Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>On May 13, <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a> launched first drug, Xpovio in China as fourth-line treatment of relapsed/refractory multiple myeloma. Xpovio has also been launched in South Korea, Australia, and Singapore.</li>
<li>Xpovio reported revenue of RMB54 million in H1 2022. Antengene has guided for 2022 revenue of RMB180–200 million from Xpovio.</li>
<li>Late-Line MM therapy market is small and dominated by blockbuster drugs and low-cost generic versions of erstwhile blockbuster drugs, indicating muted growth potential for Xpovio in its current approval status.</li>
</ul>


On May 13, Antengene (6996 HK) launched first drug, Xpovio in China as fourth-line treatment of relapsed/refractory multiple myeloma. Xpovio has also been launched in South Korea, Australia, and Singapore.
Xpovio reported revenue of RMB54 million in H1 2022. Antengene has guided for 2022 revenue of RMB180–200 million from Xpovio.
Late-Line MM therapy market is small and dominated by blockbuster drugs and low-cost generic versions of erstwhile blockbuster drugs, indicating muted growth potential for Xpovio in its current approval status.


Antengene (6996 HK): First Drug Launched in Crowded Market of China Fails to Allure Investors

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<p>In February, 2021, China’s National Medical Products Administration (NMPA) granted priority review to the New Drug Application (NDA) for ATG-010 (selinexor, XPOVIO), a first-in-class selective inhibitor of nuclear export (SINE) compound, for the treatment of patients with relapsed/refractory multiple myeloma (rrMM). Recently, <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a> announced that the NMPA has also approved the Investigational New Drug (IND) application for a Phase III clinical trial designed to evaluate the safety and efficacy of selinexor (XPOVIO) in the treatment of advanced or recurrent endometrial cancer (the SIENDO trial). In fact, selinexor would be the first-to-market product in the pipeline and is also a core product for the Company. So, how is this product and what is the business prospect of Antengene?</p>

In February, 2021, China’s National Medical Products Administration (NMPA) granted priority review to the New Drug Application (NDA) for ATG-010 (selinexor, XPOVIO), a first-in-class selective inhibitor of nuclear export (SINE) compound, for the treatment of patients with relapsed/refractory multiple myeloma (rrMM). Recently, Antengene (6996 HK) announced that the NMPA has also approved the Investigational New Drug (IND) application for a Phase III clinical trial designed to evaluate the safety and efficacy of selinexor (XPOVIO) in the treatment of advanced or recurrent endometrial cancer (the SIENDO trial). In fact, selinexor would be the first-to-market product in the pipeline and is also a core product for the Company. So, how is this product and what is the business prospect of Antengene?

Antengene (6996.HK) - Still Has a Long Way to Go Despite the New Progress On Selinexor

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

<p>Antengene shares remain below their HK18.08 IPO price despite continued progress with the development of ATG-010 (XPOVIO). The weakness presents an opportunity to buy shares in a top-quality, pre-revenue China biotech with a substantially de-risked lead compound.  </p>

Antengene shares remain below their HK18.08 IPO price despite continued progress with the development of ATG-010 (XPOVIO). The weakness presents an opportunity to buy shares in a top-quality, pre-revenue China biotech with a substantially de-risked lead compound.  

Antengene Disconnect: Shares Down Despite Pipeline's Progress

Equity Capital Markets

<p style="text-align: justify;">On November 20, another unprofitable biopharmaceutical company, <a href="https://www.smartkarma.com/entities/antengene-corporation-limited" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a>, will be listed on HKEX at a price of HK$18.08 per share. Currently, Antengene has a total of 12 innovative drugs in its pipeline. Among them, 6 drugs are basically from license-in mode while the rest are mainly self-developed. From the public information, it is still unknown that whether Antengene would use the license-in mode (like <a href="https://www.smartkarma.com/entities/everest-medicines" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a>) to achieve rapid financing and then develop a competitive pipeline in the future. The following is mainly to analyze the value and potential of the current pipeline, and also provide some thoughts on valuation.</p>

On November 20, another unprofitable biopharmaceutical company, Antengene (6996 HK), will be listed on HKEX at a price of HK$18.08 per share. Currently, Antengene has a total of 12 innovative drugs in its pipeline. Among them, 6 drugs are basically from license-in mode while the rest are mainly self-developed. From the public information, it is still unknown that whether Antengene would use the license-in mode (like Everest Medicines (1952 HK)) to achieve rapid financing and then develop a competitive pipeline in the future. The following is mainly to analyze the value and potential of the current pipeline, and also provide some thoughts on valuation.

