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We will discuss the background of its key drug candidates in clinical trials, including orelabrutinib (ICP-022, BTK), ICP-192 (pan-FGFR), and ICP-105 (FGFR4).
For orelabrutinib, we think it is promising in terms of both efficacy and safety profile, compared to its reference drug ibrutinib. However, competition is also intense for the indication. The BTK inhibitor hasn’t achieved success outside lymphoma indications as illustrated in a few failed cases. Therefore the results from clinical trials for autoimmune indications are still uncertain.
Meanwhile, ICP-192 and ICP-105 are still years from commercial launches. In addition, the success of FGFR4 inhibitors in liver cancer has not been well tested.
We also discuss the company’s history, founders and pre-IPO investments. We think the company has a strong management team with drug discovery background but lacks experience in managing clinical trials and commercialization. It has a decent line-up of pre-IPO investors but lacks international biotech specialized investors.
InnoCare Pharma (诺诚å¥åŽ) Pre-IPO - Decent team with drug discovery experience but short of clinical stage candidates
InnoCare Pharma Limited is a clinical-stage biopharmaceutical company with a focus on small molecule inhibitors for BTK, and FGFRs.We will discuss the background of its key drug candidates in clinical trials, including orelabrutinib (ICP-022, BTK), ICP-192 (pan-FGFR), and ICP-105 (FGFR4).
For orelabrutinib, we think it is promising in terms of both efficacy and safety profile, compared to its reference drug ibrutinib. However, competition is also intense for the indication. The BTK inhibitor hasn’t achieved success outside lymphoma indications as illustrated in a few failed cases. Therefore the results from clinical trials for autoimmune indications are still uncertain.
Meanwhile, ICP-192 and ICP-105 are still years from commercial launches. In addition, the success of FGFR4 inhibitors in liver cancer has not been well tested.
We also discuss the company’s history, founders and pre-IPO investments. We think the company has a strong management team with drug discovery background but lacks experience in managing clinical trials and commercialization. It has a decent line-up of pre-IPO investors but lacks international biotech specialized investors.
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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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