Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>2023 will be a transitional year for <a href="https://www.smartkarma.com/entities/sd-biosensor-inc" target="_blank" data-smartkarma-citation="entities:33333:1" rel="noopener">SD Biosensor (137310 KS)</a>, with revenue and earnings taking a massive hit due to the declining revenue contribution of the COVID-19 tests.</li>
<li>The company is reaping the benefits of its continuous effort in adding new growth engines through M&amp;A and global expansion of its all-in-one molecular diagnostic system called the Standard M10.</li>
<li>SD Biosensor is set to enter the US market through the acquisition of Meridian. With ~40% share of the global IVD market, the US has big potential.</li>
</ul>


2023 will be a transitional year for SD Biosensor (137310 KS), with revenue and earnings taking a massive hit due to the declining revenue contribution of the COVID-19 tests.
The company is reaping the benefits of its continuous effort in adding new growth engines through M&amp;A and global expansion of its all-in-one molecular diagnostic system called the Standard M10.
SD Biosensor is set to enter the US market through the acquisition of Meridian. With ~40% share of the global IVD market, the US has big potential.


SD Biosensor (137310 KS): COVID Test Revenue Tapering Off; Global Expansion to Drive Future Growth

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bionote-inc" target="_blank" data-smartkarma-citation="entities:36446:1" rel="noopener">Bionote (377740 KS)</a> was listed on 22nd Dec 2023, when it raised US$73m in its downsized Korean IPO. Its three-month lockup will expire on 21st Mar 23.</li>
<li>Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products.</li>
<li>Coming up for three-month lockup expiry are the firm’s three pre-IPO investors, together with Gunwoo Ha (ex-CEO). The three pre-IPO investors had earlier trimmed their respective stakes in the IPO.</li>
</ul>



Bionote (377740 KS) was listed on 22nd Dec 2023, when it raised US$73m in its downsized Korean IPO. Its three-month lockup will expire on 21st Mar 23.
Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products.
Coming up for three-month lockup expiry are the firm’s three pre-IPO investors, together with Gunwoo Ha (ex-CEO). The three pre-IPO investors had earlier trimmed their respective stakes in the IPO.


Bionote Lock-Up - Uncertainty on the Horizon, Likely to See Some Selling Pressure

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bionote-inc" target="_blank" data-smartkarma-citation="entities:36446:1" rel="noopener">Bionote (377740 KS)</a> raised US$72.2m in its Korean IPO. The IPO had consisted of both a primary and secondary selldown.</li>
<li>Bionote is an integrated producer of diagnostics test products and biocontent products. </li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



Bionote (377740 KS) raised US$72.2m in its Korean IPO. The IPO had consisted of both a primary and secondary selldown.
Bionote is an integrated producer of diagnostics test products and biocontent products. 
In this note, we will talk about the demand for the deal and other trading dynamics.


Bionote IPO Trading - Weakest Demand Even After Cutting Price and Size

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bionote-inc" target="_blank" data-smartkarma-citation="entities:36446:1" rel="noopener">Bionote (377740 KS)</a> is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown.</li>
<li>Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products. </li>
<li>In this note, we look at peers and undertake a peer comparison.</li>
</ul>



Bionote (377740 KS) is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown.
Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products. 
In this note, we look at peers and undertake a peer comparison.


Bionote Pre-IPO Peer Comp - Larger Segment Leads in Margins, but Trend Could Be Reversing

<ul>
<li>In July 2022, <a href="https://www.smartkarma.com/entities/sd-biosensor-inc" target="_blank" data-smartkarma-citation="entities:33333:1" rel="noopener">SD Biosensor (137310 KS)</a> in partnership with SJL Partners signed a definitive merger agreement to acquire <a href="https://www.smartkarma.com/entities/meridian-bioscience-inc" target="_blank" data-smartkarma-citation="entities:1559:1" rel="noopener">Meridian Bioscience (VIVO US)</a>  for approximately KRW800 billion (~$1.5 billion).</li>
<li>The acquisition will strengthen SD Biosensos’s IVD platform to navigate the decline in COVID-19 testing demand and accelerate its U.S. market entry.</li>
<li>In September 2021, SD Biosensor acquired ~22% stake in UXN, which aims to launch mini continuous blood glucose meter in domestic market in 2024.</li>
</ul>


In July 2022, SD Biosensor (137310 KS) in partnership with SJL Partners signed a definitive merger agreement to acquire Meridian Bioscience (VIVO US)  for approximately KRW800 billion (~$1.5 billion).
The acquisition will strengthen SD Biosensos’s IVD platform to navigate the decline in COVID-19 testing demand and accelerate its U.S. market entry.
In September 2021, SD Biosensor acquired ~22% stake in UXN, which aims to launch mini continuous blood glucose meter in domestic market in 2024.


SD Biosensor (137310 KS): Aggressively Investing Windfall Gain From COVID; Adding New Growth Engines

United States

QuidelOrtho Corporation provides health care services. The Company offers technologies and platforms to benefit customers with expanded access to clinical chemistry, immunoassay, molecular diagnostics, immunohematology, donor screening, and point-of-care diagnostics offerings.

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QuidelOrtho (QDEL US)

SD Biosensor (137310 KS): COVID Test Revenue Tapering Off; Global Expansion to Drive Future Growth

SD Biosensor is expected to take massive hit in revenue in 2023 due to declining COVID tests. However, new product launches and global expansion...

Tina Banerjee

Bionote Lock-Up - Uncertainty on the Horizon, Likely to See Some Selling Pressure

Bionote (377740 KS) was listed on 22nd Dec 2023, when it raised US$73m in its downsized Korean IPO. Its three-month lockup will expire on 21st Mar 23.

Clarence Chu

Bionote IPO Trading - Weakest Demand Even After Cutting Price and Size

Bionote (377740 KS) raised US$72.2m in its Korean IPO. In this note, we will talk about the demand for the deal and other trading dynamics.

Clarence Chu

Bionote Pre-IPO Peer Comp - Larger Segment Leads in Margins, but Trend Could Be Reversing

Bionote is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown. In this note,...

Clarence Chu

SD Biosensor (137310 KS): Aggressively Investing Windfall Gain From COVID; Adding New Growth Engines

SD Biosensor is pursuing inorganic route to add new business opportunities to navigate the decline in COVID-19 testing demand. Acquisition of...

Tina Banerjee

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