Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac IPO & Placement Research, China biotech

Antengene (德琪医药) IPO: Buy the Team

Antengene (德琪医药) Pre-IPO: Proven R&D Track Record by Founder Matters

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<p>Antengene is a China-based biotech company with a focus on in-licensed innovative oncology drugs. The company was founded by Dr Jay Mei, an ex-Celgene scientist with proven experience in drug development. It is planning to raise up to USD 200m.</p><p>In our previous note, we discuss that its ATG-010 has a small proven indication for r/r MM and r/r DLBCL (both are lymphoma), though it has the potential of indication expansion. We believe the Indication and demand for ATG-008 is bigger than ATG-010 as it is targeting liver cancer and lung cancer. Readings on efficacy also suggest that ATG-008 is promising. Both drug candidates are first-in-class. The company not only has a strong management team but also has strong investor backing, including NMC pharmaceutical company Celgene, and healthcare investors. </p><p>In this note, we provide a bottom-up rNPV based valuation for its key drugs, ATG-010 and ATG-008.</p><h2>Our previous coverage on Antengene</h2><ul><li dir="ltr"><p><a href="https://www.smartkarma.com/insights/antengene-pre-ipo-proven-r-d-track-record-by-founder-matters" target="_blank" rel="noopener">Antengene (德琪医药) Pre-IPO: Proven R&amp;D track record by founder matters</a></p></li></ul>

Antengene is a China-based biotech company with a focus on in-licensed innovative oncology drugs. The company was founded by Dr Jay Mei, an ex-Celgene scientist with proven experience in drug development. It is planning to raise up to USD 200m.In our previous note, we discuss that its ATG-010 has a small proven indication for r/r MM and r/r DLBCL (both are lymphoma), though it has the potential of indication expansion. We believe the Indication and demand for ATG-008 is bigger than ATG-010 as it is targeting liver cancer and lung cancer. Readings on efficacy also suggest that ATG-008 is promising. Both drug candidates are first-in-class. The company not only has a strong management team but also has strong investor backing, including NMC pharmaceutical company Celgene, and healthcare investors. In this note, we provide a bottom-up rNPV based valuation for its key drugs, ATG-010 and ATG-008.Our previous coverage on AntengeneAntengene (德琪医药) Pre-IPO: Proven R&amp;D track record by founder matters

Antengene (德琪医药) Pre-IPO: Thoughts on Valuation