Report
EUR 88.49
For Business Accounts Only
In our previous notes, we covered the company’s key pipeline products, including TJ202 (CD38 antibody), TJ101 (long-acting growth hormone), enoblituzumab (B7-H3 antibody) and TJ107 (long-acting IL07). We discussed clinical trial results, licensing agreement and timelines of these four products.
On its core product, TJ202, we were of the view that its efficacy appears to be inferior to the benchmark product but its safety profile appears to be better. We were also of the view that the company’s valuation could be affected by the sharing agreement with Everest with respect to TJ202. Having said that, the company terminated the agreement with Everest and obtained full rights on TJ202 and in return will issue USD 37 million worth of shares to Everest.
Following the Everest transaction, our rNPV based valuation suggests that the valuation is attractive even at the high end. We will participate at strike.
I-Mab (天境生物) IPO - Everest deal a valuation booster
I-Mab launched the book building to raise up to USD 111 million via a listing on NASDAQ.In our previous notes, we covered the company’s key pipeline products, including TJ202 (CD38 antibody), TJ101 (long-acting growth hormone), enoblituzumab (B7-H3 antibody) and TJ107 (long-acting IL07). We discussed clinical trial results, licensing agreement and timelines of these four products.
On its core product, TJ202, we were of the view that its efficacy appears to be inferior to the benchmark product but its safety profile appears to be better. We were also of the view that the company’s valuation could be affected by the sharing agreement with Everest with respect to TJ202. Having said that, the company terminated the agreement with Everest and obtained full rights on TJ202 and in return will issue USD 37 million worth of shares to Everest.
Following the Everest transaction, our rNPV based valuation suggests that the valuation is attractive even at the high end. We will participate at strike.
Underlying
I-Mab
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.