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In our previous note, we have discussed the company’s pipeline, shareholders and investors, we think despite the product innovation, the academic experience and professional standing of its founder, the company will face big challenges to sell its core product SM03.
In this insight, we will have a further discussion on the CD22 target on which SM03 functions. We will detail our valuation of the company on a SOTP basis. We discuss our thoughts on the aggressive assumptions used by book runners.
Our base case valuation is USD 609 on a post-money basis.
SinoMab (ä¸å›½æŠ—体) IPO - A Hard Sell
SinoMab is a Hong Kong-headquartered biotech company with a focus on mAb-based biologics for the treatment of immunological diseases, launched its book building to raise up to USD 223 million.In our previous note, we have discussed the company’s pipeline, shareholders and investors, we think despite the product innovation, the academic experience and professional standing of its founder, the company will face big challenges to sell its core product SM03.
In this insight, we will have a further discussion on the CD22 target on which SM03 functions. We will detail our valuation of the company on a SOTP basis. We discuss our thoughts on the aggressive assumptions used by book runners.
Our base case valuation is USD 609 on a post-money basis.
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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