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

CARsgen (科济药业) IPO Trading: Not Likely a Pop on Debut

CARsgen (科济药业) Pre-IPO: Thoughts on Valuation

CARsgen (科济药业) Pre-IPO: Scientific Bet on New CAR-T Targets

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

CARSgen Therapeutics / Equity Capital Markets

CARsgen is a China and US-based clinical stage biopharmaceutical company focused on CAR-T therapies. The company has four CAR-T products and one monoclonal antibody in the clinical stage. The company launched book building to raise up to USD 400m via a Hong Kong listing.In our previous note, we discussed that the company has many selling points, including the potentially best-in-class BCMA target for the indication of r/r MM, and its advancement in two targets for the CAR-T therapy, namely CLDN18.2 and GPC3. It has its own technologies that improved the safety for CAR-T technology and also demonstrated preliminary efficacy in the solid tumor which was challenging for the CAR-T therapy. Having looked at numbers from its clinical trials for CT053, we are of the view that this is a promising therapy for r/r MM but the market will be mostly in the US where the company has started clinical trial. As the company is leading in the CLDN18.2 and GPC3, there might be upside if the target is proven to work for CAR-T therapy. The company has a strong management team with academic experiences. Its pre-IPO investors are strong but are mainly domestic institutions. In this note, we provide an update for the book building. We think there will be at least a 24% upside at the high end and the allocation will be thin for investors.

CARsgen is a China and US-based clinical stage biopharmaceutical company focused on CAR-T therapies. The company has four CAR-T products and one monoclonal antibody in the clinical stage. The company launched book building to raise up to USD 400m via a Hong Kong listing.In our previous note, we discussed that the company has many selling points, including the potentially best-in-class BCMA target for the indication of r/r MM, and its advancement in two targets for the CAR-T therapy, namely CLDN18.2 and GPC3. It has its own technologies that improved the safety for CAR-T technology and also demonstrated preliminary efficacy in the solid tumor which was challenging for the CAR-T therapy. Having looked at numbers from its clinical trials for CT053, we are of the view that this is a promising therapy for r/r MM but the market will be mostly in the US where the company has started clinical trial. As the company is leading in the CLDN18.2 and GPC3, there might be upside if the target is proven to work for CAR-T therapy. The company has a strong management team with academic experiences. Its pre-IPO investors are strong but are mainly domestic institutions. In this note, we provide an update for the book building. We think there will be at least a 24% upside at the high end and the allocation will be thin for investors.

CARsgen (科济药业) IPO: Not the Best Deal but Will Be Decent