Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Clover Biopharmaceuticals / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (2197 HK)</a> is a global clinical-stage biotechnology company that is focused on the research, development and the commercialisation (if approved) of novel vaccines and biologic therapeutic candidates. Clover’s most advanced drug asset is a Covid-19 vaccine candidate, SCB-2019 and the company expects to submit applications for conditional regulatory approval to the EMA, the NMPA and the WHO in 4Q2021 and expects to receive approvals between 4Q2021 to mid-2022.</p><p>The company has announced the terms for its IPO and plans to issue 150m shares (approx. 13.0% of the total outstanding shares post-IPO) at an indicative IPO price range of HK$12.80-13.50 per share. At the midpoint of the IPO price range of HK$13.15 per share, Clover will raise net proceeds of HK$1.8bn (US$236.4m) at a market capitalisation of HK$15.2bn and a post-money enterprise value of HK$11.2bn.</p><p>Clover plans to use about 65.0% of the net IPO proceeds for the development, manufacturing and commercialisation of its core products and related products (35% for SCB-2019), 25% for 2nd Gen Covid-19 vaccine candidate and 5.0% for SCB-808) and another 22.5% on other products in the pipeline. The company plans to use the remainder of the net IPO proceeds on other general corporate purposes.</p><p>The company also has entered into cornerstone investment agreements with a number of investors for an aggregate of US$138.5m that will account for 54.6% of the offer shares at the midpoint of the IPO price. These cornerstone investors include Orbimed Funds (US$25m), HHLR (US$22m), Temasek (US$20m), Rock Springs Capital (US$19m), Oceanpine Capital (US$15m), Athos Capital (US$15m), Springhill Fund (US$10m), Superstring (US$7.5m) and Toroa (US$5m).</p>

Clover Biopharmaceuticals (2197 HK) is a global clinical-stage biotechnology company that is focused on the research, development and the commercialisation (if approved) of novel vaccines and biologic therapeutic candidates. Clover’s most advanced drug asset is a Covid-19 vaccine candidate, SCB-2019 and the company expects to submit applications for conditional regulatory approval to the EMA, the NMPA and the WHO in 4Q2021 and expects to receive approvals between 4Q2021 to mid-2022.The company has announced the terms for its IPO and plans to issue 150m shares (approx. 13.0% of the total outstanding shares post-IPO) at an indicative IPO price range of HK$12.80-13.50 per share. At the midpoint of the IPO price range of HK$13.15 per share, Clover will raise net proceeds of HK$1.8bn (US$236.4m) at a market capitalisation of HK$15.2bn and a post-money enterprise value of HK$11.2bn.Clover plans to use about 65.0% of the net IPO proceeds for the development, manufacturing and commercialisation of its core products and related products (35% for SCB-2019), 25% for 2nd Gen Covid-19 vaccine candidate and 5.0% for SCB-808) and another 22.5% on other products in the pipeline. The company plans to use the remainder of the net IPO proceeds on other general corporate purposes.The company also has entered into cornerstone investment agreements with a number of investors for an aggregate of US$138.5m that will account for 54.6% of the offer shares at the midpoint of the IPO price. These cornerstone investors include Orbimed Funds (US$25m), HHLR (US$22m), Temasek (US$20m), Rock Springs Capital (US$19m), Oceanpine Capital (US$15m), Athos Capital (US$15m), Springhill Fund (US$10m), Superstring (US$7.5m) and Toroa (US$5m).

Clover Biopharmaceuticals IPO: Forecasts and Valuation

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.

<div><p><a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (2197 HK)</a> is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. </p></div><div><p>Clover has launched an HKEx IPO to raise net proceeds of HK$1,837.2 million ($236 million) at the mid-point of the IPO price range of HK$12.80-13.50 per share. </p></div><div><p>Nine cornerstone investors have agreed to invest about $138.5 million in the IPO (54.6% of the offer shares at the mid-point of the IPO price range). Four out of the nine cornerstones are existing investors. They are Hillhouse, Orbimed, Temasek and Oceanpine Capital. The five cornerstones which are not existing shareholders are Rock Springs Capital, Athos Capital, Springhill Fund, Superstring Capital and Toroa.</p></div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/clover-biopharmaceuticals-ipo-needling" target="_blank" data-smartkarma-citation="insights:59421" rel="noopener">Clover Biopharmaceuticals IPO: Needling</a>, we stated that while there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. We concluded that Clover is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive.  </p></div></div>

Clover Biopharmaceuticals (2197 HK) is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. Clover has launched an HKEx IPO to raise net proceeds of HK$1,837.2 million ($236 million) at the mid-point of the IPO price range of HK$12.80-13.50 per share. Nine cornerstone investors have agreed to invest about $138.5 million in the IPO (54.6% of the offer shares at the mid-point of the IPO price range). Four out of the nine cornerstones are existing investors. They are Hillhouse, Orbimed, Temasek and Oceanpine Capital. The five cornerstones which are not existing shareholders are Rock Springs Capital, Athos Capital, Springhill Fund, Superstring Capital and Toroa.In Clover Biopharmaceuticals IPO: Needling, we stated that while there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. We concluded that Clover is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive.  

Clover Biopharmaceuticals IPO: Valuation Insights

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.

