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

JW Therapeutics (药明巨诺) IPO: Free Options for Potential License-In

JW Therapeutics (药明巨诺) Pre-IPO: Pricing with In-License Potential

JW Therapeutics (药明巨诺) Pre-IPO: CAR-T Leader in China

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

<p>JW Therapeutics raised HKD 2,197 million (USD 387m) from its global offering and will list on the Hong Kong Stock Exchange tomorrow November 2nd.</p>
<p>n our previous note, we discussed that the company is backed by a strong shareholder Juno, and has a strong foundation in the technology underlying the CAR-T therapy, which is demonstrated by its superior safety data for its Relma-cel. In addition to the CD19 target, the company has also obtained the technology for the BCMA target. The company's T-cell receptor-based pipeline products for solid tumor (liver cancer) with anti-T cell exhaustion enhancement based on the technologies from Eureka and Lyell have good potential as well. </p>
<p>In this note, we will look at the allocation and implications. We think the IPO valuation is reasonable with long term upsides given its leadership in CAR-T therapy.  However, we note that both Legend Biotech and Immunotech Biopharm have fallen substantially from their peak, which doesn't bode well for JW Therapeutics' listing. </p>
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<h2>Our previous coverage on JW Therapeutics</h2>
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<p><a href="https://www.smartkarma.com/insights/jw-therapeutics-pre-ipo-car-t-leader-in-china" target="_blank" rel="noopener">JW Therapeutics (药明巨诺) Pre-IPO: CAR-T leader in China</a></p>
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<p><a href="https://www.smartkarma.com/insights/jw-therapeutics-pre-ipo-pricing-with-in-license-potential" target="_blank" rel="noopener">JW Therapeutics (药明巨诺) Pre-IPO: Pricing with in-license potential</a></p>
</li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/jw-therapeutics-ipo-free-options-for-potential-license-in" target="_blank" rel="noopener">JW Therapeutics (药明巨诺) IPO: Free Options for Potential License-In</a></li>
</ul>
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JW Therapeutics raised HKD 2,197 million (USD 387m) from its global offering and will list on the Hong Kong Stock Exchange tomorrow November 2nd.
n our previous note, we discussed that the company is backed by a strong shareholder Juno, and has a strong foundation in the technology underlying the CAR-T therapy, which is demonstrated by its superior safety data for its Relma-cel. In addition to the CD19 target, the company has also obtained the technology for the BCMA target. The company's T-cell receptor-based pipeline products for solid tumor (liver cancer) with anti-T cell exhaustion enhancement based on the technologies from Eureka and Lyell have good potential as well. 
In this note, we will look at the allocation and implications. We think the IPO valuation is reasonable with long term upsides given its leadership in CAR-T therapy.  However, we note that both Legend Biotech and Immunotech Biopharm have fallen substantially from their peak, which doesn't bode well for JW Therapeutics' listing. 

Our previous coverage on JW Therapeutics




JW Therapeutics (药明巨诺) Pre-IPO: CAR-T leader in China


JW Therapeutics (药明巨诺) Pre-IPO: Pricing with in-license potential

JW Therapeutics (药明巨诺) IPO: Free Options for Potential License-In



JW Therapeutics (药明巨诺) IPO Trading: Peer Performance Doesn't Support a Strong Debut