HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

CARSgen Therapeutics / Equity Capital Markets

The new IPO regulations of the HKEX accelerate the listing of many unprofitable domestic biopharmaceutical companies, which help them to raise funds for the clinical progress and R&amp;D. At the same time, these companies also hope to seize the huge unmet medical market with the advantage of taking the first step. Among them, there are companies focusing on the CAR-T therapy. For example, on February 26, 2021, according to the disclosure of the HKEX, <a href="https://www.smartkarma.com/entities/carsgen-therapeutics-ltd" target="_blank" data-smartkarma-citation="entities:32213:1" rel="noopener">CARSgen Therapeutics (1186504D CH)</a> submitted the application for listing. The following mainly analyzed the Company’s major product candidates and the concerns.

The new IPO regulations of the HKEX accelerate the listing of many unprofitable domestic biopharmaceutical companies, which help them to raise funds for the clinical progress and R&amp;D. At the same time, these companies also hope to seize the huge unmet medical market with the advantage of taking the first step. Among them, there are companies focusing on the CAR-T therapy. For example, on February 26, 2021, according to the disclosure of the HKEX, CARSgen Therapeutics (1186504D CH) submitted the application for listing. The following mainly analyzed the Company’s major product candidates and the concerns.

Pre-IPO CARsgen Therapeutics - Insights on Pipeline and Challenges

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Sana Biotechnology Inc / Equity Capital Markets

A preclinical biotech company <a href="https://www.smartkarma.com/entities/sana-biotechnology-inc" target="_blank" data-smartkarma-citation="entities:31366:1" rel="noopener">Sana Biotechnology Inc (SANA US)</a>  publicly filed for IPO in January. Sana develops in vivo and ex vivo engineering platforms that can repair and control genes in cells or replace any cell in the body. Technologies are being developed in collaboration with leading academic laboratories and industry partners. Combining science and technology, disruptor and innovative biotech unicorn invests in transformative in vivo and ex vivo engineered cell therapies leveraging proprietary gene editing capabilities. Morgan Stanley, Goldman Sachs, J.P. Morgan and BofA Securities are lead underwriters on the upcoming IPO.<a href="https://www.smartkarma.com/entities/sana-biotechnology-inc" target="_blank" data-smartkarma-citation="entities:31366:1" rel="noopener">Sana Biotechnology Inc (SANA US)</a>  was backed by venture capital firms ARCH Venture Partners, Flagship Pioneering, F-Prime Capital, GV, Bezos Expeditions and other institutional investors. <a href="https://www.smartkarma.com/entities/sana-biotechnology-inc" target="_blank" data-smartkarma-citation="entities:31366:1" rel="noopener">Sana Biotechnology Inc (SANA US)</a> raised ~$706M in funding over 2 rounds, according to S-1 company filings and Crunchbase.

A preclinical biotech company Sana Biotechnology Inc (SANA US)  publicly filed for IPO in January. Sana develops in vivo and ex vivo engineering platforms that can repair and control genes in cells or replace any cell in the body. Technologies are being developed in collaboration with leading academic laboratories and industry partners. Combining science and technology, disruptor and innovative biotech unicorn invests in transformative in vivo and ex vivo engineered cell therapies leveraging proprietary gene editing capabilities. Morgan Stanley, Goldman Sachs, J.P. Morgan and BofA Securities are lead underwriters on the upcoming IPO.Sana Biotechnology Inc (SANA US)  was backed by venture capital firms ARCH Venture Partners, Flagship Pioneering, F-Prime Capital, GV, Bezos Expeditions and other institutional investors. Sana Biotechnology Inc (SANA US) raised ~$706M in funding over 2 rounds, according to S-1 company filings and Crunchbase.

Sana Biotechnology IPO. Moving The Genomic Revolution Forward

AEJ energy/material/healthcare analyst, Troika Advisory

Kenneth Whee

AEJ energy/material/healthcare analyst

Troika Advisory

Equity Bottom-Up

We met with Mr. HJ Lee, CEO &amp; President of Binex, followed by a quick site tour in Incheon, Korea, and learned that the company has recently gained a solid foothold in one of the major next-gen biotech so-called CAR-T (Chimeric Antigen Receptor T-cell) whereas its core earnings are set to turn to profit meaningfully given the recent commercial approval of Remicade biosimilar in Japan. Based in Korea, Binex is one of the most experienced biologics CMO (Contract Manufacturing Organization) with…

