Shanghai Junshi Bioscience (1877.HK/688180.CH) - Behind the “break Up” with AstraZeneca
Equity Bottom-Up
166 Views, 10 Jan 2022 09:05
EXECUTIVE SUMMARY
Shanghai Junshi Bioscience Co. Ltd. (1877 HK) announced that it has terminated its PD-1 commercialization partnership with AstraZeneca. Lower-than-expected sales performance is seen as the key reason.
Junshi's commercialization team is the weakest among the domestic Top Four.As the FDA's attitude may have changed, the logic of exporting innovative domestic drugs to foreign markets could be shaken.
Given the poor financing environment,it's challenging for Junshi to afford large investment in R&D and licensing deals by just relying on cash in hand and cashflow generating from commercialized products.