Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nektar-therapeutics" target="_blank" data-smartkarma-citation="entities:15060:1" rel="noopener">Nektar Therapeutics (NKTR US)</a> is a global biopharmaceutical company, with major focus on immune-oncology. Its lead candidate bempeg is the near-term growth engine for the company.</li>
<li>On December 6, Nektar presented favorable results for Bempeg plus Keytruda in patients with non-small-cell lung cancer. Bempeg is poised for getting approvals for multiple indications during 2023–2025.</li>
<li>Clinical trial progress of other late-stage programs remains long-term growth driver for Nektar. Buyout deal at a premium presents another upside opportunity for Nektar.</li>
</ul>



Nektar Therapeutics (NKTR US) is a global biopharmaceutical company, with major focus on immune-oncology. Its lead candidate bempeg is the near-term growth engine for the company.
On December 6, Nektar presented favorable results for Bempeg plus Keytruda in patients with non-small-cell lung cancer. Bempeg is poised for getting approvals for multiple indications during 2023–2025.
Clinical trial progress of other late-stage programs remains long-term growth driver for Nektar. Buyout deal at a premium presents another upside opportunity for Nektar.


Nektar Therapeutics (NKTR US): A Good Buying Option in Immuno-Oncology Therapeutic Area

Yichang HEC Changjiang Pharma / Equity Bottom-Up

<ul>
<li>HEC Pharma (1558 HK) launched multiple new products, which will reduce its over-dependence on a single drug. Among those, insulin and oral HCV drug have large market opportunities in China.</li>
<li>As of 30 June 2021, 11 products of the company have won the bid for centralized bulk purchase of drugs, including six products have won the bid in H1 2021.</li>
<li>HEC’s rich pipeline consists of 50 innovative class 1 drugs, targeting fast-growing therapeutic areas including oncology. Its late-stage pipeline will enable robust product launches in 2022 and beyond.</li>
</ul>


HEC Pharma (1558 HK) launched multiple new products, which will reduce its over-dependence on a single drug. Among those, insulin and oral HCV drug have large market opportunities in China.
As of 30 June 2021, 11 products of the company have won the bid for centralized bulk purchase of drugs, including six products have won the bid in H1 2021.
HEC’s rich pipeline consists of 50 innovative class 1 drugs, targeting fast-growing therapeutic areas including oncology. Its late-stage pipeline will enable robust product launches in 2022 and beyond.


Yichang HEC Changjiang Pharma (1558 HK): Multiple New Products Launches Bring New Opportunities

Ilyang Pharmaceutical Co., / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ilyang-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:2789:1" rel="noopener">Ilyang Pharmaceutical Co., (007570 KS)</a> shares touched new high of KRW 84,300 in December 2020 after its self-developed innovative drug Supect received approval for clinical trial for potential label expansion. However, Supect failed to prove efficacy in another clinical trial for COVID-19 in March 2021 and since then shares are declining. Ilyang shares are now trading near 52-week low.</li>
<li>Ilyang’s flagship drug Noltec is the leading anti-ulcer drug in Korea due to its superior efficacy and convenience of administration. Noltec is further expected to gain market share driven by its label expansion. </li>
<li>While Noltec has been enjoying steady revenue growth since its launch in 2009, Ilyang’s aspiration to become a leading global pharmaceutical company is dependent on the long-term commercialization success of its leukemia drug Supect and its label expansion potential.</li>
<li>Last week’s FDA approval of a new class of leukemia drug from <a href="https://www.smartkarma.com/entities/novartis-ag-8261b5d2-53ba-409e-8628-86d59cd6f853" target="_blank" data-smartkarma-citation="entities:27907:1" rel="noopener">Novartis AG (NOVN SW)</a> has further increased competition in the already crowded leukemia space. This insight has mainly analyzed concerns over the commercialization of Supect amidst this competitive backdrop to find whether Ilyang can be a good bargain hunting idea for investors.  </li>
</ul>



Ilyang Pharmaceutical Co., (007570 KS) shares touched new high of KRW 84,300 in December 2020 after its self-developed innovative drug Supect received approval for clinical trial for potential label expansion. However, Supect failed to prove efficacy in another clinical trial for COVID-19 in March 2021 and since then shares are declining. Ilyang shares are now trading near 52-week low.
Ilyang’s flagship drug Noltec is the leading anti-ulcer drug in Korea due to its superior efficacy and convenience of administration. Noltec is further expected to gain market share driven by its label expansion. 
While Noltec has been enjoying steady revenue growth since its launch in 2009, Ilyang’s aspiration to become a leading global pharmaceutical company is dependent on the long-term commercialization success of its leukemia drug Supect and its label expansion potential.
Last week’s FDA approval of a new class of leukemia drug from Novartis AG (NOVN SW) has further increased competition in the already crowded leukemia space. This insight has mainly analyzed concerns over the commercialization of Supect amidst this competitive backdrop to find whether Ilyang can be a good bargain hunting idea for investors.  


Ilyang Pharmaceutical (007570 KS): Leukemia Drug Commercialization Concerns Still Persist

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.

Equity Capital Markets

Bristol Myers Squibb Co / Equity Capital Markets

<ul><li>Bristol-Myers Squibb had another strong quarter with a particularly strong performance of its oncology drugs, Revlimid and Opdivo.</li><li>After the Celgene acquisition, the pharmaceutical major’s largest chunk of revenues comes from these 2 cancer treatments and the blood thinning drug, Eliquis, which might gain excellent momentum in the coming quarters given the increasing application of blood thinners in Covid-19 treatments.</li><li>The management saw a recovery in its star immuno-oncology drug, Opdivo which saw a 165 jump in revenues on account of label expansion to the domain of lung cancer.</li></ul>

Bristol-Myers Squibb had another strong quarter with a particularly strong performance of its oncology drugs, Revlimid and Opdivo.After the Celgene acquisition, the pharmaceutical major’s largest chunk of revenues comes from these 2 cancer treatments and the blood thinning drug, Eliquis, which might gain excellent momentum in the coming quarters given the increasing application of blood thinners in Covid-19 treatments.The management saw a recovery in its star immuno-oncology drug, Opdivo which saw a 165 jump in revenues on account of label expansion to the domain of lung cancer.

