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

Bio-Thera Solutions (百奥泰) A+H: Recent Termination of Drug Candidates

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

Bio-Thera Solutions Ltd / Equity Capital Markets

Bio-Thera is a China-based biopharmaceutical company. The company plans to raise at least USD 500m to list in Hong Kong.Although the company has already commercialized one product and has two under NDA reviews by the NMPA, we think its product line-up is not impressive with a lack of truly innovative products.The first commercialized product, GLETLI, is the first Humira biosimilar to commercialize in China. However, in the first half of 2020, GLETLI only recorded sales of RMB 49 million. BAT2094, which is pending the NDA review, has a small market for antiplatelet therapy, although the PCI procedures are increasing rapidly in China, due to the intense competition from alternative drugs.We think the company's HER2-ADC drug BAT8001 is interesting given it's likely one of the first two domestically HER2-ADC to hit the market. But there is a lack of clinical trial data to tell if it is better than peer products though it has a better design than reference product.We view the quality of management and investor backing as mediocre amongst biotech listings.

Bio-Thera is a China-based biopharmaceutical company. The company plans to raise at least USD 500m to list in Hong Kong.Although the company has already commercialized one product and has two under NDA reviews by the NMPA, we think its product line-up is not impressive with a lack of truly innovative products.The first commercialized product, GLETLI, is the first Humira biosimilar to commercialize in China. However, in the first half of 2020, GLETLI only recorded sales of RMB 49 million. BAT2094, which is pending the NDA review, has a small market for antiplatelet therapy, although the PCI procedures are increasing rapidly in China, due to the intense competition from alternative drugs.We think the company's HER2-ADC drug BAT8001 is interesting given it's likely one of the first two domestically HER2-ADC to hit the market. But there is a lack of clinical trial data to tell if it is better than peer products though it has a better design than reference product.We view the quality of management and investor backing as mediocre amongst biotech listings.

Bio-Thera Solutions (百奥泰) A+H: Not an Attractive Pipeline