Report
EUR 93.30
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In our previous note, we discussed that its clinical results from Phase II have been very positive. The company's collaboration with Janssen is also a strong selling point that provides evidence of the company's R&D capability and the bright prospect of the company's products, which also complement J&J's top-selling MM drug Darzalex. In addition to the collaboration with J&J, the company also received Series A investment from reputable global healthcare investors. We were also of the view that the CAR-T could be a good solution for the r/r indications of lymphoma patients that are unable to get cured from existing drugs, but it will unlikely become the first line treatment given its high price tag and the logistical challenges. We are also not hopeful for the CAR-T treatment for the solid tumor given that the microenvironment is very different from the lymph system and hence there's an issue for CAR-T cells to enter the tumor microenvironment and kill tumor cells. CAR-T therapies targeting solid tumor indications have not been successful.
In this note, we will provide a detailed comparison of the efficacy between the company's product and its key competitor, Bluebird Bio's bb2121. We are of the view that the company's product has a superior efficacy and similar safety though the full data from its CARTITUDE-2 trial is not available yet.
Legend Biotech (ä¼ å¥‡ç”Ÿç‰©) Pre-IPO - Superior efficacy vs Bluebird/BMS candidate
Legend Biotech, a subsidiary of Hong Kong-listed GenScript, is planning to raise up to USD 300 million via an IPO. The company has a strong focus on CAR-T therapy. Its LCAR-B38M/JNJ-4528 is one of the most advanced CAR-T therapy targeting BCMA for the r/r MM indication.In our previous note, we discussed that its clinical results from Phase II have been very positive. The company's collaboration with Janssen is also a strong selling point that provides evidence of the company's R&D capability and the bright prospect of the company's products, which also complement J&J's top-selling MM drug Darzalex. In addition to the collaboration with J&J, the company also received Series A investment from reputable global healthcare investors. We were also of the view that the CAR-T could be a good solution for the r/r indications of lymphoma patients that are unable to get cured from existing drugs, but it will unlikely become the first line treatment given its high price tag and the logistical challenges. We are also not hopeful for the CAR-T treatment for the solid tumor given that the microenvironment is very different from the lymph system and hence there's an issue for CAR-T cells to enter the tumor microenvironment and kill tumor cells. CAR-T therapies targeting solid tumor indications have not been successful.
In this note, we will provide a detailed comparison of the efficacy between the company's product and its key competitor, Bluebird Bio's bb2121. We are of the view that the company's product has a superior efficacy and similar safety though the full data from its CARTITUDE-2 trial is not available yet.
Underlying
Legend Biotech
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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