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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 other biotech companies. We also discuss our risk-adjusted NPV for the company and value the company’s assets at USD 850 million on a pre-money basis.
In this note, we will discuss the updates in its latest post-hearing filings, which includes new readings from clinical trials, and recent development of the company.
We also updated our rNPV based valuation for the company to USD 880 million.
Alphamab (康å®æ°ç‘ž) Pre-IPO - Promising readings from PHIP updates
Alphamab obtained approval from HKSE last week and started pre-marketing for its USD 200-300m deal this week.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 other biotech companies. We also discuss our risk-adjusted NPV for the company and value the company’s assets at USD 850 million on a pre-money basis.
In this note, we will discuss the updates in its latest post-hearing filings, which includes new readings from clinical trials, and recent development of the company.
We also updated our rNPV based valuation for the company to USD 880 million.
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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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