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.

Equity Capital Markets

Bio-Thera Solutions Ltd / Equity Capital Markets

Bio-Thera is a China-based biopharmaceutical company. The company plans to raise at least USD 500m to list in Hong Kong.Although the company has already commercialized one product and has two under NDA reviews by the NMPA, we think its product line-up is not impressive with a lack of truly innovative products.The first commercialized product, GLETLI, is the first Humira biosimilar to commercialize in China. However, in the first half of 2020, GLETLI only recorded sales of RMB 49 million. BAT2094, which is pending the NDA review, has a small market for antiplatelet therapy, although the PCI procedures are increasing rapidly in China, due to the intense competition from alternative drugs.We think the company's HER2-ADC drug BAT8001 is interesting given it's likely one of the first two domestically HER2-ADC to hit the market. But there is a lack of clinical trial data to tell if it is better than peer products though it has a better design than reference product.We view the quality of management and investor backing as mediocre amongst biotech listings.

Bio-Thera is a China-based biopharmaceutical company. The company plans to raise at least USD 500m to list in Hong Kong.Although the company has already commercialized one product and has two under NDA reviews by the NMPA, we think its product line-up is not impressive with a lack of truly innovative products.The first commercialized product, GLETLI, is the first Humira biosimilar to commercialize in China. However, in the first half of 2020, GLETLI only recorded sales of RMB 49 million. BAT2094, which is pending the NDA review, has a small market for antiplatelet therapy, although the PCI procedures are increasing rapidly in China, due to the intense competition from alternative drugs.We think the company's HER2-ADC drug BAT8001 is interesting given it's likely one of the first two domestically HER2-ADC to hit the market. But there is a lack of clinical trial data to tell if it is better than peer products though it has a better design than reference product.We view the quality of management and investor backing as mediocre amongst biotech listings.

Bio-Thera Solutions (百奥泰) A+H: Not an Attractive Pipeline

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<a href="https://www.smartkarma.com/entities/remegen-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Ltd (1788976D CH)</a> has developed a comprehensive pipeline of more than 10 new biological drug candidates for the treatment of refractory diseases, including autoimmune diseases, tumors and eye diseases, that meet a large number of unmet medical needs in China and around the world. Among these drug candidates, two core products are RC18 and RC48. Both are at late clinical stage and would probably be the first two drugs to be commercialized for RemeGen.

Remegen Ltd (1788976D CH) has developed a comprehensive pipeline of more than 10 new biological drug candidates for the treatment of refractory diseases, including autoimmune diseases, tumors and eye diseases, that meet a large number of unmet medical needs in China and around the world. Among these drug candidates, two core products are RC18 and RC48. Both are at late clinical stage and would probably be the first two drugs to be commercialized for RemeGen.

Pre-IPO RemeGen - Insights on Two Core Products RC18 & RC48

China

Bio-Thera Solutions, Ltd. researches and develops innovative and biosimilar therapeutics. The Company produces innovative monoclonal antibodies, adalimumab biosimilars, innovative drugs, and other related products. Bio-Thera Solutions markets its products throughout China.

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Bio-Thera Solutions Ltd (688177 CH)

Bio-Thera Solutions (百奥泰) A+H: Not an Attractive Pipeline

Bio-Thera is a China-based biopharmaceutical company. The company plans to raise at least USD 500m to list in Hong Kong.

Ke Yan, CFA, FRM

Pre-IPO RemeGen - Insights on Two Core Products RC18 & RC48

This article analyzed two core products from RemeGen: RC18 and RC 48. The commercialization of these two products would have direct impact on the...

Xinyao (Criss) Wang

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