Report
EUR 93.66
For Business Accounts Only
In our previous note, we discussed that the company has experienced biotech investor managers as its top management. Its business model is to in-license drug candidates with unmet demand in China.
We highlight the most interesting drug candidates is TROP-2 targeted Trodelvy which has a broad indication given the prevalent presence of this target in tumor cells. Its innovative antibiotic Xerava was in-vitro more potent than tigecycline but has not demonstrated efficacy in the clinical trial. It only shows non-inferiority to current therapies to cIAI. We think more studies, particularly head-to-head trials against tigecycline, are needed to demonstrate that it is superior to tigecycline. Both Etrasimod and Nefecon have a big indication and unmet demand in China. The company also has strong investor backing, from both global investors and healthcare specialist investors.
In this note, we provide valuation for its key assets and arrive at an rNPV based SOTP of USD 1.15bn for Everest Medicines.
Everest Medicines (云顶新耀) Pre-IPO - Thoughts on valuation
Everest Medicines is a China-based biotech company with late-stage drug candidates in-licensed from partner pharmaceutical companies and biotechs.In our previous note, we discussed that the company has experienced biotech investor managers as its top management. Its business model is to in-license drug candidates with unmet demand in China.
We highlight the most interesting drug candidates is TROP-2 targeted Trodelvy which has a broad indication given the prevalent presence of this target in tumor cells. Its innovative antibiotic Xerava was in-vitro more potent than tigecycline but has not demonstrated efficacy in the clinical trial. It only shows non-inferiority to current therapies to cIAI. We think more studies, particularly head-to-head trials against tigecycline, are needed to demonstrate that it is superior to tigecycline. Both Etrasimod and Nefecon have a big indication and unmet demand in China. The company also has strong investor backing, from both global investors and healthcare specialist investors.
In this note, we provide valuation for its key assets and arrive at an rNPV based SOTP of USD 1.15bn for Everest Medicines.
Underlying
Everest Medicines
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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