HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Beijing Mabworks Biotech / Equity Capital Markets

On July 18, 2021, <a href="https://www.smartkarma.com/entities/beijing-mabworks-biotech-company-limited" target="_blank" data-smartkarma-citation="entities:33816:1" rel="noopener">Beijing Mabworks Biotech (MWB HK) </a>formally submitted its application to the HKEX for listing on the main board. It should be noted that Mabworks's application for listing on the SSE STAR Market was accepted in September last year, but the Company voluntarily withdrew its application in March this year. Mabworks is a clinical-stage biopharmaceutical company in China focusing on the discovery and development of differentiated antibody drugs. This insight mainly analyzed the clinical-stage drug candidates and related concerns of the Company.

On July 18, 2021, Beijing Mabworks Biotech (MWB HK) formally submitted its application to the HKEX for listing on the main board. It should be noted that Mabworks's application for listing on the SSE STAR Market was accepted in September last year, but the Company voluntarily withdrew its application in March this year. Mabworks is a clinical-stage biopharmaceutical company in China focusing on the discovery and development of differentiated antibody drugs. This insight mainly analyzed the clinical-stage drug candidates and related concerns of the Company.

Pre-IPO Beijing Mabworks Biotech - MIL62 Alone Cannot Save the Situation

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>AbbVie has come very close to the target price from our last report as the company delivered an outstanding quarter with adjusted earnings per share of $3.11 well ahead of the management guidance coupled with a 19.3% top-line growth on a comparable operational basis.</li><li>The recovery across the company portfolio is going very well in aggregate in specific disease areas such as CLL and HCV.</li><li>Based on their performance in the quarter and continued strong momentum of the business, we believe that the company deserves a ‘Hold’ rating.</li></ul>

AbbVie has come very close to the target price from our last report as the company delivered an outstanding quarter with adjusted earnings per share of $3.11 well ahead of the management guidance coupled with a 19.3% top-line growth on a comparable operational basis.The recovery across the company portfolio is going very well in aggregate in specific disease areas such as CLL and HCV.Based on their performance in the quarter and continued strong momentum of the business, we believe that the company deserves a ‘Hold’ rating.

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Korea has had 2 milestone cases that have been settled this year in the US courts - one was regards to botox (AbbVie/Allergan/ <a href="https://www.smartkarma.com/entities/medy-tox-inc" target="_blank" data-smartkarma-citation="entities:11403:1" rel="noopener">Medy Tox Inc (086900 KS)</a> vs. <a href="https://www.smartkarma.com/entities/evolus-inc" target="_blank" data-smartkarma-citation="entities:28008:1" rel="noopener">Evolus Inc (EOLS US)</a> / <a href="https://www.smartkarma.com/entities/daewoong-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:3742:1" rel="noopener">Daewoong Pharmaceutical Co (069620 KS)</a> ) and now, <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> vs. <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation (096770 KS)</a> - while both finally settled, what does this say about Korea to minority investors?

Korea has had 2 milestone cases that have been settled this year in the US courts - one was regards to botox (AbbVie/Allergan/ Medy Tox Inc (086900 KS) vs. Evolus Inc (EOLS US) / Daewoong Pharmaceutical Co (069620 KS) ) and now, LG Chem Ltd (051910 KS) vs. SK Innovation (096770 KS) - while both finally settled, what does this say about Korea to minority investors?

LGChem/SKI Deal - Another Korea Discount Worry? Follow the Female Lead

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.

