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.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/jw-therapeutics" target="_blank" data-smartkarma-citation="entities:29679:1" rel="noopener">JW Therapeutics (2126 HK)</a> was founded in 2016 by Juno, a <a href="https://www.smartkarma.com/entities/bristol-myers-squibb-co" target="_blank" data-smartkarma-citation="entities:1133:1" rel="noopener">Bristol Myers Squibb Co (BMY US)</a> company, and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>. JW has built an integrated platform focused on developing, manufacturing and commercializing breakthrough cell-based immunotherapies for haematological cancers and solid tumours. JW has launched a Hong Kong IPO to raise net proceeds of HK$2,017.6 million ($260 million) at the mid-point of the IPO price range.</p><div class="content-highlight"><p>JW’s core drug candidate’s competitive advantage in the CAR-T market in China is supported by its potential best-in-class safety profile with competitive efficacy, physicians’ familiarity due to a large number of clinical sites in China and manufacturing quality. Overall, we believe that the prospectus JW’s core drug asset is favourable. </p></div>

JW Therapeutics (2126 HK) was founded in 2016 by Juno, a Bristol Myers Squibb Co (BMY US) company, and WuXi AppTec Co. Ltd. (2359 HK). JW has built an integrated platform focused on developing, manufacturing and commercializing breakthrough cell-based immunotherapies for haematological cancers and solid tumours. JW has launched a Hong Kong IPO to raise net proceeds of HK$2,017.6 million ($260 million) at the mid-point of the IPO price range.JW’s core drug candidate’s competitive advantage in the CAR-T market in China is supported by its potential best-in-class safety profile with competitive efficacy, physicians’ familiarity due to a large number of clinical sites in China and manufacturing quality. Overall, we believe that the prospectus JW’s core drug asset is favourable. 

JW Therapeutics IPO Initiation: Potent Medicine

Simcere Pharmaceutical Group / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (SIMCERE HK)</a> is engaged in the R&amp;D, production and commercialisation of pharmaceuticals and is primarily focused on generic pharmaceuticals. The products are focused on three main therapeutic areas which are oncology (including cell therapy), central nervous system diseases and autoimmune diseases. Simcere will shortly launch a Hong Kong IPO to raise $500 million, according to press reports.  </p><div class="content-highlight"><p>The timing of the IPO is not ideal as Simcere is coming off a weak 1H20. However, for investors willing to look past the 2020 results, Simcere is putting in place the right measures to ensure that the 1H20 was an exception rather than the rule. </p></div>

Simcere Pharmaceutical Group (SIMCERE HK) is engaged in the R&amp;D, production and commercialisation of pharmaceuticals and is primarily focused on generic pharmaceuticals. The products are focused on three main therapeutic areas which are oncology (including cell therapy), central nervous system diseases and autoimmune diseases. Simcere will shortly launch a Hong Kong IPO to raise $500 million, according to press reports.  The timing of the IPO is not ideal as Simcere is coming off a weak 1H20. However, for investors willing to look past the 2020 results, Simcere is putting in place the right measures to ensure that the 1H20 was an exception rather than the rule. 

Simcere Pharmaceutical IPO Initiation: A Rough Patch?

Genor Biopharma Holdings  / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/genor-biopharma" target="_blank" data-smartkarma-citation="entities:29201:1" rel="noopener">Genor Biopharma (0883276D CH)</a> aka JHBP Holdings is a biopharmaceutical company focusing on developing and commercializing oncology and autoimmune drugs. Its drug candidates encompass the top three oncology targets and five out of the ten bestselling drugs globally. Genor is backed by Hillhouse Capital, Temasek and <a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-h" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a>. It is seeking a Hong Kong IPO to raise around $300 million, according to press reports. </p><div class="content-highlight"><p>Genor has a broad drug pipeline with significant near-term revenue potential from as early as 2021. Overall, we believe that the prospectus for Genor’s late-stage drug assets is favourable. </p></div>

Genor Biopharma (0883276D CH) aka JHBP Holdings is a biopharmaceutical company focusing on developing and commercializing oncology and autoimmune drugs. Its drug candidates encompass the top three oncology targets and five out of the ten bestselling drugs globally. Genor is backed by Hillhouse Capital, Temasek and Hangzhou Tigermed Consulting (H) (3347 HK). It is seeking a Hong Kong IPO to raise around $300 million, according to press reports. Genor has a broad drug pipeline with significant near-term revenue potential from as early as 2021. Overall, we believe that the prospectus for Genor’s late-stage drug assets is favourable. 

