Akesobio (康方生物) Pre-IPO - Late in the PD-1 game but products are promising
Akesobio is a clinical-stage biopharmaceutical company with a focus on developing biologics drugs for oncology and autoimmune. The company plans to raise up to USD $300 million via a HK listing.The company features two differentiated PD-1 related drugs in their core assets. Penpulimab (AK105) is a potential best-in-class PD-1 monoclonal antibody thanks to a improvement that could reduce the side effect. Readings from clinical research are not yet conclusive on the superiority of the efficacy but show improved safety profile vs existing PD-1 products.
AK104 is a next-generation, potentially first-in-class humanized tetrameric bi-specific antibody targeting PD-1 and CTLA-4. It shows promising results in the early clinical trials, particularly in the big GC/GEJ indication.
AK101 targets IL-12/IL-23 for autoimmune diseases and AK102 targets hyperlipidemia and high cholesterol. From the clinical trial results, we think these two products are not as impressive as its two PD-1 related drugs.
The company has a strong management team with drug discovery backgrounds but lacks experience in managing clinical trials and commercialization. However, this could be completed by its partnership with leading pharmaceutical companies, such as Sino Biopharm. Its investor backings are decent with a mix of domestic institutional investors and international healthcare specialist investors. Its R&D capability is also evidenced by the out-licensing of CTLA-4 drug to Merck which is unprecedented in China.
Johnson & Johnson is a holding company engaged in the research and development, manufacture and sale of a range of products in the health care field. The company has three business segments: Consumer, which includes a range of products focused on personal healthcare used in the beauty, over-the-counter pharmaceutical, baby care, oral care, women's health and wound care markets; Pharmaceutical, which is focused on six therapeutic areas: immunology, infectious diseases, neuroscience, oncology, cardiovascular and metabolism and pulmonary hypertension; and Medical Devices, which includes products used in the orthopaedic, surgery, interventional solutions, and eye health fields.
Merck & Co. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies and animal health products. The company's segments are: Pharmaceutical, which includes human health pharmaceutical products that consist of therapeutic and preventive agents for the treatment of human disorders, and human health vaccine products that consist of preventive pediatric, adolescent and adult vaccines; and Animal Health, which discovers, develops, manufactures and markets veterinary pharmaceuticals, vaccines and health management solutions and services, as well as a suite of digitally connected identification, traceability and monitoring products.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
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China ADRs,
India,
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Australia, and
ASEAN.
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