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The company has a long history but has a heavy reliance on a single drug Zadaxin which has dubious efficacy as it has not managed to obtain FDA approval for its otherwise approved indication in China.
The company tried to expand the indication based on its ability to enhance the immune system to fight against diseases.
The company's near term revenue driver mainly comes from the consolidation of the sales from Pfizer products after transfer of rights. However, we think the products from both Pfizer and Baxter are not attractive overall. The products from Baxter have been in the market for decades.
Quality of the management team is mediocre with a focus on sales experience and not R&D experience. So is the quality of financial investors which are mostly domestic private equity funds.
SciClone Pharma (赛生药业) Pre-IPO - Rejuvenation of old drugs
SciClone Pharma was founded in the US but has a focus on sales of oncology and infectious disease drugs in China. The company plans to raise up to USD 500m via a listing in Hong Kong.The company has a long history but has a heavy reliance on a single drug Zadaxin which has dubious efficacy as it has not managed to obtain FDA approval for its otherwise approved indication in China.
The company tried to expand the indication based on its ability to enhance the immune system to fight against diseases.
The company's near term revenue driver mainly comes from the consolidation of the sales from Pfizer products after transfer of rights. However, we think the products from both Pfizer and Baxter are not attractive overall. The products from Baxter have been in the market for decades.
Quality of the management team is mediocre with a focus on sales experience and not R&D experience. So is the quality of financial investors which are mostly domestic private equity funds.
Underlying
SciClone
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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