JHBP Holdings (Genor Biopharma) IPO Initiation: Hunting for a Cure

Legend Biotech Corp / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/legend-biotech" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech (BLG US)</a> is one of the leading companies in developing CAR-T cell therapies in China, having received clearance for the first CAR-T cell therapy IND application by the NMPA. Legend is a majority-owned (76.9%) subsidiary of <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>. Legend has filed for a Nasdaq IPO to raise proceeds $300 million, according to press reports. </p><div class="content-highlight"><p>Legend’s lead product candidate is LCAR-B38M/JNJ-4528 which is being co-developed with Janssen, which is owned by <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>. LCAR-B38M refers to the product candidate being studied in China, and JNJ-4528, refers to the product candidate being studied in the rest of the world. Overall, we believe that the solid prospects for the lead product along with the strong shareholder register make the IPO worth a closer look. </p></div>

Legend Biotech (BLG US) is one of the leading companies in developing CAR-T cell therapies in China, having received clearance for the first CAR-T cell therapy IND application by the NMPA. Legend is a majority-owned (76.9%) subsidiary of Genscript Biotech (1548 HK). Legend has filed for a Nasdaq IPO to raise proceeds $300 million, according to press reports. Legend’s lead product candidate is LCAR-B38M/JNJ-4528 which is being co-developed with Janssen, which is owned by Johnson &amp; Johnson (JNJ US). LCAR-B38M refers to the product candidate being studied in China, and JNJ-4528, refers to the product candidate being studied in the rest of the world. Overall, we believe that the solid prospects for the lead product along with the strong shareholder register make the IPO worth a closer look. 

Legend Biotech IPO Initiation: Choosing Therapies À La CAR-T

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Now that the initial/primary low has been established and with the S&amp;P 500 roughly 20% off the lows, we believe it is time to map out potential areas where this rally could run into resistance. After this type of major waterfall decline there is often a test of the initial low - and there is often an undercut of the initial low. Barring approval of a first-line therapy for COVID-19 (chloroquine/hydroxychloroquine?) we are of the belief that a test of this initial low (likely 2-12 weeks out) and potentially an undercut of roughly 10% are likely.</p>

Now that the initial/primary low has been established and with the S&amp;P 500 roughly 20% off the lows, we believe it is time to map out potential areas where this rally could run into resistance. After this type of major waterfall decline there is often a test of the initial low - and there is often an undercut of the initial low. Barring approval of a first-line therapy for COVID-19 (chloroquine/hydroxychloroquine?) we are of the belief that a test of this initial low (likely 2-12 weeks out) and potentially an undercut of roughly 10% are likely.

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)

JW Therapeutics IPO Initiation: Potent Medicine

JW’s core drug candidate’s competitive advantage is supported by its potential best-in-class safety profile with competitive efficacy, physicians’...

Arun George

Simcere Pharmaceutical IPO Initiation: A Rough Patch?

The timing of the IPO is not ideal as Simcere is coming off a weak 1H20. However, Simcere is putting in place the right measures to ensure that the...

Arun George

JHBP Holdings (Genor Biopharma) IPO Initiation: Hunting for a Cure

$ Genor Biopharma is a biopharmaceutical company focusing on developing and commercializing oncology and autoimmune drugs. Its drug candidates...

Arun George

Legend Biotech IPO Initiation: Choosing Therapies À La CAR-T

Legend Biotech (BLG US) is one of the leading companies in developing CAR-T cell therapies in China, having received clearance for the first CAR-T...

Arun George

U.S. Equities: Test Of The Lows Coming?

Now that the initial/primary low has been established and with the S&P 500 roughly 20% off the lows, we believe it is time to map out potential...

Vermilion Research

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