Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>BioAge Labs, a clinical-stage biopharma company backed by a leading syndicate of biotech investors, filed to go public in the United States.</li>
<li>Anti aging and obesity biopharma startup is purely focused on chronic metabolic diseases and established partner agreements with Amgen and Eli Lilly.</li>
<li>I have a positive view of upcoming BioAge Labs IPO and expect a strong first-day return above the IPO offer price.</li>
</ul>


BioAge Labs, a clinical-stage biopharma company backed by a leading syndicate of biotech investors, filed to go public in the United States.
Anti aging and obesity biopharma startup is purely focused on chronic metabolic diseases and established partner agreements with Amgen and Eli Lilly.
I have a positive view of upcoming BioAge Labs IPO and expect a strong first-day return above the IPO offer price.


BioAge Labs IPO Preview: Investor Focus Has Turned To Azelaprag, A Huge Market Potential

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Clarity Pharmaceuticals Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/clarity-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:34095:1" rel="noopener">Clarity Pharmaceuticals Ltd (CU6 AU)</a> received FDA fast track designation for its lead candidate 64Cu-SAR-bisPSMA for PET imaging of prostate cancer lesions. Currently, 64Cu-SAR-bisPSMA is in phase 3 trial.</li>
<li>If approved, 64Cu-SAR-bisPSMA has the potential the best-in-class diagnostic as the product has improved lesion detection capability compared to existing prostate cancer diagnostics.</li>
<li>Clarity’s copper platform, strong prostate pipeline and therapeutic and diagnostic efficacy data represents an attractive opportunity to grow a significant radiopharmaceutical franchise in oncology and other indications.</li>
</ul>



Clarity Pharmaceuticals Ltd (CU6 AU) received FDA fast track designation for its lead candidate 64Cu-SAR-bisPSMA for PET imaging of prostate cancer lesions. Currently, 64Cu-SAR-bisPSMA is in phase 3 trial.
If approved, 64Cu-SAR-bisPSMA has the potential the best-in-class diagnostic as the product has improved lesion detection capability compared to existing prostate cancer diagnostics.
Clarity’s copper platform, strong prostate pipeline and therapeutic and diagnostic efficacy data represents an attractive opportunity to grow a significant radiopharmaceutical franchise in oncology and other indications.


Clarity Pharmaceuticals Ltd (CU6 AU): An Attractive Bet on Red Hot Radiopharmaceutical Field

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Innovent Biologics Inc / Equity Bottom-Up

<ul>
<li>Innovent’s 24H1 product revenue exceeded RMB3.7 billion.Due to anti-corruption campaign, newly marketed PD-1s are unable to be admitted to the hospitals normally, which indirectly promotes the sales performance of sintilimab.</li>
<li>2024 full-year product revenue is estimated to reach RMB7.7 billion. IBI363 has the potential to be blockbuster variety in global markets, which may put Innovent’s valuation on a new level.</li>
<li>Innovent is undervalued if market value is below RMB38.5 billion.If mazdutide is able to contribute RMB10 billion sales, Innovent’s market value would reach about RMB90-100 billion (based on 5 P/S).</li>
</ul>


Innovent’s 24H1 product revenue exceeded RMB3.7 billion.Due to anti-corruption campaign, newly marketed PD-1s are unable to be admitted to the hospitals normally, which indirectly promotes the sales performance of sintilimab.
2024 full-year product revenue is estimated to reach RMB7.7 billion. IBI363 has the potential to be blockbuster variety in global markets, which may put Innovent’s valuation on a new level.
Innovent is undervalued if market value is below RMB38.5 billion.If mazdutide is able to contribute RMB10 billion sales, Innovent’s market value would reach about RMB90-100 billion (based on 5 P/S).


2024 High Conviction Update: Innovent (1801.HK) 24Q2 - Valuation Upside Will Be Further Opened Up

<ul>
<li>On July 2, <a href="https://www.smartkarma.com/entities/eli-lilly-co" target="_blank" data-smartkarma-citation="entities:19419:1" rel="noopener">Eli Lilly &amp; Co (LLY US)</a> has received FDA approval for its Alzheimer’s disease drug Kisunla, which will compete head-on-head with <a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a>'s Leqembi.  </li>
<li>Efficacy and indications of both the drugs are similar. Price comparison is tricky. However, Kisunla can be stopped when amyloid plaques are removed, which is not the case for Leqembi.</li>
<li>Eisai is not expected to face immediate competition and should comfortably meet Leqembi FY25 revenue target of ¥56.5B, including ¥43.5B from the U.S. Recently, Leqembi has been launched in China.</li>
</ul>


On July 2, Eli Lilly &amp; Co (LLY US) has received FDA approval for its Alzheimer’s disease drug Kisunla, which will compete head-on-head with Eisai Co Ltd (4523 JP)'s Leqembi.  
Efficacy and indications of both the drugs are similar. Price comparison is tricky. However, Kisunla can be stopped when amyloid plaques are removed, which is not the case for Leqembi.
Eisai is not expected to face immediate competition and should comfortably meet Leqembi FY25 revenue target of ¥56.5B, including ¥43.5B from the U.S. Recently, Leqembi has been launched in China.


