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

Gland Pharma Ltd / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/gland-pharma-ltd" target="_blank" data-smartkarma-citation="entities:29723:1" rel="noopener">Gland Pharma (7172753Z IN)</a> is one of the fastest-growing generic injectables-focused companies by revenue in the US from 2014 to 2019, according to IQVIA Report. Gland is backed by <a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (Group) (2196 HK)</a>, which acquired a 74% stake for around $1.1 billion in 2017. Gland has launched India’s biggest pharma IPO to raise as much as Rs64.5 billion ($871 million). It aims to list on 20 November. </p><div class="content-highlight"><p>The injectable market enjoys high barriers to entry due to large capital investments, operational costs, manufacturing complexities, stricter compliance requirement and high-quality standards. Due to the high barriers to entry, consolidation is a theme as evidenced by Fosun’s acquisition of a majority stake in Gland. Notably, around 40% of the overall drug shortages in the US are in the injectables category, which underpins Gland’s opportunity. Overall, Gland has attractive fundamentals to capitalise on the market opportunity, in our view. </p></div>

Gland Pharma (7172753Z IN) is one of the fastest-growing generic injectables-focused companies by revenue in the US from 2014 to 2019, according to IQVIA Report. Gland is backed by Shanghai Fosun Pharmaceutical (Group) (2196 HK), which acquired a 74% stake for around $1.1 billion in 2017. Gland has launched India’s biggest pharma IPO to raise as much as Rs64.5 billion ($871 million). It aims to list on 20 November. The injectable market enjoys high barriers to entry due to large capital investments, operational costs, manufacturing complexities, stricter compliance requirement and high-quality standards. Due to the high barriers to entry, consolidation is a theme as evidenced by Fosun’s acquisition of a majority stake in Gland. Notably, around 40% of the overall drug shortages in the US are in the injectables category, which underpins Gland’s opportunity. Overall, Gland has attractive fundamentals to capitalise on the market opportunity, in our view. 

Shanghai Fosun Pharmaceutical (Group) (2196 HK)

Gland Pharma IPO Initiation: Much Ado About Something