Aequitas Research - SAMSUNG BIOLOGICS Co. Ltd. (207940) ... Pharmaron placement

Report

Aequitas Research

Sumeet Singh

EUR 93.30 For Business Accounts Only

Pharmaron placement

Joint Global coordinators aim to raise around US$125m via selling shares in Pharmaron in order to aid certain convertible bond investors to hedge their exposure.

We have earlier looked at the company’s H-share listing in 2019.
Pharmaron (康龙化成) A+H Listing: A Leading Drug Discovery Company
Pharmaron (康龙化成) A+H Listing: 3Q2019 Numbers and Thoughts on Valuation
Pharmaron (康龙化成) A+H: Decent H/A Discount and Cornerstone Line-Up
Pharmaron (康龙化成) A+H: Allocation and Thoughts on Trading

In this note, we will run the deal through our ECM framework and talk about the deal dynamics.

08/06/2021 6 EN

Underlyings

SAMSUNG BIOLOGICS Co. Ltd.

Samsung Biologics is engaged in the manufacture of biological products. Co. provides CMO (Contract Manufacturing Organization) services that serve other domestic and international pharmaceutical companies on a contract basis to produce high-tech biomedicine as of the date when the business report is submitted. Co.is also engages in the research & development and commercialization of biosimilar products.

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KR7207940008 Korea Stock Exchange South Korea

WUXI BIOLOGICS CAYMAN INC

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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.

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Analysts

Sumeet Singh

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Pharmaron placement

China Healthcare: Becoming more innovative; valuation increasingly attractive.

China Healthcare: Staying positive in the cold winter.

China Healthcare: Easing pressure from anti-corruption campaign, long-term growth outlook remains intact.

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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