In today’s briefing:
- Lionheart Studio IPO Preview
- Boryung Pharmaceutical (003850 KS): Oncology Portfolio Expansion to Accelerate Growth Momentum
Lionheart Studio IPO Preview
- Lionheart Studio is getting ready to complete its IPO in November 2022. Lionheart Studios is the second largest IPO in Korea after LG Energy Solution (373220 KS) in 2022.
- The IPO offering amount is 410 billion won to 604 billion won. This would also suggest implied market cap of 3.1 trillion won and 4.5 trillion won.
- A key investment risk for the company is its excessive reliance on one game (Odin: Valhalla Rising) for its revenue and profits.
Boryung Pharmaceutical (003850 KS): Oncology Portfolio Expansion to Accelerate Growth Momentum
- Boryung Pharmaceutical (003850 KS) is expanding its oncology portfolio mainly through in-licensing and co-promotion agreement and aims to achieve revenue of KRW217 billion from oncology segment in 2026.
- This month, Boryung received approval for in-licensed drug Zepzelca (lurbinectedin), indicated for the treatment of small-cell lung cancer in Korea. The drug has demonstrated high adoption rate in the U.S.
- This year, Boryung launched two in-licensed neutropenia drugs and one generic drug for breast cancer. The company plans to launch 18 oncology drugs during 2022–2026, including 10 first generics.
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