In this briefing:
1. CStone Pharma IPO Preview: Mixed Prospects of Late-Stage Clinical Drug Candidates
CStone Pharma (CSTONE HK) is a biopharmaceutical company which is developing a pipeline of 14 drug candidates of which 9 are in clinical development. CStone has started pre-marketing for a Hong Kong IPO to raise around $400 million, according to press reports.
CStone has four late-stage clinical drug candidates who are CS1001, invosidenib, avapritinib and CS3009. A key priority is to add on around 10 pivotal clinical trials for the late-stage drug candidates to advance them to commercialisation in China. Overall, we believe that the prospectus of the four late-stage clinical drug candidates is mixed.
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