Antengene - Insights on Pipeline 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/antengene-corporation-limited" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a> is a biopharmaceutical company with a focus on discovering, developing and commercialising global first-in-class, only-in-class and/or best-in-class therapies. Antengene has launched a Hong Kong IPO to raise net proceeds of HK$2,467.2 million ($318 million) at the mid-point of the IPO price range of HK$15.80-18.08 per share.</p></div><div><p>Ten cornerstone investors have agreed to invest about $179.4 million in the IPO (53.25% of the offer shares at the mid-point of the IPO price range). Cornerstone investors include Fidelity, GIC, BlackRock, Hillhouse Capital, Boyu Capital, Cormorant Asset Management, Hillhouse Capital, Sequoia Capital, CRF Investment, Laurion Capital and Octagon Capital.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/antengene-ipo-initiation-hunting-for-a-cure" target="_blank" data-smartkarma-citation="insights:44855" rel="noopener">Antengene IPO Initiation: Hunting for a Cure</a>, we stated that the prospectus Antengene’s core drug assets are favourable. Overall, a strong cornerstone investor lineup and our valuation analysis suggest that the IPO price range is attractive. </p></div></div></div>

Antengene (6996 HK) is a biopharmaceutical company with a focus on discovering, developing and commercialising global first-in-class, only-in-class and/or best-in-class therapies. Antengene has launched a Hong Kong IPO to raise net proceeds of HK$2,467.2 million ($318 million) at the mid-point of the IPO price range of HK$15.80-18.08 per share.Ten cornerstone investors have agreed to invest about $179.4 million in the IPO (53.25% of the offer shares at the mid-point of the IPO price range). Cornerstone investors include Fidelity, GIC, BlackRock, Hillhouse Capital, Boyu Capital, Cormorant Asset Management, Hillhouse Capital, Sequoia Capital, CRF Investment, Laurion Capital and Octagon Capital.In Antengene IPO Initiation: Hunting for a Cure, we stated that the prospectus Antengene’s core drug assets are favourable. Overall, a strong cornerstone investor lineup and our valuation analysis suggest that the IPO price range is attractive. 

United States

Karyopharm Therapeutics, Inc. provides biopharmaceutical products and services. The Company develops and discovers drugs for the treatment of cancer, inflammation, and diseases related to cell proliferation through activity modulation of critical pathways. Karyopham Therapeutics serves the healthcare industry throughout the United States.

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Karyopharm Therapeutics (KPTI US)

Antengene (6996 HK): First Drug Launched in Crowded Market of China Fails to Allure Investors

Antengene’s first drug in China, Xpovio has small addressable market size. Moreover, the market is dominated by large blockbuster drugs, leaving...

Tina Banerjee

Antengene (6996.HK) - Still Has a Long Way to Go Despite the New Progress On Selinexor

Based on the new progress of the core product candidate ATG-010 (selinexor, XPOVIO), this article analyzed the business prospects, concerns and...

Xinyao (Criss) Wang

Antengene Disconnect: Shares Down Despite Pipeline's Progress

Shares remain below the IPO price despite XPOVIO's clinical progress. The weakness is an opportunity to buy shares in a top-quality, pre-revenue...

Kemp Dolliver, CFA

Antengene - Insights on Pipeline and Valuation

This article analyzed the value and potential of Antengene's current pipeline, its competitors' products and also include some thoughts on valuation.

Xinyao (Criss) Wang

Antengene IPO: Valuation Insights

Antengene has launched an HK IPO to raise net proceeds of $318 million at the mid-point of the price range. Overall, strong cornerstones and our...

Arun George

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