Eisai Co Ltd (4523 JP): New Competition Is Coming for Alzheimer’s Disease Drug; No Immediate Threat

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> has signed the largest ever single CMO contract worth KRW1.46T ($1.1B) with an undisclosed U.S.-based pharmaceutical company. The contract value represents ~40% of 2023 standalone revenue.</li>
<li>Within the first half of the year, Samsung Biologics has secured order worth of KRW2.6T, compared with order win of KRW3.5T in full-year 2023.</li>
<li>Samsung Bioepis has received FDA approval for Stelara biosimilar Pyzchiva, which is expected to marketed in early 2025. So far, the FDA has approved two other biosimilars of Stelara.  </li>
</ul>



Samsung Biologics (207940 KS) has signed the largest ever single CMO contract worth KRW1.46T ($1.1B) with an undisclosed U.S.-based pharmaceutical company. The contract value represents ~40% of 2023 standalone revenue.
Within the first half of the year, Samsung Biologics has secured order worth of KRW2.6T, compared with order win of KRW3.5T in full-year 2023.
Samsung Bioepis has received FDA approval for Stelara biosimilar Pyzchiva, which is expected to marketed in early 2025. So far, the FDA has approved two other biosimilars of Stelara.  


Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares

United States

Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals.  The Company's products are sold in countries around the world.  Eli Lilly's products include neuroscience products, endocrine products, anti-infectives, cardiovascular agents, oncology products, and animal health products.

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Eli Lilly & Co (LLY US)

BioAge Labs IPO Preview: Investor Focus Has Turned To Azelaprag, A Huge Market Potential

California-based BioAge Labs files for an IPO and plans to raise capital for clinical trials of their lead compound, Azelaprag, in combination with...

Andrei Zakharov

Clarity Pharmaceuticals Ltd (CU6 AU): An Attractive Bet on Red Hot Radiopharmaceutical Field

Clarity’s copper platform, strong prostate pipeline and therapeutic and diagnostic efficacy data represent an attractive opportunity to grow a...

Tina Banerjee

2024 High Conviction Update: Innovent (1801.HK) 24Q2 - Valuation Upside Will Be Further Opened Up

Innovent's revenue growth in 24H1 was commendable. IBI363 has the potential to be blockbuster drug in global markets. Market value to reach above...

Xinyao (Criss) Wang

Eisai Co Ltd (4523 JP): New Competition Is Coming for Alzheimer’s Disease Drug; No Immediate Threat

FDA approves Eli Lilly's Alzheimer's disease drug Kisunla. However, Eisai is not expected to face immediate competition and is expected to meet...

Tina Banerjee

Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares

Samsung Biologics signs $1.1B CMO contract, representing 40% of 2023 revenue. Samsung Bioepis receives FDA approval for Stelara biosimilar...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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BioAge Labs IPO Preview: Investor Focus Has Turned To Azelaprag, A Huge Market Potential

California-based BioAge Labs files for an IPO and plans to raise capital for clinical trials of their lead compound, Azelaprag, in combination with...

Andrei Zakharov

Clarity Pharmaceuticals Ltd (CU6 AU): An Attractive Bet on Red Hot Radiopharmaceutical Field

Clarity’s copper platform, strong prostate pipeline and therapeutic and diagnostic efficacy data represent an attractive opportunity to grow a...

Tina Banerjee

2024 High Conviction Update: Innovent (1801.HK) 24Q2 - Valuation Upside Will Be Further Opened Up

​Innovent's revenue growth in 24H1 was commendable. IBI363 has the potential to be blockbuster drug in global markets. Market value to reach above...

Xinyao (Criss) Wang

Eisai Co Ltd (4523 JP): New Competition Is Coming for Alzheimer’s Disease Drug; No Immediate Threat

​FDA approves Eli Lilly's Alzheimer's disease drug Kisunla. However, Eisai is not expected to face immediate competition and is expected to meet...

Tina Banerjee

Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares

​Samsung Biologics signs $1.1B CMO contract, representing 40% of 2023 revenue. Samsung Bioepis receives FDA approval for Stelara biosimilar...

Tina Banerjee

Innovent's revenue growth in 24H1 was commendable. IBI363 has the potential to be blockbuster drug in global markets. Market value to reach above...

FDA approves Eli Lilly's Alzheimer's disease drug Kisunla. However, Eisai is not expected to face immediate competition and is expected to meet...

Samsung Biologics signs $1.1B CMO contract, representing 40% of 2023 revenue. Samsung Bioepis receives FDA approval for Stelara biosimilar...