Bristol-Myers Squibb Co - Investment Thesis

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.

CARSgen Therapeutics / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/carsgen-therapeutics-ltd" target="_blank" data-smartkarma-citation="entities:32213:1" rel="noopener">CARSgen Therapeutics (2171 HK)</a> is a biopharma focused on innovative CAR-T cell therapies for the treatment of haematological malignancies and solid tumours. CARsgen opines that it is a key player in the field of CAR-T cell therapies. Pre-IPO investors include Hillhouse Capital, <a href="https://www.smartkarma.com/entities/zhejiang-jolly-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7333:1" rel="noopener">Zhejiang Jolly Pharmaceutical (300181 CH)</a>, KTB Network, <a href="https://www.smartkarma.com/entities/tasly-pharmaceutical-group-co-ltd" target="_blank" data-smartkarma-citation="entities:9569:1" rel="noopener">Tasly Pharmaceutical Group (600535 CH)</a>, Loyal Valley Capital, Shiyu Investment Management and Lilly Asia Ventures.</p></div><div><p>CARsgen has launched an HKEx IPO to raise net proceeds of HK$2,795 million ($360 million) at the mid-point of the IPO price range of HK$29.60-32.80 per share.</p></div><div><p>Nine cornerstone investors have agreed to invest about $230 million in the IPO (60.38% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are LAV Group, New China Capital Management, CloudAlpha Capital Management, Orient Asset Management, WT Asset Management, GF Fund, Dymon Asia, IvyRock and China Southern Asset Management. </p></div><div><div>
<p>In <a href="https://www.smartkarma.com/insights/carsgen-therapeutics-ipo-initiation-choosing-therapies-a-la-car-t" target="_blank" data-smartkarma-citation="insights:52072" rel="noopener">CARsgen Therapeutics IPO Initiation: Choosing Therapies À La CAR-T</a>, we stated that the promising prospects for the lead product, a credible management team and a good shareholder register make the IPO worth a closer look. </p>
<div class="content-highlight"><p>Our SoTP value is HK$31.74 per share which is a 2% upside to the mid-point of the IPO price range. Due to the limited upside to our SoTP valuation, we think that the IPO price range is full. Overall, while we like CARsgen's fundamentals, due to the full IPO price range, lack of blue-chip cornerstone support and the current weak market sentiment on IPOs, we are inclined to wait on the sidelines for a more attractive entry point. </p></div>
</div></div>

CARSgen Therapeutics (2171 HK) is a biopharma focused on innovative CAR-T cell therapies for the treatment of haematological malignancies and solid tumours. CARsgen opines that it is a key player in the field of CAR-T cell therapies. Pre-IPO investors include Hillhouse Capital, Zhejiang Jolly Pharmaceutical (300181 CH), KTB Network, Tasly Pharmaceutical Group (600535 CH), Loyal Valley Capital, Shiyu Investment Management and Lilly Asia Ventures.CARsgen has launched an HKEx IPO to raise net proceeds of HK$2,795 million ($360 million) at the mid-point of the IPO price range of HK$29.60-32.80 per share.Nine cornerstone investors have agreed to invest about $230 million in the IPO (60.38% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are LAV Group, New China Capital Management, CloudAlpha Capital Management, Orient Asset Management, WT Asset Management, GF Fund, Dymon Asia, IvyRock and China Southern Asset Management. 
In CARsgen Therapeutics IPO Initiation: Choosing Therapies À La CAR-T, we stated that the promising prospects for the lead product, a credible management team and a good shareholder register make the IPO worth a closer look. 
Our SoTP value is HK$31.74 per share which is a 2% upside to the mid-point of the IPO price range. Due to the limited upside to our SoTP valuation, we think that the IPO price range is full. Overall, while we like CARsgen's fundamentals, due to the full IPO price range, lack of blue-chip cornerstone support and the current weak market sentiment on IPOs, we are inclined to wait on the sidelines for a more attractive entry point. 


CARsgen Therapeutics IPO: Valuation Insights

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 focuses on products and experimental therapies address cancer, heart disease, HIV and AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders.

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Bristol-Myers Squibb (BMY UN)

Nektar Therapeutics (NKTR US): A Good Buying Option in Immuno-Oncology Therapeutic Area

Nektar presented favorable clinical data for its lead candidate, bempeg at a global healthcare conference recently. Bempeg, a potential blockbuster...

Tina Banerjee

Yichang HEC Changjiang Pharma (1558 HK): Multiple New Products Launches Bring New Opportunities

HEC Pharm is on a new growth path through the launch of diabetes and oral HCV drugs. The company has a rich pipeline of innovative drugs, entailing...

Tina Banerjee

Ilyang Pharmaceutical (007570 KS): Leukemia Drug Commercialization Concerns Still Persist

This insight has analyzed commercialization concern over Ilyang's leukemia drug due to strong competition. Investors should avoid Ilyang shares.

Tina Banerjee

Bristol-Myers Squibb Co - Investment Thesis

Bristol-Myers Squibb had another strong quarter with a particularly strong performance of its oncology drugs, Revlimid and Opdivo. After the...

Baptista Research

CARsgen Therapeutics IPO: Valuation Insights

Due to the full IPO price range, lack of blue-chip cornerstone support and the current weak market sentiment on IPOs, we are inclined to wait on...

Arun George

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