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

Keymed (康诺亚生物) IPO: A Free Option for Overseas Potential

Keymed (康诺亚生物) IPO Trading: CDE Consultation Paper Marginally Positive for Pipeline

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

Keymed Biosciences / Equity Capital Markets

Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology, is looking to raise up to USD 300m via a Hong Kong listing.  In this note, we look at the three key products of the company, namely CM310 (IL-4Rα), CM326 (TSLP) and CMG901 (Claudin 18.2). The company has a differentiated product portfolio with a focus on allergic diseases, including CM310 and CM326 which complement each other for allergic diseases. Both CM310 and CM326 are leading the R&amp;D progress in respective targets. CMG901 is the first CLDN 18.2 that received IND approval worldwide. The drawback for the company is that it is still three years away from commercialization and the ramp-up will not be that fast for allergic disease as compared to blockbuster oncology drugs. The company was founded by a management team with proven success in drug R&amp;D which features founder as R&amp;D leader in the first PD-1 drug nivolumab. Overall, we think the differentiated product offering is interesting to investors.

Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology, is looking to raise up to USD 300m via a Hong Kong listing.  In this note, we look at the three key products of the company, namely CM310 (IL-4Rα), CM326 (TSLP) and CMG901 (Claudin 18.2). The company has a differentiated product portfolio with a focus on allergic diseases, including CM310 and CM326 which complement each other for allergic diseases. Both CM310 and CM326 are leading the R&amp;D progress in respective targets. CMG901 is the first CLDN 18.2 that received IND approval worldwide. The drawback for the company is that it is still three years away from commercialization and the ramp-up will not be that fast for allergic disease as compared to blockbuster oncology drugs. The company was founded by a management team with proven success in drug R&amp;D which features founder as R&amp;D leader in the first PD-1 drug nivolumab. Overall, we think the differentiated product offering is interesting to investors.

Keymed (康诺亚生物) Pre-IPO: Differentiated Products but Far from Commercialization