Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

SK Bioscience Co.,Ltd. operates biopharmaceutical businesses. The Company produces vaccines, sky cellflu prefilled syringes, sky cellflu quadrivalent prefilled syringes, varicella drugs, and other related products. SK Bioscience markets its products throughout South Korea.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> has initiated phase 3 trial of Sanofi-partnered pneumococcal conjugate vaccine candidate in Australia. This year, Phase 3 trial will be initiated in U.S., Korea, and EU.</li>
<li>This year, SK Bioscience has initiated global Phase 1/2 trials of mRNA Japanese Encephalitis vaccine candidate in Australia and New Zealand. The company aims to secure interim results by 2026.</li>
<li>ITD Biologika is targeting for a 17% revenue CAGR during 2024–2028. The company aims to achieve EBITDA margin of 25%+ by 2028 and become IPO ready.</li>
</ul>



SK Bioscience (302440 KS) has initiated phase 3 trial of Sanofi-partnered pneumococcal conjugate vaccine candidate in Australia. This year, Phase 3 trial will be initiated in U.S., Korea, and EU.
This year, SK Bioscience has initiated global Phase 1/2 trials of mRNA Japanese Encephalitis vaccine candidate in Australia and New Zealand. The company aims to secure interim results by 2026.
ITD Biologika is targeting for a 17% revenue CAGR during 2024–2028. The company aims to achieve EBITDA margin of 25%+ by 2028 and become IPO ready.


SK Bioscience (302440 KS): New Vaccine Trial and ITD Turnaround To Improve Long-Term Outlook

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 86.7% as of April 4th. </li>
<li>The average A-H premium changed by 1.6ppt week-on-week, led by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 86.7% as of April 4th. 
The average A-H premium changed by 1.6ppt week-on-week, led by consumer staples.
We highlight weekly changes in A-H premium for Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway.


A-H Premium Weekly (Apr 4th): Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

<ul>
<li>Licensing-Out partnerships are expected to contribute approximately US$6–7 billion in annual upfront payments, US$12–14 billion in milestone payments, and US$25–30 billion in sales-sharing revenues to China’s innovative drug industry.</li>
<li>SASAC’s new policy promotes SOE M&amp;A to strengthen industrial chains, especially in weaker sectors like biomedicine. The strategic deployment of state-owned capital is set to gain momentum.</li>
<li>WuXi AppTec is divesting its stake in WuXi XDC, viewing the shares as overvalued and aiming to lock in profits ahead of a potential price correction.</li>
</ul>


Licensing-Out partnerships are expected to contribute approximately US$6–7 billion in annual upfront payments, US$12–14 billion in milestone payments, and US$25–30 billion in sales-sharing revenues to China’s innovative drug industry.
SASAC’s new policy promotes SOE M&amp;A to strengthen industrial chains, especially in weaker sectors like biomedicine. The strategic deployment of state-owned capital is set to gain momentum.
WuXi AppTec is divesting its stake in WuXi XDC, viewing the shares as overvalued and aiming to lock in profits ahead of a potential price correction.


China Healthcare Weekly (Apr.6) - SASAC to Encourage SOE M&A, WuXi AppTec Disposed XDC Shares Again

Thematic (Sector/Industry)

<ul>
<li>Nippon Shinyaku filed NDA of tagraxofusp for a rare aggressive hematologic malignancy in Japan. Shionogi initiated rolling NDA submission to the FDA for Xocova for COVID-19 post-exposure prophylaxis.</li>
<li>Beigene is discontinuing clinical development program for ociperlimab, as a potential treatment for lung cancer. Celltrion received positive CHMP opinion for the addition of the Omlyclo autoinjector formulation.  </li>
<li>The first three children with SR-aGvHD will receive a course of Mesoblast’s Ryoncil commencing this week. Lupin is acquiring UK-based Renascience Pharma, a sole supplier of 4 specialty products.</li>
</ul>


Nippon Shinyaku filed NDA of tagraxofusp for a rare aggressive hematologic malignancy in Japan. Shionogi initiated rolling NDA submission to the FDA for Xocova for COVID-19 post-exposure prophylaxis.
Beigene is discontinuing clinical development program for ociperlimab, as a potential treatment for lung cancer. Celltrion received positive CHMP opinion for the addition of the Omlyclo autoinjector formulation.  
The first three children with SR-aGvHD will receive a course of Mesoblast’s Ryoncil commencing this week. Lupin is acquiring UK-based Renascience Pharma, a sole supplier of 4 specialty products.


APAC Healthcare Weekly (April 6)- Nippon Shinyaku, Shionogi, Beigene, Celltrion, Mesoblast, Lupin

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

BeiGene, Ltd. operates as a commercial stage biopharmaceutical company. The Company focuses on discovery, development, and commercialization of molecularly targeted and immuno-oncology drugs for the treatment of cancer. BeiGene serves patients worldwide.

<ul>
<li>The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.</li>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in June 2025.</li>
<li>The index changes are expected to be confirmed on 16th May 2025.</li>
</ul>


The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in June 2025.
The index changes are expected to be confirmed on 16th May 2025.


Quiddity Leaderboard Hang Seng Index Jun25: Beigene Is Our Top Pick

Health Care
Several billion reasons

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SSI Weekly Newsletter: Updates on Liquidia, SpringWorks, Allakos, Acelyrin, SAGA, NZME, Nathan’s, HilleVax, TTEC

Liquidia's NDA for Yutrepia accepted by FDA with a PDUFA date set for May 24, commercialization expected soon.

Special Situation Investments

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