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EUR 88.49 For Business Accounts Only

Pharmaron (康龙化成) A+H Listing - A Leading Drug Discovery Company

Pharmaron, a leading contract research company, is looking to list on the H-Share market by raising up to USD 600 million. In this insight, we will look at the company's background, revenue model, management and investors of the company.

Pharmaron has a long history dated back to 2004. The company has a good reputation in the CRO/CMO industry, as evidenced by the high mix of revenue from its international pharmaceutical clients, as well as recurring customers.

The company has a high exposure to pre-clinical lab service as it was founded as chemistry lab. In addition to the lab service, its CMC segment grew rapidly in the track record period. The majority of its business is derived from fee-for-service (FFS) which has a higher value add than the full-time-equivalent (FTE) revenue model.

With regards to the management team, we are of the view that the team, led by Dr. Lou, has a strong track record and it has strong investor backing.
Provider
Aequitas Research
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.

Analysts
Ke Yan

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