Report
EUR 93.41
For Business Accounts Only
In our previous note, the company has an interesting heavy chain antibody platform but only one clinical-stage product from the platform, HBM4003, is still in the early stage of development and the readings from clinical trials are not yet available to make discussion of the efficacy and safety. Two of the company's late-stage products are in-licensed from South Korea-based HanAll Pharmaceuticals. For batoclimab/HBM9161, we are of the view that the indication is small though it is an innovative product for unmet demand. For tanfanercept/HBM9036, we are of the view that it has a good clinical benefit over existing therapies for dry eye disease and the indication has a big population but the ramp-up of sales will be slow if it is not priced competitive enough. In terms of founder profile, we are not impressed though it is backed by reputable investors in the pre-IPO rounds.
The deal has attracted a strong line-up of cornerstone investors. But we think it is fairly valued at the high end.
HBM (和珀医药) IPO - Strong cornerstone not a performance guarantee
HBM is a China-based biopharmaceutical company. The company launched book building to raise at least USD 230m to list in Hong Kong.In our previous note, the company has an interesting heavy chain antibody platform but only one clinical-stage product from the platform, HBM4003, is still in the early stage of development and the readings from clinical trials are not yet available to make discussion of the efficacy and safety. Two of the company's late-stage products are in-licensed from South Korea-based HanAll Pharmaceuticals. For batoclimab/HBM9161, we are of the view that the indication is small though it is an innovative product for unmet demand. For tanfanercept/HBM9036, we are of the view that it has a good clinical benefit over existing therapies for dry eye disease and the indication has a big population but the ramp-up of sales will be slow if it is not priced competitive enough. In terms of founder profile, we are not impressed though it is backed by reputable investors in the pre-IPO rounds.
The deal has attracted a strong line-up of cornerstone investors. But we think it is fairly valued at the high end.
Underlying
Harbour Biomed Ltd
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
Other Reports on these Companies
Other Reports from Aequitas Research
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.