In today’s briefing:
- Concord Biotech IPO – RHP Updates – Continued Growing Although Concentration Risk Remains Elevated
- Concord Biotech (Pre-IPO): Niche Offering Amid Lean Competition to Drive Stable Growth
- WuXi AppTec (2359.HK/603259.CH) 23H1 – Is It Time to Start Being Optimistic?
- GSK Plc: Can The BELLUS Health Acquisition Strengthen GSK’s Respiratory Pipeline? – Key Drivers
- Immuno Cure Bags US$12M Series A Funding, Gears up for Hong Kong IPO
- Quest Diagnostics: Can The Haystack Acquisition & The Enhancements To The Cancer Diagnostics Portfolio Give Them A Boost? – Key Drivers
Concord Biotech IPO – RHP Updates – Continued Growing Although Concentration Risk Remains Elevated
- 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).
- As per F&S, Concord was one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on FY21 volume.
Concord Biotech (Pre-IPO): Niche Offering Amid Lean Competition to Drive Stable Growth
- Concord Biotech Ltd (658823Z IN) is amongst the few fermentation-based API manufacturing companies globally. The company commanded market share of 20%+ by volume in 2022 across identified fermentation‐based API products.
- Concord Biotech IPO opens for subscription on August 4. The IPO consists of offer for sale of 21M shares by Helix Investment Holdings at a price band of INR705–741/share.
- Large and growing addressable market, sizable market share, niche and limited competition offering, consistent growth and profitability, and reasonable valuation make the IPO worth of subscribing.
WuXi AppTec (2359.HK/603259.CH) 23H1 – Is It Time to Start Being Optimistic?
- The market’s reaction to WuXi AppTec’s 23H1 report was positive due to some improvements in performance, but we don’t think WuXi AppTec has reversed its predicament completely if look closely.
- We deep dive the challenges/risks in macro environment faced by US/Europe. The orders WuXi AppTec received from MNCs can’t guarantee future growth momentum if the US cannot achieve “soft landing”.
- We advise investors not to be blinded by the high growth of CXO in the past since the prosperity of CXO industry may face continuous downward pressure in the future.
GSK Plc: Can The BELLUS Health Acquisition Strengthen GSK’s Respiratory Pipeline? – Key Drivers
- GSK plc delivered a strong result and managed an all-around beat in the last quarter.
- Vaccines and Specialty Medicines account for 62% of sales, providing a solid foundation for profitable growth in the coming years.
- With the current momentum, it aims to achieve profitable sales growth and maintain a strong market position well into the next decade.
Immuno Cure Bags US$12M Series A Funding, Gears up for Hong Kong IPO
- Hong Kong-based Immuno Cure BioTech has closed the US$12 million tranche of its US$27 million Series A fundraising round, led by Gobi Partners-managed AEF Greater Bay Area Fund.
- The biotech company will use the capital to accelerate the development of DNA vaccines and antibodies besides preparing for an IPO in Hong Kong.
- Immuno Cure focuses on R&D of immunotherapies for cancers, inflammatory and infectious diseases based on its patented “PD-1-enhanced DNA Vaccine Platform” and “Anti-Δ42PD1 Antibody Platform” with two DNA vaccine candidates, ICVAX and ICCOV, currently in clinical trials.
Quest Diagnostics: Can The Haystack Acquisition & The Enhancements To The Cancer Diagnostics Portfolio Give Them A Boost? – Key Drivers
- Quest Diagnostics delivered a solid result and managed an all-around beat in the quarter.
- Quest Diagnostics remained focused on driving growth through specialized advanced diagnostics, acquisitions, and operational improvements.
- We give Quest Diagnostics Incorporated a ‘Hold’ rating with a revised target price.
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