Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac IPO & Placement Research, China biotech

Innovent Biologics (信达生物) Placement - Selling upon Lock-Up Expiry

ECM Weekly (18 April 2019) - Duiba Group, MabPharm, Huami, Cofco Meat, Innovent, Times China

ECM Weekly (27 April 2019) - Luckin, Duiba, Leong Hup, ARA US Hosp, Douyu, So-Young, Yunji

Innovent Biologics (信达生物) IPO: Limited Upside Despite Strong Cornerstones (Part 3)

Innovent Biologics (信达生物) IPO: Pricing the PD-1 and Biosimilars Competition (Part 2)

Innovent Biologics (信达生物) IPO: A Major PD-1 MAb Competitor Might Have Just Emerged (Part 1)

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

Innovent Biologics Inc / Equity Bottom-Up

Anti-PD-1 monoclonal antibody (mAb) is a hotly contested immunotherapy area in China, with seven companies working on clinical trials covering various lines of treatment for more than a dozen indications. Out of these indications, we have highlighted in our previous coverage on Chinese biotech companies that the most critical indication is the first line treatment of lung cancer, particularly non-small cell lung cancer (NSCLC). Valuation of PD-1 related drugs anchors many of the Hong Kong-listed biotech companies, such as <a href="https://www.smartkarma.com/entities/27452" target="_blank" data-smartkarma-citation="entities:27452:1">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/27760" target="_blank" data-smartkarma-citation="entities:27760:1">Shanghai Junshi Bioscience Co. Ltd. (1877 HK)</a>, <a href="https://www.smartkarma.com/entities/27352" target="_blank" data-smartkarma-citation="entities:27352:1">BeiGene Ltd (6160 HK)</a>, <a href="https://www.smartkarma.com/entities/27882" target="_blank" data-smartkarma-citation="entities:27882:1">CStone Pharma (2616 HK)</a>  and China A-share listed <a href="https://www.smartkarma.com/entities/14128" target="_blank" data-smartkarma-citation="entities:14128:1">Jiangsu Hengrui Medicine Co., (600276 CH)</a>. 
In March, Merck's Keytruda (generic name pembrolizumab) was approved by NMPA for the first line treatment of EGFR and ALK-negative non-squamous NSCLC. This marks Keytruda the first approved PD-1 drugs for the first line treatment of NSCLC in China.
In this insight, we will review the status and targeted indications of clinical trials of PD-1 candidates by domestic players.

Anti-PD-1 monoclonal antibody (mAb) is a hotly contested immunotherapy area in China, with seven companies working on clinical trials covering various lines of treatment for more than a dozen indications. Out of these indications, we have highlighted in our previous coverage on Chinese biotech companies that the most critical indication is the first line treatment of lung cancer, particularly non-small cell lung cancer (NSCLC). Valuation of PD-1 related drugs anchors many of the Hong Kong-listed biotech companies, such as Innovent Biologics Inc (1801 HK), Shanghai Junshi Bioscience Co. Ltd. (1877 HK), BeiGene Ltd (6160 HK), CStone Pharma (2616 HK)  and China A-share listed Jiangsu Hengrui Medicine Co., (600276 CH). 
In March, Merck's Keytruda (generic name pembrolizumab) was approved by NMPA for the first line treatment of EGFR and ALK-negative non-squamous NSCLC. This marks Keytruda the first approved PD-1 drugs for the first line treatment of NSCLC in China.
In this insight, we will review the status and targeted indications of clinical trials of PD-1 candidates by domestic players. 

키트루다, 중국 폐암 치료제로 승인 - PD-1 전장 리뷰