Health Care: 3SBio Inc, Immutep, Pharmaron Beijing Co., Ltd. (A), Talkspace and more

• 3SBio Inc (1530 HK)‘s core products have dominant market share in their respective therapeutic areas, lending a favorable financial profile to the company to fund its R&D and commercialization efforts.  
• Flagship drug, TPIAO remained resilient to the COVID-19 and clocked a revenue CAGR of 32% during 2016–2021. Low penetration of TPIAO’s targeted indications leaves further room for its growth.
• Haircare product Mandi has high market share of 70%+ and clocked 64% y/y revenue growth in 2021. 3SBio aims to launch Mandi foam, which will further sharpen its competitive edge.

• IMM reported positive headline data from its expanded TACTI-002 part A trial in first line (1L) non small cell lung cancer (NSCLC) at ASCO last week.
• The overall response rate (ORR) among all 114 subjects treated with the efti/Keytruda combo edged higher to 38.6% vs 36.1% in the first 36 at ASCO 2021.
• Consistent with the trends seen in the different PD-L1 tumour biomarker subgroups in the first 36 patients last year, the greatest of the benefit of efti was seen in the PD-L1low (TPS 1-49%) group, and to a lesser extent in PD-L1negative patients.

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• Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
• Overall, net inflow over the past week was ~US$3.5bn, split between Shanghai (+US$2.3bn) and Shenzhen (+US$1.2bn).
• The largest inflows were into Inner Mongolia Yili (600887 CH) and Pharmaron Beijing (300759 CH). The largest outflows were in CATL (300750 CH)  (300750 CH) and Qinghai Salt (000792 CH).

• Fledgling Digital Therapy Company Talkspace has seen its shares collapse amidst a string of unfavourable events, including fading pandemic tailwinds, management changes and mounting losses.
• With the company’s valuation declining over 82% since the SPAC merger closing nearly a year ago, Talkspace has emerged as a lucrative acquisition target for larger cash-rich companies to consolidate their business.
• Since the acquisition rumours of Talkspace hit Wall Street last month, shares of the company have surged over 60%.