IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/jw-therapeutics" target="_blank" data-smartkarma-citation="entities:29679:1" rel="noopener">JW Therapeutics (2126 HK)</a> is a leading clinical and pre-clinical stage cell therapy company in China. It was founded in 2016 by Juno, a <a href="https://www.smartkarma.com/entities/bristol-myers-squibb-co" target="_blank" data-smartkarma-citation="entities:1133:1" rel="noopener">Bristol Myers Squibb Co (BMY US)</a> company, and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>. JW has launched a Hong Kong IPO to raise net proceeds of HK$2,017.6 million ($260 million) at the mid-point of the IPO price range of HK$20.00-23.80 per share.</p></div><div><p>Ten cornerstone investors have agreed to invest about $150 million in the IPO (54.33% of the offer shares at the mid-point of the IPO price range). Cornerstone investors include Rock Springs Capital, Oaktree Capital, Platinum Investment Management, Veritas Asset Management, RWC, Hillhouse Capital, Taiping Assets Management, AVICT Global, Loyal Valley Capitaland and Temasek. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/jw-therapeutics-ipo-initiation-potent-medicine" target="_blank" rel="noopener">our initiation note</a>, we stated that JW’s core drug candidate’s competitive advantage in the CAR-T market in China is supported by its potential best-in-class safety profile with competitive efficacy, physicians’ familiarity due to a large number of clinical sites in China and manufacturing quality. Overall, a strong cornerstone investor lineup and our valuation analysis suggest that the IPO price range is attractive. </p></div></div></div>

JW Therapeutics (2126 HK) is a leading clinical and pre-clinical stage cell therapy company in China. It was founded in 2016 by Juno, a Bristol Myers Squibb Co (BMY US) company, and WuXi AppTec Co. Ltd. (2359 HK). JW has launched a Hong Kong IPO to raise net proceeds of HK$2,017.6 million ($260 million) at the mid-point of the IPO price range of HK$20.00-23.80 per share.Ten cornerstone investors have agreed to invest about $150 million in the IPO (54.33% of the offer shares at the mid-point of the IPO price range). Cornerstone investors include Rock Springs Capital, Oaktree Capital, Platinum Investment Management, Veritas Asset Management, RWC, Hillhouse Capital, Taiping Assets Management, AVICT Global, Loyal Valley Capitaland and Temasek. In our initiation note, we stated that JW’s core drug candidate’s competitive advantage in the CAR-T market in China is supported by its potential best-in-class safety profile with competitive efficacy, physicians’ familiarity due to a large number of clinical sites in China and manufacturing quality. Overall, a strong cornerstone investor lineup and our valuation analysis suggest that the IPO price range is attractive. 

<p><a href="https://www.smartkarma.com/entities/jw-therapeutics" target="_blank" data-smartkarma-citation="entities:29679:1" rel="noopener">JW Therapeutics (2126 HK)</a> was founded in 2016 by Juno, a <a href="https://www.smartkarma.com/entities/bristol-myers-squibb-co" target="_blank" data-smartkarma-citation="entities:1133:1" rel="noopener">Bristol Myers Squibb Co (BMY US)</a> company, and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>. JW has built an integrated platform focused on developing, manufacturing and commercializing breakthrough cell-based immunotherapies for haematological cancers and solid tumours. JW has launched a Hong Kong IPO to raise net proceeds of HK$2,017.6 million ($260 million) at the mid-point of the IPO price range.</p><div class="content-highlight"><p>JW’s core drug candidate’s competitive advantage in the CAR-T market in China is supported by its potential best-in-class safety profile with competitive efficacy, physicians’ familiarity due to a large number of clinical sites in China and manufacturing quality. Overall, we believe that the prospectus JW’s core drug asset is favourable. </p></div>

JW Therapeutics (2126 HK) was founded in 2016 by Juno, a Bristol Myers Squibb Co (BMY US) company, and WuXi AppTec Co. Ltd. (2359 HK). JW has built an integrated platform focused on developing, manufacturing and commercializing breakthrough cell-based immunotherapies for haematological cancers and solid tumours. JW has launched a Hong Kong IPO to raise net proceeds of HK$2,017.6 million ($260 million) at the mid-point of the IPO price range.JW’s core drug candidate’s competitive advantage in the CAR-T market in China is supported by its potential best-in-class safety profile with competitive efficacy, physicians’ familiarity due to a large number of clinical sites in China and manufacturing quality. Overall, we believe that the prospectus JW’s core drug asset is favourable. 

