HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai Bao Pharmaceuticals / Equity Capital Markets

<ul>
<li>KJ017 is the first and only recombinant human hyaluronidase to reach NDA stage in China. Bao needs to combine SC Formulations with antibodies. KJ103 may not be a blockbuster variety.</li>
<li>Considering multiple mature FSH products have been on the market for many years and also been recognized by patients, Bao needs to invest in educating the market/patients to accept SJ02. </li>
<li>After Series C+ Financing, Post-money valuation reached RMB4.87 billion. However, we think there could be some uncertainties in terms of future commercialization performance of Bao’s three core products. </li>
</ul>


KJ017 is the first and only recombinant human hyaluronidase to reach NDA stage in China. Bao needs to combine SC Formulations with antibodies. KJ103 may not be a blockbuster variety.
Considering multiple mature FSH products have been on the market for many years and also been recognized by patients, Bao needs to invest in educating the market/patients to accept SJ02. 
After Series C+ Financing, Post-money valuation reached RMB4.87 billion. However, we think there could be some uncertainties in terms of future commercialization performance of Bao’s three core products. 


Pre-IPO Shanghai Bao Pharmaceuticals - Future Commercialization Is a Test

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