Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Simcere Pharmaceutical Group / Equity Bottom-Up

Simcere Pharmaceutical Group manufactures and supplies branded generic pharmaceuticals to the China market. The Company's products include antibiotics, anti-cancer medications and anti-stroke medications.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> entered into a license agreement with Vigonvita Life Science Co. Ltd in respect of new indications (RSV and HMPV) of VV116 (Deuterated Remdesivir Hydrobromide).</li>
<li>There is no innovative small molecule antiviral drug approved for RSV infection globally. The development of effective RSV treatment represents a huge unmet medical need worldwide.</li>
<li>The licensing deals signed over the last few months alongside strong innovative drug portfolio, approvals and strong future pipeline makes it a bullish case.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) entered into a license agreement with Vigonvita Life Science Co. Ltd in respect of new indications (RSV and HMPV) of VV116 (Deuterated Remdesivir Hydrobromide).
There is no innovative small molecule antiviral drug approved for RSV infection globally. The development of effective RSV treatment represents a huge unmet medical need worldwide.
The licensing deals signed over the last few months alongside strong innovative drug portfolio, approvals and strong future pipeline makes it a bullish case.


Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

InSilico Medicine Cayman TopCo / Equity Capital Markets

<ul>
<li>The IPO pricing reflects the liquidity value brought by IPO and recognition of cornerstone investors, but InSilico is facing huge uncertainties.Its value will take several years to be verified.</li>
<li>Our revenue forecast is US$55 million/US$70-90 million/US$100-150 million in 2025/2026/2027, respectively. Insilico may suffer losses in the next three years, but in 2027, the Company may turn loss into profits.</li>
<li>The essential difference between QuantumPharm and InSilico lies in business models. We’re more optimistic about InSilico in long term, whose valuation may surpass QuantumPharm if InSilico can develop blockbuster drugs.</li>
</ul>


The IPO pricing reflects the liquidity value brought by IPO and recognition of cornerstone investors, but InSilico is facing huge uncertainties.Its value will take several years to be verified.
Our revenue forecast is US$55 million/US$70-90 million/US$100-150 million in 2025/2026/2027, respectively. Insilico may suffer losses in the next three years, but in 2027, the Company may turn loss into profits.
The essential difference between QuantumPharm and InSilico lies in business models. We’re more optimistic about InSilico in long term, whose valuation may surpass QuantumPharm if InSilico can develop blockbuster drugs.


Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

<ul>
<li>InSilico Medicine launched HK IPO consisting of ~95M H shares. The indicative offer price is HK$24.05 per share. The company aims to raise ~$292M. Subscriptions will close on December 23.</li>
<li>InSilico Medicine is a clinical-stage generative AI-driven drug discovery company, with Pharma.AI being its proprietary generative AI platform. The company has generated 20+ clinical or IND-enabling stage assets using Pharma.AI.</li>
<li>The company intends to use the proceeds to fund clinical trials of pipeline drug candidates, develop new generative AI models, and development and expand the company’s automated lab.</li>
</ul>


InSilico Medicine launched HK IPO consisting of ~95M H shares. The indicative offer price is HK$24.05 per share. The company aims to raise ~$292M. Subscriptions will close on December 23.
InSilico Medicine is a clinical-stage generative AI-driven drug discovery company, with Pharma.AI being its proprietary generative AI platform. The company has generated 20+ clinical or IND-enabling stage assets using Pharma.AI.
The company intends to use the proceeds to fund clinical trials of pipeline drug candidates, develop new generative AI models, and development and expand the company’s automated lab.


Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

<ul>
<li>B&amp;K raised HKD 674m (USD 87m) from its global offering and will list on the Hong Kong Stock Exchange on Monday December 22, 2025.</li>
<li>In our previous note, we looked at the company's core products, management track records.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


B&amp;K raised HKD 674m (USD 87m) from its global offering and will list on the Hong Kong Stock Exchange on Monday December 22, 2025.
In our previous note, we looked at the company's core products, management track records.
In this note, we provide an update for the IPO before trading debut.


B&K (华芢生物科技) IPO: Trading Updates

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.</li>
<li>Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.</li>
<li>Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.</li>
</ul>


Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.
Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.
Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.


APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

China Healthcare
Growing pains

Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

Simcere inked exclusive outlicensing agreement with Ipsen Pharma for the development, manufacturing, and commercialization of SIM0613, a LRRC15...

Tina Banerjee

Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

InSilico's IPO pricing reflects the recognition of investors, but still faces uncertainties. Revenue forecast shows potential for profit by 2027,...

Xinyao (Criss) Wang

Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise

Insilico Medicine plans to raise $292M through HK listing. The company is offering 94M shares priced at HK$24.05 per share. The IPO is scheduled to...

Tina Banerjee

B&K (华芢生物科技) IPO: Trading Updates

B&K raises $87m in global offering, set to list on HK Stock Exchange on Monday. Our valuation and assessment of the company suggests that the deal...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Fosun Pharma is acquiring 53% stake in Green Valley. Hansoh inked exclusive license agreement with Glenmark Pharma. Daiichi Sankyo’s Enhertu got...

Tina Banerjee

Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

Simcere inked exclusive outlicensing agreement with Ipsen Pharma for the development, manufacturing, and commercialization of SIM0613, a LRRC15...

Tina Banerjee

Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

​InSilico's IPO pricing reflects the recognition of investors, but still faces uncertainties. Revenue forecast shows potential for profit by 2027,...

Xinyao (Criss) Wang

Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise

Insilico Medicine plans to raise $292M through HK listing. The company is offering 94M shares priced at HK$24.05 per share. The IPO is scheduled to...

Tina Banerjee

B&K (华芢生物科技) IPO: Trading Updates

​B&K raises $87m in global offering, set to list on HK Stock Exchange on Monday. Our valuation and assessment of the company suggests that the deal...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Fosun Pharma is acquiring 53% stake in Green Valley. Hansoh inked exclusive license agreement with Glenmark Pharma. Daiichi Sankyo’s Enhertu got...

Tina Banerjee

InSilico's IPO pricing reflects the recognition of investors, but still faces uncertainties. Revenue forecast shows potential for profit by 2027,...

B&K raises $87m in global offering, set to list on HK Stock Exchange on Monday. Our valuation and assessment of the company suggests that the deal...