Connect Biopharma / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/connect-biopharma-holdings-l" target="_blank" data-smartkarma-citation="entities:32187:1" rel="noopener">Connect Biopharma (CNTB US)</a> is a global clinical-stage biopharmaceutical company developing therapies for the treatment of T cell-driven inflammatory diseases. Connect has a pipeline of four drug candidates. The two most advanced clinical-stage programs, CBP-201 and CBP-307, are potentially differentiated product candidates against validated targets.Connect has launched a Nasdaq IPO to raise net proceeds of $135 million at the mid-point of the IPO price range of $15.00 and $17.00 per ADS. At the mid-point of the IPO price range, Connect will command a market cap of $863 million.<div class="content-highlight">Connect specialises in designing and developing product candidates that modulate the immune system, with a particular focus on T cells. CBP-201, the lead product candidate, has the potential to bring improved therapeutic benefit to atopic dermatitis (AD) patients than the current standard of care. CBP-307 has the potential to deliver best-in-class lymphocyte recovery times in combination with a well-tolerated safety profile for the treatment of UC (ulcerative colitis) and CD (Crohn’s disease). Overall, we believe that the prospects of Connect’s clinical-stage drug assets are favourable. We will discuss the rNPV of the assets in our next note.</div>

Connect Biopharma (CNTB US) is a global clinical-stage biopharmaceutical company developing therapies for the treatment of T cell-driven inflammatory diseases. Connect has a pipeline of four drug candidates. The two most advanced clinical-stage programs, CBP-201 and CBP-307, are potentially differentiated product candidates against validated targets.Connect has launched a Nasdaq IPO to raise net proceeds of $135 million at the mid-point of the IPO price range of $15.00 and $17.00 per ADS. At the mid-point of the IPO price range, Connect will command a market cap of $863 million.Connect specialises in designing and developing product candidates that modulate the immune system, with a particular focus on T cells. CBP-201, the lead product candidate, has the potential to bring improved therapeutic benefit to atopic dermatitis (AD) patients than the current standard of care. CBP-307 has the potential to deliver best-in-class lymphocyte recovery times in combination with a well-tolerated safety profile for the treatment of UC (ulcerative colitis) and CD (Crohn’s disease). Overall, we believe that the prospects of Connect’s clinical-stage drug assets are favourable. We will discuss the rNPV of the assets in our next note.

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Zhaoke Ophthalmology Pharmaceutical / Equity Capital Markets

Zhaoke Ophthalmology is a pre-revenue pharmaceutical company specializing in ophthalmic drugs for the China market. The company has filed an Application Proof to list on the HKEX, and is a carve-out of <a href="https://www.smartkarma.com/entities/lee-s-pharmaceutical-hldgs" target="_blank" data-smartkarma-citation="entities:14616:1" rel="noopener">Lee'S Pharmaceutical Hldgs (950 HK)</a> , which owns 34% of the shares. This Insight discusses the product pipelines (both innovative and generic), funding, and valuation (particularly in the context of the parent company).  We tag this Insight as Bullish for now.

Zhaoke Ophthalmology is a pre-revenue pharmaceutical company specializing in ophthalmic drugs for the China market. The company has filed an Application Proof to list on the HKEX, and is a carve-out of Lee'S Pharmaceutical Hldgs (950 HK) , which owns 34% of the shares. This Insight discusses the product pipelines (both innovative and generic), funding, and valuation (particularly in the context of the parent company).  We tag this Insight as Bullish for now.

Zhaoke Ophthalmology: Bringing Focus to China

United States

Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures and markets medicines for grievous illnesses. The Company focuses solely on human therapeutics and concentrates on innovating novel medicines based on advances in cellular and molecular biology.

Alnylam Pharmaceuticals Inc. is an early-stage therapeutics company. The Company is developing technology that can specifically and potently silence disease-causing genes.

CSL Limited develops, manufactures, and markets human pharmaceutical and diagnostic products derived from human plasma. The Company provides products include pediatric and adult vaccines, infection, pain medicine, skin disorder remedies, antivenoms, anticoagulants, and immunoglobulins.

Moderna, Inc. operates as a biotechnology company. The Company focuses on the discovery and development of messenger RNA therapeutics and vaccines. Moderna develops mRNA medicines for infectious, immuno-oncology, and cardiovascular diseases.

BioMarin Pharmaceutical Inc. develops and commercializes therapeutic enzyme products.  The Company has applied its proprietary enzyme technology to develop products for lysosomal storage diseases and for the treatment of serious burns. BioMarin's subsidiary provides analytical and diagnostic products and services in the area of carbohydrate biology.

