Akesobio (康方生物) Pre-IPO - Clinical trial updates from PHIP filing
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 $400 million via a HK listing.In our previous note, we discussed that 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. AK104 is a next-generation, potentially first-in-class humanized tetrameric bi-specific antibody targeting PD-1 and CTLA-4. In addition, the company's AK101 targets IL-12/IL-23 for autoimmune diseases and AK102 targets hyperlipidemia and high cholesterol.
In the latest PHIP prospectus, the company updated the clinical trial results with a broader set of data. We will provide a comparison of the new data points vs the previous filing and update our thoughts on the drug candidates. We are of the view that the company's AK105, though late in the PD-1 race, demonstrated promising efficacy that is comparable to peer products and has an impressive safety profile. For AK104, though it has demonstrated promising efficacy in r/r cervical cancer and GC/GEJ, whether its efficacy for HCC and NSCLC is inferior to benchmark PD-1 products remains to be tested.
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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