In today’s briefing:
- SAI Life Sciences Pre-IPO Tear Sheet
- Pre-IPO Saint Bella – The Outlook for Future Performance Growth Is Highly Uncertain
- Oneness Biotech (4743 TT): Marketing Progress of Fespixon in China Opens a New Revenue Stream
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SAI Life Sciences Pre-IPO Tear Sheet
- SAI Life Sciences (SAILS12 IN) is planning to raise INR50B, consisting of INR8B worth of fresh issue and the rest will be OFS.
- Out of the proceeds from fresh issue, the company intends to utilize INR6B for repayment/pre-payment, in full or part, of all or certain outstanding borrowings availed by the company.
- Sai Life Sciences is the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue as well as EBITDA CAGR during FY22–24.
Pre-IPO Saint Bella – The Outlook for Future Performance Growth Is Highly Uncertain
- SAINT BELLA’s revenue growth fluctuated because the pandemic led to the delay in the pregnancy plan of many families and an increase in the rate of abortion or miscarriage.
- The increasing contract liabilities indicate that short-term performance growth of SAINT BELLA is guaranteed, but the declining fertility rates in China will bring challenges to SAINT BELLA’s long-term growth momentum.
- After Series B round financing in 2020, post-investment valuation was already about US$100 million. Valuation of SAINT BELLA should be higher than Aidigong Maternal & Child Health Limited (286 HK).
Oneness Biotech (4743 TT): Marketing Progress of Fespixon in China Opens a New Revenue Stream
- Oneness Biotech (4743 TT) entered into an exclusive agreement with China Resources Dubl Crne Phrmctl (600062 CH) for commercialization of Fespixon in China, Hong Kong, and Macau.
- Fespixon is approved in China as the first new drug for diabetic foot ulcer. Inclusion of the drug in NRDL is the next important milestone.
- During 1H24, Oneness Biotech reported revenue of NT$57M, up 36% YoY. With expanding scale of operation, gross profit margin is improving (1Q24: 62.5% vs. 1Q23: 47.9%). Net loss is decreasing.