Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/yuhan-corp" target="_blank" data-smartkarma-citation="entities:10745:1" rel="noopener">Yuhan Corp (000100 KS)</a> has launched in-house developed drug Lazertinib in the domestic under the brand name Leclaza in July 2021 as a second-line treatment for NSCLC in Korea.</li>
<li>Going forward, Yuhan aims to place Leclaza as the first-line treatment for NSCLC patients. Leclaza is in late-stage global trial for global approval as a combined or monotherapy for NSCLC.</li>
<li>In September, Yuhan has acquired a 60% stake in microbiome developer AtoGen for KRW 10B. This acquisition will enable Yuhan to strengthen its probiotics business and development of microbiome treatments.</li>
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Yuhan Corp (000100 KS) has launched in-house developed drug Lazertinib in the domestic under the brand name Leclaza in July 2021 as a second-line treatment for NSCLC in Korea.
Going forward, Yuhan aims to place Leclaza as the first-line treatment for NSCLC patients. Leclaza is in late-stage global trial for global approval as a combined or monotherapy for NSCLC.
In September, Yuhan has acquired a 60% stake in microbiome developer AtoGen for KRW 10B. This acquisition will enable Yuhan to strengthen its probiotics business and development of microbiome treatments.


Yuhan Corp (000100 KS): Progress of Anti-Cancer Drug Leclaza Is the Main Growth Engine

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<a href="https://www.smartkarma.com/entities/green-cross-corp" target="_blank" data-smartkarma-citation="entities:2969:1" rel="noopener">Green Cross (006280 KS)</a> is seeing gradual recovery in its base business, with the company’s plasma and vaccine businesses are back to double-digit growth path.</li>
<li>The company is preparing to resubmit marketing application to the FDA for its biologics license application for GC5107, a blood derivative product indicated for the treatment of primary immunodeficiency diseases.</li>
<li>Green Cross shares are trading at a forward P/E of 20.9x, cheaper than peers. Entry into the lucrative U.S. immunoglobulin market will call for multiple expansion of the shares.</li>
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Green Cross (006280 KS) is seeing gradual recovery in its base business, with the company’s plasma and vaccine businesses are back to double-digit growth path.
The company is preparing to resubmit marketing application to the FDA for its biologics license application for GC5107, a blood derivative product indicated for the treatment of primary immunodeficiency diseases.
Green Cross shares are trading at a forward P/E of 20.9x, cheaper than peers. Entry into the lucrative U.S. immunoglobulin market will call for multiple expansion of the shares.


Green Cross (006280 KS): Strengthening Base Business; US Entry Remains Key Catalyst

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

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<li>Voronoi is trying again to complete its IPO in Korea after lowering its IPO price range by 25% to 40,000 won to 46,000 won.</li>
<li>The IPO base deal size is from $41 million to $47 million. Expected market cap is from 536 billion won to 616 billion won.</li>
<li>Voronoi is developing treatments for tumors, degenerative brain diseases, and autoimmune diseases. The total amount of accumulated milestones for three global technology exports is $1.79 billion.</li>
</ul>


Voronoi is trying again to complete its IPO in Korea after lowering its IPO price range by 25% to 40,000 won to 46,000 won.
The IPO base deal size is from $41 million to $47 million. Expected market cap is from 536 billion won to 616 billion won.
Voronoi is developing treatments for tumors, degenerative brain diseases, and autoimmune diseases. The total amount of accumulated milestones for three global technology exports is $1.79 billion.


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<a href="https://www.smartkarma.com/entities/bnc-korea-co-ltd" target="_blank" data-smartkarma-citation="entities:34785:1" rel="noopener">BNC Korea (256840 KS),</a> with its partnered COVID-19 pill will be a late entrant in the space, as two more COVID-19 pills are already approved in South Korea.</li>
<li>The company reported operating loss of KRW11 billion in 2021 and 99% of its export comes from Russia and CIS countries.</li>
<li>Since my bearish note published on the company in October 2021, shares have declined 50%. I am still not upbeat on the growth prospect of the company.</li>
</ul>



BNC Korea (256840 KS), with its partnered COVID-19 pill will be a late entrant in the space, as two more COVID-19 pills are already approved in South Korea.
The company reported operating loss of KRW11 billion in 2021 and 99% of its export comes from Russia and CIS countries.
Since my bearish note published on the company in October 2021, shares have declined 50%. I am still not upbeat on the growth prospect of the company.


BNC Korea (256840 KS): Late Mover in COVID Pill; 2021 Operating Loss and Russia Exposure Add to Woe

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<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> markets four in-house products in Korea, including influenza, shingles, and chicken pox vaccines. The company has partnerships with global companies for the production of COVID-19 vaccines. </li>
<li>SK Bioscience has started shipment of Novavax’ COVID-19 vaccine, while its own vaccine is in phase 3 trial. With ~15% vaccination in low-income countries, demand for vaccine is still high.  </li>
<li>SK Bioscience has a rich pipeline, with four promising blockbuster candidates for the global market. This entails strong revenue visibility in post-COVID era.</li>
</ul>



SK Bioscience (302440 KS) markets four in-house products in Korea, including influenza, shingles, and chicken pox vaccines. The company has partnerships with global companies for the production of COVID-19 vaccines. 
SK Bioscience has started shipment of Novavax’ COVID-19 vaccine, while its own vaccine is in phase 3 trial. With ~15% vaccination in low-income countries, demand for vaccine is still high.  
SK Bioscience has a rich pipeline, with four promising blockbuster candidates for the global market. This entails strong revenue visibility in post-COVID era.


SK Bioscience (302440 KS): An Attractive Pure-Play on Vaccines- Both COVID and Non-COVID

South Korea

Yuhan Corporation manufactures and markets various pharmaceutical products on its own and through joint ventures with other global pharmaceutical companies. The Company also produces personal care products, dietary supplements, and veterinary medicines.

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Yuhan Corp (000100 KS)