IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Betta Pharmaceuticals   / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/betta-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:25883:1" rel="noopener">Betta Pharmaceuticals (300558 CH)</a> is a biopharma company in China focused on the development, manufacture and commercialization of innovative therapies. Betta’s drug pipeline consists of two marketed therapies, five late clinical-stage or NDA-stage candidates, and more than twenty early clinical- and preclinical-stage candidates that address critical therapeutic targets. Betta listed its A Shares on the Shenzhen Stock Exchange in 2016 raising net proceeds of RMB657.35 million. In December 2020, Betta raised RMB995.4 million through a placing of 10.1 million A Shares. Betta is pre-marketing an H Share listing to raise $800 million, according to press reports. <div class="content-highlight">Despite efforts at diversification, Betta is highly dependent on a single product, icotinib, which was launched in 2011. The recent commercial launch of ensartinib will provide revenue diversification and a new growth engine. However, icotinib continues to face challenges and it will take some time for ensartinib to post meaningful market share gains (post-NRDL inclusion at the end of 2021). In combination with the weak underlying margin and cash generation, we are inclined to give this listing a pass.  </div>

Betta Pharmaceuticals (300558 CH) is a biopharma company in China focused on the development, manufacture and commercialization of innovative therapies. Betta’s drug pipeline consists of two marketed therapies, five late clinical-stage or NDA-stage candidates, and more than twenty early clinical- and preclinical-stage candidates that address critical therapeutic targets. Betta listed its A Shares on the Shenzhen Stock Exchange in 2016 raising net proceeds of RMB657.35 million. In December 2020, Betta raised RMB995.4 million through a placing of 10.1 million A Shares. Betta is pre-marketing an H Share listing to raise $800 million, according to press reports. Despite efforts at diversification, Betta is highly dependent on a single product, icotinib, which was launched in 2011. The recent commercial launch of ensartinib will provide revenue diversification and a new growth engine. However, icotinib continues to face challenges and it will take some time for ensartinib to post meaningful market share gains (post-NRDL inclusion at the end of 2021). In combination with the weak underlying margin and cash generation, we are inclined to give this listing a pass.  

Betta Pharmaceuticals IPO Initiation: One Step Forward, One Step Back