Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>Chugai’s in-house drug, Actemra is recommended by the WHO for the treatment of hospitalized COVID-19 patients. In-licensed drug Ronapreve is approved for the treatment of mild to moderate COVID-19 patients.</li>
<li>Actemra and Ronapreve together are expected to contribute 29% of total revenue in 2021. Approval of oral COVID-19 anti-viral pill will pressurize both the drugs in 2022 and beyond.</li>
<li>Chugai’s recently in-licensed gene therapy drug candidate for Duchenne muscular dystrophy will have to compete with existing drug and other pipeline candidates in Japan.  </li>
</ul>


Chugai’s in-house drug, Actemra is recommended by the WHO for the treatment of hospitalized COVID-19 patients. In-licensed drug Ronapreve is approved for the treatment of mild to moderate COVID-19 patients.
Actemra and Ronapreve together are expected to contribute 29% of total revenue in 2021. Approval of oral COVID-19 anti-viral pill will pressurize both the drugs in 2022 and beyond.
Chugai’s recently in-licensed gene therapy drug candidate for Duchenne muscular dystrophy will have to compete with existing drug and other pipeline candidates in Japan.  


Chugai Pharmaceutical (4519 JP): Actemra Loses Its Sheen on Arrival of Oral COVID-19 Pill

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The most important policy for the domestic healthcare industry in the next three years is the DRGs/DIP. We analyzed some important points and the industry outlook brought by this policy.</li>
<li>The aggregate “constraints” imposed by DRGs/DIP will greatly reduce the growth of industry, but A-share market hasn’t fully priced in the impact. Investors are advised to be aware of it.</li>
<li>Recently, Shaanxi province announced the results of centralized procurement of pacemakers.</li>
</ul>


The most important policy for the domestic healthcare industry in the next three years is the DRGs/DIP. We analyzed some important points and the industry outlook brought by this policy.
The aggregate “constraints” imposed by DRGs/DIP will greatly reduce the growth of industry, but A-share market hasn’t fully priced in the impact. Investors are advised to be aware of it.
Recently, Shaanxi province announced the results of centralized procurement of pacemakers.


China Healthcare Weekly (Dec.17)-The Most Important Policy in Next Three Years,Pacemaker VBP Results

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>CSL aims to raise up to US$4.8bn (A$6.8bn) via a fully underwritten placement, in order to partly fund its acquisition of Vifor Pharma.</li>
<li>The deal has been in the news for a while with CSL recently having to put out a media release to confirm talks.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


CSL aims to raise up to US$4.8bn (A$6.8bn) via a fully underwritten placement, in order to partly fund its acquisition of Vifor Pharma.
The deal has been in the news for a while with CSL recently having to put out a media release to confirm talks.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


CSL Placement - Lage Acquisition, Placement and Accretion, Along with Index Impact

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nektar-therapeutics" target="_blank" data-smartkarma-citation="entities:15060:1" rel="noopener">Nektar Therapeutics (NKTR US)</a> is a global biopharmaceutical company, with major focus on immune-oncology. Its lead candidate bempeg is the near-term growth engine for the company.</li>
<li>On December 6, Nektar presented favorable results for Bempeg plus Keytruda in patients with non-small-cell lung cancer. Bempeg is poised for getting approvals for multiple indications during 2023–2025.</li>
<li>Clinical trial progress of other late-stage programs remains long-term growth driver for Nektar. Buyout deal at a premium presents another upside opportunity for Nektar.</li>
</ul>



Nektar Therapeutics (NKTR US) is a global biopharmaceutical company, with major focus on immune-oncology. Its lead candidate bempeg is the near-term growth engine for the company.
On December 6, Nektar presented favorable results for Bempeg plus Keytruda in patients with non-small-cell lung cancer. Bempeg is poised for getting approvals for multiple indications during 2023–2025.
Clinical trial progress of other late-stage programs remains long-term growth driver for Nektar. Buyout deal at a premium presents another upside opportunity for Nektar.


Nektar Therapeutics (NKTR US): A Good Buying Option in Immuno-Oncology Therapeutic Area

<ul>
<li>
<a href="https://www.smartkarma.com/entities/i-mab" target="_blank" data-smartkarma-citation="entities:28384:1" rel="noopener">I-Mab (IMAB US)</a> shares gained 19% in last 10 days after the company announced commercial partnering deal for its pediatric growth hormone deficiency drug candidate, Eftansomatropin Alfa in China.</li>
<li>Oncology drug, felzartamab is expected to be I-Mab’s first drug in China. Last month, I-Mab entered into a partnership with Sinopharm to extend coverage and enhance accessibility of its pipeline.</li>
<li>To expand its investor base, I-Mab is expected to complete dual listing on the STAR Market of the Shanghai Stock Exchange by the end of 2022.</li>
</ul>



I-Mab (IMAB US) shares gained 19% in last 10 days after the company announced commercial partnering deal for its pediatric growth hormone deficiency drug candidate, Eftansomatropin Alfa in China.
Oncology drug, felzartamab is expected to be I-Mab’s first drug in China. Last month, I-Mab entered into a partnership with Sinopharm to extend coverage and enhance accessibility of its pipeline.
To expand its investor base, I-Mab is expected to complete dual listing on the STAR Market of the Shanghai Stock Exchange by the end of 2022.


I-Mab (IMAB US): Expanding Commercialization Footprint in China for Innovative Late-Stage Assets

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

Chugai Pharmaceutical (4519 JP): Actemra Loses Its Sheen on Arrival of Oral COVID-19 Pill

Chugai's COVID-19 drugs do not seem to be stack up well against the newly approved oral COVID-19 drugs in 2022 and beyond. The company has already...

Tina Banerjee

China Healthcare Weekly (Dec.17)-The Most Important Policy in Next Three Years,Pacemaker VBP Results

This article analyzed the most important policy for China healthcare in the next three years - DRGs/DIP, its potential impact, the outlook of...

Xinyao (Criss) Wang

CSL Placement - Lage Acquisition, Placement and Accretion, Along with Index Impact

CSL aims to raise up to US$4.8bn (A$6.8bn) via a fully underwritten placement, in order to partly fund its acquisition of Vifor Pharma.

Sumeet Singh

Nektar Therapeutics (NKTR US): A Good Buying Option in Immuno-Oncology Therapeutic Area

Nektar presented favorable clinical data for its lead candidate, bempeg at a global healthcare conference recently. Bempeg, a potential blockbuster...

Tina Banerjee

I-Mab (IMAB US): Expanding Commercialization Footprint in China for Innovative Late-Stage Assets

I-Mab entered into commercialization partnership in China ahead of its innovative and differentiated product launch. Shares are also expected to...

Tina Banerjee

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