Insmed, Inc. is a biopharmaceutical company focused on developing and commercializing novel, targeted inhaled therapies for patients with high unmet need battling serious orphan lung diseases.

United Therapeutics Corporation develops pharmaceuticals to treat vascular diseases such as pulmonary hypertension and peripheral vascular disease.  The Company's lead products are stable synthetic forms of prostacyclin and are delivered orally or subcutaneously.

Natera, Inc. operates as a diagnostics company. The Company provides preconception and prenatal genetic testing services. Natera also offers pre-implantation genetic diagnosis, aneuploidy screening, translocation, and single gene testing services.

Neurocrine Biosciences, Inc. is focused on the discovery and development of therapeutics for neuropsychiatric, neuroinflammatory, and neurodegenerative diseases and disorders.  The Company is developing therapeutic interventions for anxiety, depression, Alzheimer's disease, insomnia, stroke, malignant brain tumors, multiple sclerosis, obesity, and diabetes.

Sarepta Therapeutics, Inc. is a biopharmaceutical company focused on the discovery and development of unique RNA-based therapeutics for the treatment of both rare and infectious diseases. The Company offers its products to the medical industry in countries around the world.

Celltrion Inc. produces and sells biosimilar products and also provides consignm ent processing service for other companies.  The Company's main product is Abata cept which is for arthritis treatment

argenx SE operates as a biotechnology company. The Company develops antibody based therapies for the treatment of severe autoimmune diseases and cancer. argenx serves customers in the Netherlands and Belgium.

BioNTech SE provides biotechnological solutions. The Company develops various types of treatments for cancer patients' tumors. BioNTech serves customers worldwide.

Chongqing Zhifei Biological Products Company Ltd. researches, manufactures, and sells vaccines and biological products including prevention products, blood products, diagnostic reagents, and therapeutic agents.

Chongqing Zhifei Biological Products (300122 CH)

Alteogen Inc. is a pharmaceutical research company.  The Company researches and develops bio-medicines such as bio-better and bio-similar.

Genmab A/S operates as a biotechnology company. The Company creates and develops human antibody products for the treatment of life threatening and debilitating diseases. Genmab focuses on products to treat cancer, rheumatoid arthritis and other inflammatory conditions, and psoriasis. The Company develops new products through partnerships. Genmab operates in Europe and the United States.

Swedish Orphan Biovitrum AB (SOBI) operates as a bio-pharmaceutical and bio-technology company. The Company develops therapies and drugs for the treatment of haemophilia, inflammation, and genetic diseases. SOBI serves clients worldwide.

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.

Genmab A/S operates as a biotechnology company. The Company specializes in development of antibody therapeutics for the treatment of cancer. Genmab serves customers worldwide.

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including Multiple Sclerosis, Parkinson's, and Alzheimer's disease.

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Abbvie Inc (ABBV US)

Pre-IPO Beijing Mabworks Biotech - MIL62 Alone Cannot Save the Situation

This article mainly analyzed Mabworks Biotech in terms of the important clinical-stage drug candidates (MIL62, MIL93, MBS301, MIL97, MIL95, MIL86,...

Xinyao (Criss) Wang

AbbVie Inc. - Investment Thesis

AbbVie has come very close to the target price from our last report as the company delivered an outstanding quarter with adjusted earnings per...

Baptista Research

LGChem/SKI Deal - Another Korea Discount Worry? Follow the Female Lead

IP protection is a big worry for Korean firms - has the 2 precedent cases in Korea in 2021 lower the value of IP from the view of international...

Ken S. Kim

Connect Biopharma IPO: Potent Medicine

Connect has launched a Nasdaq IPO to raise net proceeds of $135m at the mid-point of the IPO price range. Overall, we believe that the prospects of...

Arun George

Zhaoke Ophthalmology: Bringing Focus to China

Zhaoke Ophthalmology is a pre-revenue pharmaceutical company specializing in ophthalmic drugs for China that has filed to list on the HKEX. Lee's...

Kemp Dolliver, CFA

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