HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The current two mainstream delivery platforms such as LNP delivery platform and GalNAc RNAi platform have been verified and recognized, with products using these platforms successfully launched on the market.</li>
<li>Sirnaomics has developed its own differentiated delivery platforms, but the druggability has never been verified in trials, like a blind box. They will not be valuable until they are proven.</li>
<li>Sirnaomics has cashflow pressure and is uncertain if it can survive “this winter”. It’s also difficult for Sirnaomics to find suitable valuation anchor in HKEX. Share price may fluctuate largely.</li>
</ul>


The current two mainstream delivery platforms such as LNP delivery platform and GalNAc RNAi platform have been verified and recognized, with products using these platforms successfully launched on the market.
Sirnaomics has developed its own differentiated delivery platforms, but the druggability has never been verified in trials, like a blind box. They will not be valuable until they are proven.
Sirnaomics has cashflow pressure and is uncertain if it can survive “this winter”. It’s also difficult for Sirnaomics to find suitable valuation anchor in HKEX. Share price may fluctuate largely.


Sirnaomics (2257.HK)-Unverified Technology and Uncertainties Can Lead to Big Swings in Share Price

Thematic (Sector/Industry)

<ul>
<li>IVD field ushered in the largest centralized procurement in history - the liver function biochemical testing reagents,which would bring great reshuffle effect to the competition pattern of biochemical diagnostics market.</li>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK) </a>and Sanofi reached two major cooperation. Meanwhile, Innovent’s CCO Liu Min resigned. We deep dived the logic and impact behind. </li>
<li>For HK IPO, market participants have come up with ways to reduce issuance scale in an attempt to stabilize the performance of new shares after IPO, which wouldn’t help.</li>
</ul>


IVD field ushered in the largest centralized procurement in history - the liver function biochemical testing reagents,which would bring great reshuffle effect to the competition pattern of biochemical diagnostics market.

Innovent Biologics Inc (1801 HK) and Sanofi reached two major cooperation. Meanwhile, Innovent’s CCO Liu Min resigned. We deep dived the logic and impact behind. 
For HK IPO, market participants have come up with ways to reduce issuance scale in an attempt to stabilize the performance of new shares after IPO, which wouldn’t help.


China Healthcare Weekly (Aug.5) - HK IPO, Innovent, BeiGene, the Largest IVD Centralized Procurement

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>2021 saw a significant jump in RNA based trials. Large sequencing projects and the success of mRNA COVID-19 vaccines should drive the growth of the global RNA therapeutics market. </li>
<li>Our analysis suggests that <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a> , <a href="https://www.smartkarma.com/entities/vertex-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:4864:1" rel="noopener">Vertex Pharmaceuticals (VRTX US),</a> <a href="https://www.smartkarma.com/entities/incyte-corp" target="_blank" data-smartkarma-citation="entities:20576:1" rel="noopener">Incyte Corp (INCY US), </a><a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US), </a><a href="https://www.smartkarma.com/entities/isis-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:7017:1" rel="noopener">Ionis Pharmaceuticals (IONS US)</a> lead in RNA therapy related innovations.</li>
<li>R&amp;D collaboration, licensing deals, strategic investments and buyouts between RNA specialists and big pharma will increase as sitting on the sidelines might no longer be an option.</li>
</ul>


2021 saw a significant jump in RNA based trials. Large sequencing projects and the success of mRNA COVID-19 vaccines should drive the growth of the global RNA therapeutics market. 
Our analysis suggests that Moderna Inc (MRNA US) , Vertex Pharmaceuticals (VRTX US), Incyte Corp (INCY US), Alnylam Pharmaceuticals (ALNY US), Ionis Pharmaceuticals (IONS US) lead in RNA therapy related innovations.
R&amp;D collaboration, licensing deals, strategic investments and buyouts between RNA specialists and big pharma will increase as sitting on the sidelines might no longer be an option.


Data Mining Technical Publications to Rank the Innovators in RNA Therapeutics

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.

