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In our previous notes, we covered the company’s key pipeline products, including KN046 (PD-L1/CTLA4 bispecific) and KN026 (HER2/HER2 bispecific). We discussed the mechanism, clinical trial results, market potential and timeline of these core assets. We are of the view that the company has a strong R&D capability and is a leader in biologic drug development in China. Its target therapy and indication are highly differentiated from the products of competitors. We were also of the view that the latest readings from its clinical trials are promising.
In this note, we will discuss the valuation range of the deal and the deal dynamics that one has to beware of. We think the valuation is reasonable and the deal is backed by a strong line-up of cornerstone investors. We will participate at strike.
Alphamab (康å®æ°ç‘ž) IPO - You will likely be zeroed
Alphamab launched book building to raise up to USD 234 million to list in Hong Kong.In our previous notes, we covered the company’s key pipeline products, including KN046 (PD-L1/CTLA4 bispecific) and KN026 (HER2/HER2 bispecific). We discussed the mechanism, clinical trial results, market potential and timeline of these core assets. We are of the view that the company has a strong R&D capability and is a leader in biologic drug development in China. Its target therapy and indication are highly differentiated from the products of competitors. We were also of the view that the latest readings from its clinical trials are promising.
In this note, we will discuss the valuation range of the deal and the deal dynamics that one has to beware of. We think the valuation is reasonable and the deal is backed by a strong line-up of cornerstone investors. We will participate at strike.
Provider
Aequitas Research
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.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Ke Yan
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