JW Therapeutics IPO Initiation: Potent Medicine

Simcere Pharmaceutical Group / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (SIMCERE HK)</a> is engaged in the R&amp;D, production and commercialisation of pharmaceuticals and is primarily focused on generic pharmaceuticals. The products are focused on three main therapeutic areas which are oncology (including cell therapy), central nervous system diseases and autoimmune diseases. Simcere will shortly launch a Hong Kong IPO to raise $500 million, according to press reports.  </p><div class="content-highlight"><p>The timing of the IPO is not ideal as Simcere is coming off a weak 1H20. However, for investors willing to look past the 2020 results, Simcere is putting in place the right measures to ensure that the 1H20 was an exception rather than the rule. </p></div>

Simcere Pharmaceutical Group (SIMCERE HK) is engaged in the R&amp;D, production and commercialisation of pharmaceuticals and is primarily focused on generic pharmaceuticals. The products are focused on three main therapeutic areas which are oncology (including cell therapy), central nervous system diseases and autoimmune diseases. Simcere will shortly launch a Hong Kong IPO to raise $500 million, according to press reports.  The timing of the IPO is not ideal as Simcere is coming off a weak 1H20. However, for investors willing to look past the 2020 results, Simcere is putting in place the right measures to ensure that the 1H20 was an exception rather than the rule. 

Simcere Pharmaceutical IPO Initiation: A Rough Patch?

Genor Biopharma Holdings  / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/genor-biopharma" target="_blank" data-smartkarma-citation="entities:29201:1" rel="noopener">Genor Biopharma (0883276D CH)</a> aka JHBP Holdings is a biopharmaceutical company focusing on developing and commercializing oncology and autoimmune drugs. Its drug candidates encompass the top three oncology targets and five out of the ten bestselling drugs globally. Genor is backed by Hillhouse Capital, Temasek and <a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-h" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a>. It is seeking a Hong Kong IPO to raise around $300 million, according to press reports. </p><div class="content-highlight"><p>Genor has a broad drug pipeline with significant near-term revenue potential from as early as 2021. Overall, we believe that the prospectus for Genor’s late-stage drug assets is favourable. </p></div>

Genor Biopharma (0883276D CH) aka JHBP Holdings is a biopharmaceutical company focusing on developing and commercializing oncology and autoimmune drugs. Its drug candidates encompass the top three oncology targets and five out of the ten bestselling drugs globally. Genor is backed by Hillhouse Capital, Temasek and Hangzhou Tigermed Consulting (H) (3347 HK). It is seeking a Hong Kong IPO to raise around $300 million, according to press reports. Genor has a broad drug pipeline with significant near-term revenue potential from as early as 2021. Overall, we believe that the prospectus for Genor’s late-stage drug assets is favourable. 

JHBP Holdings (Genor Biopharma) IPO Initiation: Hunting for a Cure

Legend Biotech Corp / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/legend-biotech" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech (BLG US)</a> is one of the leading companies in developing CAR-T cell therapies in China, having received clearance for the first CAR-T cell therapy IND application by the NMPA. Legend is a majority-owned (76.9%) subsidiary of <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>. Legend has filed for a Nasdaq IPO to raise proceeds $300 million, according to press reports. </p><div class="content-highlight"><p>Legend’s lead product candidate is LCAR-B38M/JNJ-4528 which is being co-developed with Janssen, which is owned by <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>. LCAR-B38M refers to the product candidate being studied in China, and JNJ-4528, refers to the product candidate being studied in the rest of the world. Overall, we believe that the solid prospects for the lead product along with the strong shareholder register make the IPO worth a closer look. </p></div>

Legend Biotech (BLG US) is one of the leading companies in developing CAR-T cell therapies in China, having received clearance for the first CAR-T cell therapy IND application by the NMPA. Legend is a majority-owned (76.9%) subsidiary of Genscript Biotech (1548 HK). Legend has filed for a Nasdaq IPO to raise proceeds $300 million, according to press reports. Legend’s lead product candidate is LCAR-B38M/JNJ-4528 which is being co-developed with Janssen, which is owned by Johnson &amp; Johnson (JNJ US). LCAR-B38M refers to the product candidate being studied in China, and JNJ-4528, refers to the product candidate being studied in the rest of the world. Overall, we believe that the solid prospects for the lead product along with the strong shareholder register make the IPO worth a closer look. 

Legend Biotech IPO Initiation: Choosing Therapies À La CAR-T

United States

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol-Myers Squibb products and experimental therapies address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant  rejection, and psychiatric disorders.

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Bristol Myers Squibb Co (BMY US)

JW Therapeutics IPO: Valuation Insights

The core drug candidate’s competitive advantage in the China CAR-T market, a good cornerstone investor lineup and our valuation analysis suggest...

Arun George

JW Therapeutics IPO Initiation: Potent Medicine

JW’s core drug candidate’s competitive advantage is supported by its potential best-in-class safety profile with competitive efficacy, physicians’...

Arun George

Simcere Pharmaceutical IPO Initiation: A Rough Patch?

The timing of the IPO is not ideal as Simcere is coming off a weak 1H20. However, Simcere is putting in place the right measures to ensure that the...

Arun George

JHBP Holdings (Genor Biopharma) IPO Initiation: Hunting for a Cure

$ Genor Biopharma is a biopharmaceutical company focusing on developing and commercializing oncology and autoimmune drugs. Its drug candidates...

Arun George

Legend Biotech IPO Initiation: Choosing Therapies À La CAR-T

Legend Biotech (BLG US) is one of the leading companies in developing CAR-T cell therapies in China, having received clearance for the first CAR-T...

Arun George

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