In today’s briefing:
- Woori Financial Placement – While the Overhang Remains, the Deal Would Be Easily Digested
- Pre-IPO TYK Medicines – Survival Risk Is Imminent, with Limited Highlights in the Pipeline
Woori Financial Placement – While the Overhang Remains, the Deal Would Be Easily Digested
- IMM PE, via Obis1, is looking to raise US$136m from selling a portion of its stake in Woori Financial Group (316140 KS).
- While the deal doesn’t look particularly well-flagged, the PE has been invested for quite some time now.
- Despite the overhang, the deal is a small one to digest at just 1.7% of total shares outstanding, representing 5 days of the firm’s ADV.
Pre-IPO TYK Medicines – Survival Risk Is Imminent, with Limited Highlights in the Pipeline
- Among core/key products, TY-302 and TY-2136b have to face fierce competition, with R&D progress lagging behind competing products.TY-9591 for brain metastases from NSCLC could be a breakthrough point for TYK.
- There would be a long time for the first product to generate revenue, but TYK is cash shortage.So, the survival risk is high. Such companies are less attractive to investors.
- Valuation of TYK after six rounds of financing was RMB3.08 billion. However, considering the weak sentiment and concerns on pipeline, valuation of TYK after IPO could fall below this level.
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