In today’s briefing:
- Bionote IPO – Delayed Timeline & Updated Valuation Analysis
- Pharmaessentia Corp (6446 TT): Riding High Aided by Continued Strong Uptake of Besremi in US
- Hutchison China MediTech (HCM.US/13.HK) – The Pain Points Become More Pronounced
- Amgen Inc: Major Drivers
- Global Health IPO Trading – Relatively Cheap and Good
Bionote IPO – Delayed Timeline & Updated Valuation Analysis
- Bionote has delayed its IPO timeline. Now, the company expects to complete its IPO in late December. The book building for the institutional investors will now start on 8 December.
- Our updated base case valuation is target price of 16,966 won per share, which is 6% lower than the low end of the IPO price range.
- Given the downside risk relative to the IPO price range, we have a Negative View of the BioNote IPO.
Pharmaessentia Corp (6446 TT): Riding High Aided by Continued Strong Uptake of Besremi in US
- Pharmaessentia Corp (6446 TT) reported revenue of NT$275 million for October, representing a massive 548% y/y growth. The year-to-date consolidated revenue totaled NT$2.3 billion, an increase of 628% y/y.
- The company will be presenting new data on Besremi during the 64th American Society of Hematology (ASH) Annual Meeting to be held on December 10–13, 2022.
- Pharmaessentia has been added to MSCI Taiwan Indexes. The company also gained the biggest weighting increase of 0.37 percentage points in the MSCI Taiwan Index.
Hutchison China MediTech (HCM.US/13.HK) – The Pain Points Become More Pronounced
- Hutchison China MediTech Ltd (HCM US) (Hutchmed) didn’t perform well. Its cash holdings could last about two and a half years considering the cash burn rate.
- Hutchmed’s three major commercialized products would all face different challenges. Feedbacks from FDA/MAA cast a shadow on the Company’s internationalization prospects.
- According to the current speed of pharmaceutical innovation, Hutchmed’s R&D efficiency/productivity is not satisfactory. The current pipeline does not have core competitiveness. Bearish on outlook.
Amgen Inc: Major Drivers
- Despite the challenges in the macroeconomic environment and the pharmaceutical business, Amgen’s stock has been on a strong upward trajectory over the past weeks.
- The development of Tavneos is the first new therapy for ANCA-associated vasculitis in more than ten years.
- They also developed an industry-leading biosimilar business and will soon be the first company to introduce a biosimilar to Humira in the United States.
Global Health IPO Trading – Relatively Cheap and Good
- Global Health (Medanta) (GH IN) raised approximately US$268m in its India IPO.
- Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.
- We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.
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