Alnylam Pharmaceuticals / Equity Bottom-Up

<ul>
<li>This is our first report on biopharma player, Alnylam Pharmaceuticals that is focused on developing novel therapeutics based on the ribonucleic acid interference.</li>
<li>The company has made great progress to bring its commercial RNAi Therapeutics to patients all over the world and advanced its clinical pipelines over various potential transformative programs.</li>
<li>Alnylam Pharmaceuticals recently announced the approval of the RNAi therapeutic, Amvuttra(vutrisiran) administered through subcutaneous injection quarterly.</li>
</ul>


This is our first report on biopharma player, Alnylam Pharmaceuticals that is focused on developing novel therapeutics based on the ribonucleic acid interference.
The company has made great progress to bring its commercial RNAi Therapeutics to patients all over the world and advanced its clinical pipelines over various potential transformative programs.
Alnylam Pharmaceuticals recently announced the approval of the RNAi therapeutic, Amvuttra(vutrisiran) administered through subcutaneous injection quarterly.


Alnylam Pharmaceuticals: Initiation of Coverage – Major Developments

Global Healthcare Analyst

Tina Banerjee

Hansoh Pharmaceutical Group  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical (3692 HK)</a> is increasingly focusing on innovative drug, with revenue from such drugs contributing 42% of total revenue in 2021. R&amp;D accounted for 18% of revenue in 2021.</li>
<li>Thus far, in this year, Hansoh received approval for one more new rare-disease drug. Its rich pipeline has 25+ clinical programs of innovative drugs.</li>
<li>With its proven execution on innovative portfolio, sound financial positions, and recent business collaboration effort to enrich the pipeline, Hansoh seems to be an undervalued business.</li>
</ul>



Hansoh Pharmaceutical (3692 HK) is increasingly focusing on innovative drug, with revenue from such drugs contributing 42% of total revenue in 2021. R&amp;D accounted for 18% of revenue in 2021.
Thus far, in this year, Hansoh received approval for one more new rare-disease drug. Its rich pipeline has 25+ clinical programs of innovative drugs.
With its proven execution on innovative portfolio, sound financial positions, and recent business collaboration effort to enrich the pipeline, Hansoh seems to be an undervalued business.


Hansoh Pharmaceutical (3692 HK): Bottom-Fishing Idea; Market Is Overlooking Innovative Portfolio

United States

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

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Alnylam Pharmaceuticals (ALNY US)

China Healthcare Weekly (Aug.5) - HK IPO, Innovent, BeiGene, the Largest IVD Centralized Procurement

IVD field ushered in the largest VBP in history. Innovent/Sanofi reached major cooperation, and Innovent’s CCO resigned. We deep dived the logic...

Xinyao (Criss) Wang

Data Mining Technical Publications to Rank the Innovators in RNA Therapeutics

Specialists lead the RNA intellectual property ecosystem but may still need big pharma to bring new treatments to market making the space ripe for...

Pyari Menon

Alnylam Pharmaceuticals: Initiation of Coverage – Major Developments

This is our first report on biopharma player, Alnylam Pharmaceuticals that is focused on developing novel therapeutics based on the ribonucleic...

Baptista Research

Hansoh Pharmaceutical (3692 HK): Bottom-Fishing Idea; Market Is Overlooking Innovative Portfolio

Hansoh has now six innovative drugs in its portfolio. With 40%+ revenue coming from new drugs, Hansoh has best-in-class margin profile. Rich...

Tina Banerjee

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Sirnaomics (2257.HK)-Unverified Technology and Uncertainties Can Lead to Big Swings in Share Price

Sirnaomics's delivery platforms are different from the mainstream, with risk of failure.They won't be valuable until they're verified. Due to lack...

Xinyao (Criss) Wang

China Healthcare Weekly (Aug.5) - HK IPO, Innovent, BeiGene, the Largest IVD Centralized Procurement

IVD field ushered in the largest VBP in history. Innovent/Sanofi reached major cooperation, and Innovent’s CCO resigned. We deep dived the logic...

Xinyao (Criss) Wang

Data Mining Technical Publications to Rank the Innovators in RNA Therapeutics

Specialists lead the RNA intellectual property ecosystem but may still need big pharma to bring new treatments to market making the space ripe for...

Pyari Menon

Alnylam Pharmaceuticals: Initiation of Coverage – Major Developments

This is our first report on biopharma player, Alnylam Pharmaceuticals that is focused on developing novel therapeutics based on the ribonucleic...

Baptista Research

Hansoh Pharmaceutical (3692 HK): Bottom-Fishing Idea; Market Is Overlooking Innovative Portfolio

Hansoh has now six innovative drugs in its portfolio. With 40%+ revenue coming from new drugs, Hansoh has best-in-class margin profile. Rich...

Tina Banerjee