Report
EUR 93.41
For Business Accounts Only
In our previous note, we discussed that the company's R&D is top-notch among Hong Kong-listed biotech companies. It has two near commercialization products, RC18, and RC48. RC18 (BLyS/APRIL target) has an innovative design and has demonstrated superior efficacy for SLE which has big unmet demand. RC48 (HER2 ADC) is the first domestically developed ADC that has entered the clinical trial stage. It also has a differentiated indication targeting HER2 low-expressing patients, compared to competing drug candidates. Thanks to its ADC platform and bispecific platform, the company has interesting and differentiated pipeline products entering clinical trials. The company has a strong management team and backing from reputable investors. We foresee strong demand for the deal.
In this note, we value the company's two key products, Telitacicept (RC18) and Disitamab Vedotin (RC48). We reached an rNPV based SOTP valuation for the company at USD 2.3 bn.
RemeGen (荣昌生物) Pre-IPO - Thoughts on valuation
RemeGen is a China-based commercial-ready biopharmaceutical company with a focus on first-in-class and best-in-class biologics in the area of autoimmune, oncology and ophthalmic diseases. The company aims to raise USD 400m in a Hong Kong listing.In our previous note, we discussed that the company's R&D is top-notch among Hong Kong-listed biotech companies. It has two near commercialization products, RC18, and RC48. RC18 (BLyS/APRIL target) has an innovative design and has demonstrated superior efficacy for SLE which has big unmet demand. RC48 (HER2 ADC) is the first domestically developed ADC that has entered the clinical trial stage. It also has a differentiated indication targeting HER2 low-expressing patients, compared to competing drug candidates. Thanks to its ADC platform and bispecific platform, the company has interesting and differentiated pipeline products entering clinical trials. The company has a strong management team and backing from reputable investors. We foresee strong demand for the deal.
In this note, we value the company's two key products, Telitacicept (RC18) and Disitamab Vedotin (RC48). We reached an rNPV based SOTP valuation for the company at USD 2.3 bn.
Underlying
RemeGen Co 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.