<p>Clover, a China-based clinical-stage biotech company, launched book building to raise up to USD 226m via a Hong Kong listing.</p><p>In our previous note, we discussed that the company developed a trimer tag platform that makes use of human collagen to trimerize targeted protein with an expected favorable safety profile. The company has completed a Phase 2/3 clinical trial for the COVID-19 vaccine (SCB-2019) which will be the main revenue driver for the company in the next two years as it will supply vaccines through the COVAX program. We also look at its two clinical-stage candidates, namely SCB-313 and SCB-808. The company is interesting and investors should follow the deal. We also provided our forecast for its SCB-2019 and SCB-313. We note that the company's valuation is largely anchored on the sales of its COVID-19 vaccine. Its SCB-313 is also interesting given the prevalence of the targeted indication. </p><p>In this note, we also provided an update for the book building.</p>

Clover, a China-based clinical-stage biotech company, launched book building to raise up to USD 226m via a Hong Kong listing.In our previous note, we discussed that the company developed a trimer tag platform that makes use of human collagen to trimerize targeted protein with an expected favorable safety profile. The company has completed a Phase 2/3 clinical trial for the COVID-19 vaccine (SCB-2019) which will be the main revenue driver for the company in the next two years as it will supply vaccines through the COVAX program. We also look at its two clinical-stage candidates, namely SCB-313 and SCB-808. The company is interesting and investors should follow the deal. We also provided our forecast for its SCB-2019 and SCB-313. We note that the company's valuation is largely anchored on the sales of its COVID-19 vaccine. Its SCB-313 is also interesting given the prevalence of the targeted indication. In this note, we also provided an update for the book building.

Clover (三叶草生物) IPO: Valuation with a Margin of Safety

<p>Clover, a China-based clinical-stage biotech company, plans to raise up to USD 300m via a Hong Kong listing.</p><p>In our previous note, we discussed that the company developed a trimer tag platform that makes use of human collagen to trimerize targeted protein with an expected favorable safety profile. The company has completed a Phase 2/3 clinical trial for the COVID-19 vaccine (SCB-2019) which will be the main revenue driver for the company in the next two years as it will supply vaccines through the COVAX program. We also look at its two clinical-stage candidates, namely SCB-313 and SCB-808. The company is interesting and investors should follow the deal.</p><p>In this note, we provide our forecast for its SCB-2019 and SCB-313. We note that the company's valuation is largely anchored on the sales of its COVID-19 vaccine. Its SCB-313 is also interesting given the prevalence of the targeted indication. </p>

Clover, a China-based clinical-stage biotech company, plans to raise up to USD 300m via a Hong Kong listing.In our previous note, we discussed that the company developed a trimer tag platform that makes use of human collagen to trimerize targeted protein with an expected favorable safety profile. The company has completed a Phase 2/3 clinical trial for the COVID-19 vaccine (SCB-2019) which will be the main revenue driver for the company in the next two years as it will supply vaccines through the COVAX program. We also look at its two clinical-stage candidates, namely SCB-313 and SCB-808. The company is interesting and investors should follow the deal.In this note, we provide our forecast for its SCB-2019 and SCB-313. We note that the company's valuation is largely anchored on the sales of its COVID-19 vaccine. Its SCB-313 is also interesting given the prevalence of the targeted indication. 

Clover (三叶草生物) Pre-IPO: Thoughts on Valuation

<p><a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (CBL HK)</a> is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. </p><p>Clover is pre-marketing an HKEx IPO to raise proceeds of $300 million, according to press reports. Clover has a credible management team with a commendable track record in drug discovery and commercialization. Clover also has several blue-chip backers such as Hillhouse, Temasek, Lapam Capital, Delos Capital, Qianhai FoF, Oceanpine Capital, Betta Capital and OrbiMed. </p><div class="content-highlight"><p>While there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. Overall, we believe that Clover is worth a closer look. </p></div>

Clover Biopharmaceuticals (CBL HK) is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. Clover is pre-marketing an HKEx IPO to raise proceeds of $300 million, according to press reports. Clover has a credible management team with a commendable track record in drug discovery and commercialization. Clover also has several blue-chip backers such as Hillhouse, Temasek, Lapam Capital, Delos Capital, Qianhai FoF, Oceanpine Capital, Betta Capital and OrbiMed. While there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. Overall, we believe that Clover is worth a closer look. 

China

Clover Biopharmaceuticals Limited operates as a clinical-stage biotechnology company. The Company develops novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. Clover Biopharmaceuticals provides services worldwide.

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Clover Biopharmaceuticals (2197 HK)

Clover Biopharmaceuticals IPO: Forecasts and Valuation

Clover plans to raise US$236.4m at the midpoint of the IPO price range, and we believe Clover's IPO is attractively priced and expect an upside of...

Shifara Samsudeen, ACMA, CGMA

Clover Biopharmaceuticals IPO: Valuation Insights

Clover has launched an IPO to raise net proceeds of $236m at the mid-point of the price range of HK$12.80-13.50 per share. Our valuation analysis...

Arun George

Clover (三叶草生物) IPO: Valuation with a Margin of Safety

We provide an update for the Clover Pharmaceuticals' book building. We think its valuation provides a margin of safety against our conservative...

Ke Yan, CFA, FRM

Clover (三叶草生物) Pre-IPO: Thoughts on Valuation

We provide our forecast for its SCB-2019 and SCB-313. The company's valuation is largely anchored on the sales of its COVID-19 vaccine thought SCB...

Ke Yan, CFA, FRM

Clover Biopharmaceuticals IPO: Needling

Clover is pre-marketing an HKEx IPO to raise proceeds of $300 m. SCB-2019 (CpG 1018/Alum) is a COVID-19 vaccine candidate which was secured CEPI...

Arun George

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