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

Everest Medicines IPO Initiation: Potent Medicine

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Global Equity Research Ltd

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Equity Capital Markets

Everest Medicines / Equity Capital Markets

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<p><a href="https://www.smartkarma.com/entities/everest-medicines" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a> is a biopharmaceutical company which targets four therapeutic areas - oncology, immunology, cardio-renal disease and infectious disease. Everest has launched a Hong Kong IPO to raise net proceeds of HK$3,132.4 million ($404 million) at the mid-point of the IPO price range of HK$50.00-55.00 per share.</p>
<p>Sixteen cornerstone investors have agreed to invest about $225 million in the IPO (52.26% of the offer shares at the mid-point of the IPO price range). Cornerstone investors include RA Capital, CBC Group, Janchor Partners, GIC, BlackRock, Cormorant Asset Management, Hillhouse Capital, Invus, Lake Bleu Prime and OrbiMed. </p>
</div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/everest-medicines-ipo-initiation-potent-medicine" target="_blank" rel="noopener">our initiation note</a>, we stated that Everest has a broad drug pipeline with significant near-term revenue potential from 2021/2022. We concluded that the prospectus Everest’s anchor drug assets in their respective therapeutic areas are favourable. Overall, a strong cornerstone investor lineup and our valuation analysis suggest that the IPO price range is attractive. </p></div></div></div>


Everest Medicines (1952 HK) is a biopharmaceutical company which targets four therapeutic areas - oncology, immunology, cardio-renal disease and infectious disease. Everest has launched a Hong Kong IPO to raise net proceeds of HK$3,132.4 million ($404 million) at the mid-point of the IPO price range of HK$50.00-55.00 per share.
Sixteen cornerstone investors have agreed to invest about $225 million in the IPO (52.26% of the offer shares at the mid-point of the IPO price range). Cornerstone investors include RA Capital, CBC Group, Janchor Partners, GIC, BlackRock, Cormorant Asset Management, Hillhouse Capital, Invus, Lake Bleu Prime and OrbiMed. 
In our initiation note, we stated that Everest has a broad drug pipeline with significant near-term revenue potential from 2021/2022. We concluded that the prospectus Everest’s anchor drug assets in their respective therapeutic areas are favourable. Overall, a strong cornerstone investor lineup and our valuation analysis suggest that the IPO price range is attractive. 

Everest Medicines IPO: Valuation Insights