In today’s briefing:
- Concord Biotech IPO – Peer Comparison & Valuation – Smaller in Scale but Wider in Margins
- ASRT: Generic Risk Extends Timeline, PT $6
Concord Biotech IPO – Peer Comparison & Valuation – Smaller in Scale but Wider in Margins
- Concord Biotech Ltd (658823Z IN) is looking to raise around US$188m in its India IPO.
- Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
- In this note, we will undertake a peer comparison, and share our thoughts on valuation.
ASRT: Generic Risk Extends Timeline, PT $6
- ASRT reported better than expected second quarter revenue, but surprised investors with the announcement of a generic competitor for Indocin leading to management pulling guidance.
- Indocin has been on the market for many years and generic competition was likely. Yet, there is no information on how well the competitor could manufacture enough indomethacin
- We do not believe the third quarter is at risk and we doubt more generic competitors would surface.
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