Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Boryung Pharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boryung-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:19265:1" rel="noopener">Boryung Pharmaceutical (003850 KS)</a> aims to achieve a revenue CAGR of 10.9% during 2022–2026 (from 7.8% in 2017–2021) through a chronic disease-focused prescription drug portfolio.  </li>
<li>While hypertension and dyslipidemia drugs remain its cash cow, Boryung has identified oncology and CNS as its new growth engine to achieve KRW1 trillion revenue in 2026.</li>
<li>Driven by a 28% y/y growth in prescription drug revenue, Boryung has reported record high quarterly sales and operating profit in Q1 2022. The company is continuously launching new drugs.</li>
</ul>



Boryung Pharmaceutical (003850 KS) aims to achieve a revenue CAGR of 10.9% during 2022–2026 (from 7.8% in 2017–2021) through a chronic disease-focused prescription drug portfolio.  
While hypertension and dyslipidemia drugs remain its cash cow, Boryung has identified oncology and CNS as its new growth engine to achieve KRW1 trillion revenue in 2026.
Driven by a 28% y/y growth in prescription drug revenue, Boryung has reported record high quarterly sales and operating profit in Q1 2022. The company is continuously launching new drugs.


Boryung Pharmaceutical (003850 KS): Focus on Prescription Drugs for Stability and Accelerated Growth

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Voronoi is trying again to complete its IPO in Korea after lowering its IPO price range by 25% to 40,000 won to 46,000 won.</li>
<li>The IPO base deal size is from $41 million to $47 million. Expected market cap is from 536 billion won to 616 billion won.</li>
<li>Voronoi is developing treatments for tumors, degenerative brain diseases, and autoimmune diseases. The total amount of accumulated milestones for three global technology exports is $1.79 billion.</li>
</ul>


Voronoi is trying again to complete its IPO in Korea after lowering its IPO price range by 25% to 40,000 won to 46,000 won.
The IPO base deal size is from $41 million to $47 million. Expected market cap is from 536 billion won to 616 billion won.
Voronoi is developing treatments for tumors, degenerative brain diseases, and autoimmune diseases. The total amount of accumulated milestones for three global technology exports is $1.79 billion.


<ul>
<li>Voronoi (VOR KS) is getting ready to complete its IPO in Korea in March. The IPO offering base deal size is from $84 million to $109 million.</li>
<li>The company has developed a genotype-directed therapy that is effective for tumors caused by mutations in kinases, and has successfully conducted global technology transfers. </li>
<li>The total amount of accumulated milestones for three global technology exports of Voronoi is $1.79 billion (about 2.1 trillion won) which is very impressive.</li>
</ul>


Voronoi (VOR KS) is getting ready to complete its IPO in Korea in March. The IPO offering base deal size is from $84 million to $109 million.
The company has developed a genotype-directed therapy that is effective for tumors caused by mutations in kinases, and has successfully conducted global technology transfers. 
The total amount of accumulated milestones for three global technology exports of Voronoi is $1.79 billion (about 2.1 trillion won) which is very impressive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/icure-pharm-inc" target="_blank" data-smartkarma-citation="entities:27142:1" rel="noopener">Icure Pharm Inc (175250 KS)</a> obtained marketing approval for world’s first donepezil patch, a treatment of Alzheimer’s-type dementia in Korea. Donepezil accounts for 80% of the local Alzheimer's treatment market.</li>
<li>For the domestic market, donepezil is expected to generate revenue of KRW 3.4 billion, equivalent to nearly 10% of existing annual revenue, with significantly higher profitability.</li>
<li>The company is currently negotiating for sales right contract in the U.S. and aims to launch the product by 2024 in the U.S.  </li>
</ul>



Icure Pharm Inc (175250 KS) obtained marketing approval for world’s first donepezil patch, a treatment of Alzheimer’s-type dementia in Korea. Donepezil accounts for 80% of the local Alzheimer's treatment market.
For the domestic market, donepezil is expected to generate revenue of KRW 3.4 billion, equivalent to nearly 10% of existing annual revenue, with significantly higher profitability.
The company is currently negotiating for sales right contract in the U.S. and aims to launch the product by 2024 in the U.S.  


Icure Pharm (175250 KS): High Hope for Transdermal Patch-Type Dementia Treatment Option

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Below are the lockup releases scheduled for May among the KOSPI-listed stocks. We have four names from KOSPI 200, immediate short-selling targets after May 3. 










KOSPI
Ticker
Release date
Shares released
% of SO
KOSPI 200


Metalabs Co Ltd
090370
5/10
112,655
0.18%
-


Industrial Bank of Korea
024110
5/11
29,379,034
3.98%
72


Kyochon F&amp;B Co Ltd
339770
5/12
18,519,961
74.13%
-


Daiyang Metal Co Ltd
009190
5/12
7,326,007
24.78%
-


BK Tops Co Ltd
030790
5/15
4,671,077
35.58%
-


Industrial Bank of Korea
024110
5/18
57,523,357
7.79%
72


A Plus Asset Advisor Co Ltd
244920
5/20
6,170,440
27.29%
-


KH Feelux Co Ltd
033180
5/21
3,383,459
2.61%
-


Jooyon Tech Co Ltd
044380
5/21
1,236,093
2.26%
-


Koramco Energy Plus REIT Co Ltd
357120
5/30
48,300,000
69.38%
-


Boryung Pharmaceutical Co., Ltd
003850
6/1
3,420,000
6.56%
176


IGIS Residence REIT Co Ltd
350520
6/3
2,640,000
12.82%
-


Myoung Shin Industrial Co Ltd
009900
6/8
23,844,210
58.47%
-


Metalabs Co Ltd
090370
6/11
234,208
0.37%
-


JR Global REIT
348950
6/16
68,600,000
41.43%
-


MERITZ SECURITIES CO LTD
008560
6/17
58,651,026
8.68%
97


Metalabs Co Ltd
090370
6/18
286,902
0.45%
-


Kyobo Securities Co., Ltd.
030610
7/9
28,653,296
44.32%
-


Kukbo Co Ltd
001140
7/9
7,299,270
13.59%
-


Industrial Bank of Korea
024110
7/10
12,412,204
1.68%
72


Ascendio Co Ltd
012170
7/15
378,036
0.61%
-


Thelma Therapeutics Co Ltd
015540
7/30
1,100,528
8.18%
-


SoluM Co Ltd
248070
8/2
3,037,304
6.19%
-


Prestige Biopharma Ltd
950210
8/5
13,446,250
22.37%
-


CJ CGV Co Ltd
079160
8/8
2,054,510
5.85%
167

Source: KRX &amp; KSD



KOSPI Lockup Releases - Boryung Pharm, CJ CGV, Meritz Securities, & IBK

South Korea

Boryung Pharmaceutical Co., Ltd. produces over-the-counter medical drugs. The Company specializes in producing medicines in the fields of hypertension treatment and anti-viral.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Boryung Pharmaceutical (003850 KS)