Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/argenx-se" target="_blank" data-smartkarma-citation="entities:28604:1" rel="noopener">Argenx SE (ARGX US)</a> won FDA approval for second indication of Vyvgart for chronic inflammatory demyelinating polyneuropathy (CIDP) in June. The approval triggered ~30% rally in the share price.</li>
<li>
<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> is seeking FDA approval for nipocalimab for generalized myasthenia gravis (gMG). Approved in 2021, Vyvgart dominates the gMG market. In 1H24, Vyvgart fetched $876M revenue.</li>
<li>Nipocalimab will compete with Vyvgart. However, Argenx has already created a niche for itself and will continue to sit on a prime position due to its first mover advantage.</li>
</ul>



Argenx SE (ARGX US) won FDA approval for second indication of Vyvgart for chronic inflammatory demyelinating polyneuropathy (CIDP) in June. The approval triggered ~30% rally in the share price.

Johnson &amp; Johnson (JNJ US) is seeking FDA approval for nipocalimab for generalized myasthenia gravis (gMG). Approved in 2021, Vyvgart dominates the gMG market. In 1H24, Vyvgart fetched $876M revenue.
Nipocalimab will compete with Vyvgart. However, Argenx has already created a niche for itself and will continue to sit on a prime position due to its first mover advantage.


Argenx SE (ARGX US): Vyvgart Indication Expansion Triggers Rally; Can Competition Play Spoilsport?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Biotech play <strong><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></strong> and ~48%-held <strong><a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech (LEGN US)</a></strong> popped recently on a reported tilt for Legend.  Neither Genscript nor Legend made exchange announcements supporting the claim. </li>
<li>Preceding my comments on Genscript/Legend are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Biotech play Genscript Biotech (1548 HK) and ~48%-held Legend Biotech (LEGN US) popped recently on a reported tilt for Legend.  Neither Genscript nor Legend made exchange announcements supporting the claim. 
Preceding my comments on Genscript/Legend are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Legend (LEGN US) Offer Or Not, Genscript (1548 HK) Is Attractive

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (QUP HK)</a> raised US$126m from its Hong Kong IPO.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



QuantumPharm (QUP HK) raised US$126m from its Hong Kong IPO.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


QuantumPharm IPO Trading - Lukewarm Insti Demand Combined with a Tight Float at Listing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (QUP HK)</a> is looking to raise US$144m from its Hong Kong IPO.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In our previous notes, we looked at the firm’s past performance and PHIP updates. In this note, we share our thoughts on valuations. </li>
</ul>



QuantumPharm (QUP HK) is looking to raise US$144m from its Hong Kong IPO.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In our previous notes, we looked at the firm’s past performance and PHIP updates. In this note, we share our thoughts on valuations. 


QuantumPharm IPO - Most of the Potential Has Already Been Baked In

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (QUP HK)</a> (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In our previous note we looked at the company’s past performance. In this note, we discuss QuantumPharm's PHIP updates.</li>
</ul>



QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In our previous note we looked at the company’s past performance. In this note, we discuss QuantumPharm's PHIP updates.


QuantumPharm (Xtalpi) Pre-IPO - PHIP Updates - Strong Growth, Although Losses Continue to Pile Up

United States

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

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Johnson & Johnson (JNJ UN)

Argenx SE (ARGX US): Vyvgart Indication Expansion Triggers Rally; Can Competition Play Spoilsport?

Argenx won FDA approval for second indication of Vyvgart for CIDP in June. Currently, Vyvgart dominates gMG treatment market. Competitor's drug...

Tina Banerjee

StubWorld: Legend (LEGN US) Offer Or Not, Genscript (1548 HK) Is Attractive

Genscript appears attractive - not just Legend's product pipeline and strong partnerships; but also Genscript's stub ops have been performing well....

David Blennerhassett

QuantumPharm IPO Trading - Lukewarm Insti Demand Combined with a Tight Float at Listing

QuantumPharm (QUP HK) raised US$126m from its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we...

Clarence Chu

QuantumPharm IPO - Most of the Potential Has Already Been Baked In

QuantumPharm (QUP HK) is looking to raise US$144m from its Hong Kong IPO. In this note, we share our thoughts on valuations.

Clarence Chu

QuantumPharm (Xtalpi) Pre-IPO - PHIP Updates - Strong Growth, Although Losses Continue to Pile Up

QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO. In this note, we discuss QuantumPharm's PHIP updates.

Clarence Chu

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