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In our previous note, we discussed that Genetron's founder, Dr Yan, is a leading academic researcher in the field of glioblastoma (GBM, one type of brain cancer). Dr Yan’s experience helped the development of IDH1/TERT gene assay for the GBM indication dramatically due to the vast amount of data accumulated during Dr Yan’s work. In addition to the IDH1/TERT assay which was approved by the NMPA in 2017, the company also has two gene sequencing instruments approved by the NMPA, namely Genetron 3D which is a digital PCR system for the reading of low-frequency gene alteration, and Genetron S5 which is a next-generation sequencing (NGS) platform. We also examine the company’s management and investors. We are of the view that the quality of the company’s management and its investors is just OK. Reading the prospectus leaves a number of questions to ask the company’s management during the deal marketing.
In this note we look at the latest disclosure. In 2020, the company received two NMPA approval, for lung cancer 8-gene tissue-based testing assay, liquid biopsy-based ctDNA lung cancer assay, liver cancer early screening assay, and high throughput OEM NGS platform (Genetron S2000), respectively. The company disclosed promising interim data from its clinical trials for early liver cancer detection, tissued-based thyroid cancer test, urine based carcinoma test, and CFS based brain tumor tests. We had an impression that the company is differentiated in small panel tests which will be the key driver of the market growth (vs the big panel test which is mainly for health checkups. The company registered rapid growth in the in-hospital segment but overall we think its growth tracked behind Burning Rock.
Genetron (泛生å) Pre-IPO - Positive product development but tracking behind Burning Rock
Genetron, a China-based precision oncology company, plans to raise up to USD 150 million to list in the US.In our previous note, we discussed that Genetron's founder, Dr Yan, is a leading academic researcher in the field of glioblastoma (GBM, one type of brain cancer). Dr Yan’s experience helped the development of IDH1/TERT gene assay for the GBM indication dramatically due to the vast amount of data accumulated during Dr Yan’s work. In addition to the IDH1/TERT assay which was approved by the NMPA in 2017, the company also has two gene sequencing instruments approved by the NMPA, namely Genetron 3D which is a digital PCR system for the reading of low-frequency gene alteration, and Genetron S5 which is a next-generation sequencing (NGS) platform. We also examine the company’s management and investors. We are of the view that the quality of the company’s management and its investors is just OK. Reading the prospectus leaves a number of questions to ask the company’s management during the deal marketing.
In this note we look at the latest disclosure. In 2020, the company received two NMPA approval, for lung cancer 8-gene tissue-based testing assay, liquid biopsy-based ctDNA lung cancer assay, liver cancer early screening assay, and high throughput OEM NGS platform (Genetron S2000), respectively. The company disclosed promising interim data from its clinical trials for early liver cancer detection, tissued-based thyroid cancer test, urine based carcinoma test, and CFS based brain tumor tests. We had an impression that the company is differentiated in small panel tests which will be the key driver of the market growth (vs the big panel test which is mainly for health checkups. The company registered rapid growth in the in-hospital segment but overall we think its growth tracked behind Burning Rock.
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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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