conditional activation mechanism. The peak sales of Givastomig may reach the level of US$1-2 billion.
A comfortable valuation range is between US$1.5-2.5bn, which will be influenced by market sentiment at the time of IPO, the key clinical trial data, and progress of potential BD transactions.


Pre-IPO NovaBridge Biosciences - About the Pipeline and Thoughts on Valuation