In today’s briefing:
- End of Mandatory Lock-Up Periods for 45 Companies in Korea in June 2023
- Mitra Keluarga Karyasehat (MIKA IJ) – Stepping on the Gas
- East Ventures Backs SG Microbiome Firm Bound for Indonesia
- D. Western Therapeutics Institute (DWTI) (4576 JP) – 1Q Follow-Up
- CARSgen Therapeutics (2171.HK) – Pain Points Have Not Been Effectively Resolved
- Pre IPO MicroPort Cardiac Rhythm Management – The Industry, the Business and the Challenges Ahead
End of Mandatory Lock-Up Periods for 45 Companies in Korea in June 2023
- We discuss the end of the mandatory lock-up periods for 45 stocks in Korea in June 2023, among which 6 are in KOSPI and 39 are in KOSDAQ.
- These 45 stocks on average could be subject to further selling pressures in June and could underperform relative to the market.
- Among these 45 stocks, the top five market cap stocks include Won Tech, Voronoi, Zinus, Bionote, and NanoTIM.
Mitra Keluarga Karyasehat (MIKA IJ) – Stepping on the Gas
- Mitra Keluarga (MIKA IJ) recently booked 1Q2023, where headlines did not reflect the true recovery of the core business given COVID was still a factor boosting last year’s revenues.
- Non-COVID inpatient and outpatient volumes were up by +19% YoY reflecting the strength of the recovery as the environment normalizes but occupancy rates still have a significant upside.
- Mitra Keluarga has started to put foot-to-pedal in terms of expanding new hospitals and increasing capacity at existing hospitals combined with increased efficiencies. Valuations are attractive versus history.
East Ventures Backs SG Microbiome Firm Bound for Indonesia
- Amili, a Singapore-based gut microbiome company, has raised an undisclosed sum from East Ventures in a new funding round.
- The fresh funds will be used for its expansion to Indonesia, focusing on addressing gut health issues specific to the local context.
- Amili’s current offerings include gut microbiome sequencing services for healthcare professionals and probiotic formulations tailored to Asian consumers. Microbiome sequencing is a method for studying bacteria to fuel research on disease protection.
D. Western Therapeutics Institute (DWTI) (4576 JP) – 1Q Follow-Up
- According to “Ophthalmology Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030” issued by the Business Research Company in Feb-2021, the global ophthalmology drugs market is expected to grow from $22.03 billion in 2020 to $32.64 billion in 2025 (+8.2% CAGR).
- M&A in this segment has become active in recent years, with global eye care leader Alcon (SIX/NYSE:ALC) acquiring DWTI’s closest rival in the US, Aerie Pharmaceuticals, Inc. in Nov-2022, adding Rhopressa® (similar to DWTI’s GLANATEC®) among others, and Aerie’s development pipeline.
- Over time with progress in execution of the development pipeline, and as part of growth strategy to diversify revenue streams, DWTI’s basic business model of drug discovery and early out-licensing has evolved to include 1) from 2015, in-licensing of later stage development products, 2) from 2018, collaborative drug creation applying DWTI’s technical expertise to assist in joint R&D of products of other firms, and 3) from 2018, extending development of original in-house products beyond early out-licensing as far as proof of concept (PoC) through Phase IIb.
CARSgen Therapeutics (2171.HK) – Pain Points Have Not Been Effectively Resolved
- The biggest expectation on CARsgen is to break through solid tumor technology (from zero to one).However, it depends on the choices of doctors/patients to see how much clinical benefits would be.
- The investment value of CARsgen has been transferred from R&D progress of pipeline to its future commercialization outlook/market potential, which however, are the major concerns that investors have for CARsgen.
- Due to “practical obstacles” in the application of CAR-T therapy, CARsgen’s commercialization prospects are still vague. Share price could remain weak, but its valuation should be higher than JW Therapeutics.
Pre IPO MicroPort Cardiac Rhythm Management – The Industry, the Business and the Challenges Ahead
- MicroPort CRM got into CRM device field with global layout mainly through M&A. However, revenue growth in the past three years was unsatisfactory and losses were increasing year by year.
- The situation where Boston Scientific/Medtronic/Abbott dominate CRM device overseas markets wouldn’t change. Although China market has big potential theoretically, the actual space remains to be seen due to various challenges.
- This IPO application could be aimed at achieving the terms of redemption agreement. Even MicroPort CRM is not in good shape, it is still better than Microport’s other listed subsidiaries.
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