In today’s briefing:
- ITC $2bn Placement – Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo
- Pre-IPO PegBio Co., Ltd. – This GLP-1 Biotech Has Gloomy Outlook
ITC $2bn Placement – Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo
- In Feb 2024, BAT’s management stated that they were reviewing their stake in ITC Ltd (ITC IN). The news of a possible selldown by BAT was leaked again earlier today.
- BAT has owned its stake in ITC for over a century and remains its largest shareholder.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
Pre-IPO PegBio Co., Ltd. – This GLP-1 Biotech Has Gloomy Outlook
- PB-119 (T2DM) has the fastest R&D progress, but this is a highly competitive market.China’s diabetes drug market is dominated by traditional drugs. It’s not easy for PegBio to break through.
- Since the future competitive landscape of GLP-1s (obesity) would present a very different situation.If PB-119 fails to have better weight loss effect, it would be eliminated due to fierce competition.
- PegBio’s IPO on SSE STAR Market was rejected. We’re not optimistic about its future commercialization performance. Together with cash-flow issues, we doubt whether PegBio would bring expected returns to investors.
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