We met with Mr. HJ Lee, CEO &amp; President of Binex, followed by a quick site tour in Incheon, Korea, and learned that the company has recently gained a solid foothold in one of the major next-gen biotech so-called CAR-T (Chimeric Antigen Receptor T-cell) whereas its core earnings are set to turn to profit meaningfully given the recent commercial approval of Remicade biosimilar in Japan. Based in Korea, Binex is one of the most experienced biologics CMO (Contract Manufacturing Organization) with…

Binex - Paving the Way for Next-Gen Biotech Breakthrough

Pharma/ Biotechnology Investments Specialist, Vasuda Capital Management

Dr. Bhavneesh Sharma, MD, MBA

Pharma/ Biotechnology Investments Specialist

Vasuda Capital Management

With the current pullback in its stock price, we are taking this opportunity to initiate a long position in <a href="https://www.smartkarma.com/entities/20664" target="_blank" data-smartkarma-citation="entities:20664:1">Kite Pharma Inc (KITE US)</a> , another mid-cap core position for our model portfolio. We looked at Kite's upcoming product pipeline and feel bullish about its next generation therapies in chimeric antigen receptor targeted T cells (CAR-T) space. Out first price target is $75 (based on rNPV of projected revenue in r/r DLBCL in the U.S., E.U.).

With the current pullback in its stock price, we are taking this opportunity to initiate a long position in Kite Pharma Inc (KITE US) , another mid-cap core position for our model portfolio. We looked at Kite's upcoming product pipeline and feel bullish about its next generation therapies in chimeric antigen receptor targeted T cells (CAR-T) space. Out first price target is $75 (based on rNPV of projected revenue in r/r DLBCL in the U.S., E.U.).

Kite Pharma: 'Flying Higher' in Red-Hot Cancer Immune-Oncology Space.

We have a Buy rating with price target of $173 (DCF method)=44% upside. The stock also appears to have upside using relative valuation measures like EV/NOPAT. Our price target is higher than the consensus sell-side estimate as the value of future revenue from investments like <a href="https://www.smartkarma.com/entities/8732" target="_blank" data-smartkarma-citation="entities:8732:1">Juno Therapeutics Inc (JUNO US)</a> and <a href="https://www.smartkarma.com/entities/23652" target="_blank" data-smartkarma-citation="entities:23652:1">Crispr Therapeutics Ag (CRSP US)</a> seems to be underestimated by sell-side analysts. We consider the common stock as an excellent large-cap biotechnology investment here. In addition, the company's ROIC (18.87%) is higher than the industry average (15.2%), and is higher than the cost of capital calculated by us (9.7%), thus implying continued value creation by the company in its invested capital.

We have a Buy rating with price target of $173 (DCF method)=44% upside. The stock also appears to have upside using relative valuation measures like EV/NOPAT. Our price target is higher than the consensus sell-side estimate as the value of future revenue from investments like Juno Therapeutics Inc (JUNO US) and Crispr Therapeutics Ag (CRSP US) seems to be underestimated by sell-side analysts. We consider the common stock as an excellent large-cap biotechnology investment here. In addition, the company's ROIC (18.87%) is higher than the industry average (15.2%), and is higher than the cost of capital calculated by us (9.7%), thus implying continued value creation by the company in its invested capital.

We Are Buying This Large Cap Biotechnology Company After Trump's Election Win

United States

Juno Therapeutics Inc. operates as a clinical-stage biotechnology company. The Company focuses on developing immunotherapies for cancer and other research services.

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Juno Therapeutics (JUNO US)

Pre-IPO CARsgen Therapeutics - Insights on Pipeline and Challenges

This article mainly analyzed CARsgen in terms of key product candidates in the pipeline, competitive landscape, challenges, financial position and...

Xinyao (Criss) Wang

Sana Biotechnology IPO. Moving The Genomic Revolution Forward

We expect strong investor demand for upcoming IPO of Sana Biotechnology, disruptor in novel engineered cell therapies to treat cancer, diabetes,...

Andrei Zakharov

Binex - Paving the Way for Next-Gen Biotech Breakthrough

We met with Mr. HJ Lee, CEO & President of Binex, followed by a quick site tour in Incheon, Korea, and learned that the company has recently...

Kenneth Whee

Kite Pharma: 'Flying Higher' in Red-Hot Cancer Immune-Oncology Space.

With the current pullback in its stock price, we are taking this opportunity to initiate a long position in Kite Pharma Inc (KITE US) , another...

Dr. Bhavneesh Sharma, MD, MBA

We Are Buying This Large Cap Biotechnology Company After Trump's Election Win

We have a Buy rating with price target of $173 (DCF method)=44% upside. The stock also appears to have upside using relative valuation measures...

Dr. Bhavneesh Sharma, MD, MBA

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