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.

Equity Capital Markets

I-Mab launched the book building to raise up to USD 111 million via a listing on NASDAQ. In our previous notes, we covered the company’s key pipeline products, including TJ202 (CD38 antibody), TJ101 (long-acting growth hormone), enoblituzumab (B7-H3 antibody) and TJ107 (long-acting IL07). We discussed clinical trial results, licensing agreement and timelines of these four products. On its core product, TJ202, we were of the view that its efficacy appears to be inferior to the benchmark product but its safety profile appears to be better. We were also of the view that the company’s valuation could be affected by the sharing agreement with Everest with respect to TJ202. Having said that, the company terminated the agreement with Everest and obtained full rights on TJ202 and in return will issue USD 37 million worth of shares to Everest. Following the Everest transaction, our rNPV based valuation suggests that the valuation is attractive even at the high end. We will participate at strike. <h2>Our previous coverage on I-Mab</h2><ul><li><a href="https://www.smartkarma.com/insights/i-mab-pre-ipo-strong-management-and-investor-backing-with-differentiated-products" target="_blank" rel="noopener">I-Mab (天境生物) Pre-IPO: Strong management and investor backing with differentiated products</a></li></ul>

I-Mab launched the book building to raise up to USD 111 million via a listing on NASDAQ. In our previous notes, we covered the company’s key pipeline products, including TJ202 (CD38 antibody), TJ101 (long-acting growth hormone), enoblituzumab (B7-H3 antibody) and TJ107 (long-acting IL07). We discussed clinical trial results, licensing agreement and timelines of these four products. On its core product, TJ202, we were of the view that its efficacy appears to be inferior to the benchmark product but its safety profile appears to be better. We were also of the view that the company’s valuation could be affected by the sharing agreement with Everest with respect to TJ202. Having said that, the company terminated the agreement with Everest and obtained full rights on TJ202 and in return will issue USD 37 million worth of shares to Everest. Following the Everest transaction, our rNPV based valuation suggests that the valuation is attractive even at the high end. We will participate at strike. Our previous coverage on I-MabI-Mab (天境生物) Pre-IPO: Strong management and investor backing with differentiated products

I-Mab (天境生物) IPO: Everest Deal a Valuation Booster

I-Mab, a rapidly growing Chinese biotech company, is looking to raise USD100 million via an IPO in the US. The company has a highly differentiated drug pipeline from both its Fast-to-market China portfolio and Fast-to-PoC (proof of concept) global portfolio.In this note, we look at the company’s four key assets under the Fast-to-market China strategy, under which the company in-licenses products that show potential in the early stage of trials, includingTJ202 (CD38 antibody), TJ101 (long-acting growth hormone), enoblituzumab (B7-H3 antibody), and TJ107 (long-acting IL-7). We also look at the clinical trial results, licensing agreement and timelines of these four products. Our preliminary reading on the clinical trial results on TJ202 (CD38 antibody), which is under Phase III clinical trial, is that its efficacy appears to be inferior to benchmark product, though its safety profile appears to be better. The co-development agreement with Everest will also result in low attributable valuation to the company. For TJ101 (long-acting growth hormone), the efficacy seems to be similar to benchmark products with the pain point of daily injection being resolved. We note that the domestic peer that sells recombinant growth hormone product with older technology has registered strong growth recently which suggests encouraging market demand for growth hormone products.We look into the brief history of the company, background of the founder and chief executive, and detail the substantial shareholders of the company. We think the company has an experienced management team and strong backing of investors.

I-Mab, a rapidly growing Chinese biotech company, is looking to raise USD100 million via an IPO in the US. The company has a highly differentiated drug pipeline from both its Fast-to-market China portfolio and Fast-to-PoC (proof of concept) global portfolio.In this note, we look at the company’s four key assets under the Fast-to-market China strategy, under which the company in-licenses products that show potential in the early stage of trials, includingTJ202 (CD38 antibody), TJ101 (long-acting growth hormone), enoblituzumab (B7-H3 antibody), and TJ107 (long-acting IL-7). We also look at the clinical trial results, licensing agreement and timelines of these four products. Our preliminary reading on the clinical trial results on TJ202 (CD38 antibody), which is under Phase III clinical trial, is that its efficacy appears to be inferior to benchmark product, though its safety profile appears to be better. The co-development agreement with Everest will also result in low attributable valuation to the company. For TJ101 (long-acting growth hormone), the efficacy seems to be similar to benchmark products with the pain point of daily injection being resolved. We note that the domestic peer that sells recombinant growth hormone product with older technology has registered strong growth recently which suggests encouraging market demand for growth hormone products.We look into the brief history of the company, background of the founder and chief executive, and detail the substantial shareholders of the company. We think the company has an experienced management team and strong backing of investors.

I-Mab (天境生物) Pre-IPO: Strong Management and Investor Backing with Differentiated Products

China

I-Mab operates as a clinical stage biopharmaceutical company. The Company focuses on the discovery, development, and commercialization of novel biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. I-Mab conducts business in China.

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I-Mab (IMAB US)

I-Mab (天境生物) IPO: Everest Deal a Valuation Booster

I-Mab launched the book building to raise up to USD 111 million via a listing on NASDAQ. In our previous notes, we covered the company’s key...

Ke Yan, CFA, FRM

I-Mab (天境生物) Pre-IPO: Strong Management and Investor Backing with Differentiated Products

I-Mab, a rapidly growing Chinese biotech company, is looking to raise USD100 million via an IPO in the US. The company has a highly differentiated...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)