Legend Biotech (ä¼ å¥‡ç”Ÿç‰©) IPO - A good deal for the promising CAR-T
Legend Biotech, a subsidiary of Hong Kong-listed GenScript, started book building to raise up to USD 368 million via an IPO. The company has a strong focus on CAR-T therapy. Its LCAR-B38M/JNJ-4528 is one of the most advanced CAR-T therapy targeting BCMA for the r/r MM indication.In our previous note, we discussed that its clinical results from Phase II have been very positive. The company's collaboration with Janssen is also a strong selling point that provides evidence of the company's R&D capability. The company also received Series A investment from reputable global healthcare investors. We were also of the view that the CAR-T could be a good solution for the r/r indications of lymphoma patients that are unable to get cured from existing drugs, but it will unlikely become the first-line treatment given its high price tag and the logistical challenges. Having said that, the r/r MM indication in the US is still sizable for a number of CAR-T players, which the company is likely to be leading the efficacy league table.
In this note, we will provide a quick read on the latest safety numbers disclosed in the ASCO and our thoughts of the price range. We value the company at USD 3.1 bn and are of the view that there will be at least a 15% upside at the high end.
bluebird bio is a biotechnology company engaged in researching, developing, and commercializing potentially transformative gene therapies for severe genetic diseases and cancer. The company has built a product platform with a range of therapeutic potential in a variety of indications based on its lentiviral gene addition platform, gene editing and cancer immunotherapy capabilities. The company is developing LentiGlobin gene therapy for sickle cell disease; Lenti-D gene therapy for cerebral adrenoleukodystrophy; and in collaboration with Bristol-Myers Squibb, the company is developing bb2121 (idecabtagene vicleucel) and bb21217 product candidates as treatments for multiple myeloma.
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.
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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