In today’s briefing:
- Pre-IPO 3D Medicines (3DM HK) – Some Points Worth the Attention; Our Thoughts on Valuation
Pre-IPO 3D Medicines (3DM HK) – Some Points Worth the Attention; Our Thoughts on Valuation
- The NRDL negotiation has completely changed the pricing method and valuation logic of innovative drugs. Based on the 3D Alphamab Simcere Agreements, 3D Medicines would have limited profits from envafolimab.
- The majority candidates are based on license-in model. The intention to “pile up” a nice pipeline based on license-in model before IPO is obvious. 3D Medicines’s R&D capability is questionable.
- The overall quality and core competitiveness of 3D Medicines are not high. Mr. Market is not friendly to the valuation of companies based on license-in model.
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