And Platinum Pharmaceuticals began its initial public offering on November 30 and is expected to go public on December 10. Heplatinum Pharmaceutical not only holds Bartoli monoclonal antibody (this drug can treat more than 70 kinds of autoimmune diseases caused by IgG), but also has two heavyweight all-human drug research and development technology platforms, which have been authorized to more than 40 multinational pharmaceutical companies and scientific research institutions such as Pfizer Inc, Eli Lilly and Co, INNOVENT BIO, BeiGene, Ltd. and so on.

The company's executives and scientific consultants are all "veterans" of multinational pharmaceutical companies.

Before founding Platinum Pharmaceuticals, Dr. Wang Jinsong worked in the core drug research and development positions of major global pharmaceutical companies such as Wyeth, Baimi Bristol-Myers Squibb Co and Sanofi. Dr. Wang has held important positions as Director of Drug Discovery and Clinical Pharmacology at Bristol-Myers Squibb Co. During his stay in Sanofi, Dr. Wang served as President of China Research and Development Center and head of Translational Medicine in Asia-Pacific.

The Scientific Committee also has Dr. Frank Grosveld, Dr. Robert Kamen, Dr. Kenneth Murphy, Dr. Robert Kramer, Dr. Peter Moesta, Dr. Jon Wigginton, Academician Tian Zhigang and other well-known scientists at home and abroad. They are all influential heavyweights in the academic and industrial circles.

And Platinum Pharmaceuticals have brought in nine major cornerstone investors

In terms of listed shareholdings, the company's founder Wang Jinsong and other three PhDs hold a total of 5.55%; Dr. Chen Xiaoxiang holds 16.79%, and Lenovo's Junlian Capital holds 10.4%. GIC holds 8.04%.

The company will introduce nine cornerstone investors and subscribe for a total of about $92 million worth of equivalent shares, including $30 million for Black Rock Funds, $10 million each for HBM Health, Hillhouse, Hudson Bay Capital and Octagon Investments, $7 million for Enlan Capital, and $5 million for 3W, Aobo Capital and Junlian Capital.The sales ban lasts for 6 months!

And Platinum Pharmaceutical has the world's leading drug research and development platform.

The whole-human monoclonal antibody technology platform has the best efficacy and the lowest risk.The preparation process of biological agents has experienced the development process from whole rat source to humanized to whole human source. The first stage of whole mouse monoclonal antibody, which is injected with human pathogen to obtain antibodies, has low efficacy and safety. The fourth stage of the whole-human monoclonal antibody technology platform is to use human genetic information to encode antibodies, which has the best efficacy and the lowest risk.

The platform technology of whole-human antibody can be divided into two kinds: transgenic mouse technology and phage display library technology. The drugs developed by transgenic mouse technology are safer and more effective.The phage display library technology has the advantages of low medicinal properties, large side effects and low affinity. In contrast, the drugs developed by transgenic mice are safer and more effective. The first generation of genetically modified all-human platform has developed several important drugs around the world, such as Bristol-Myers Bristol-Myers Squibb Co omnipotent cancer PD-1 drug, Ipimu monoclonal antibody and so on.The second generation transgenic all-human platform is optimized for the first generation platform, showing stronger immune response and higher affinity.

At present, there are about 7 enterprises in the world with the second generation of genetically modified mouse platform. He Platinum Pharmaceutical has become the only pharmaceutical company in China with the second generation of transgenic all-human monoclonal antibody technology platform.

And Platinum Pharmaceuticals have created an industry-leading drug discovery platform that has been widely used by more than 45 companies and scientific research institutions around the world.INNOVENT BIO's CD30 scFv, Pfizer Inc, Eli Lilly and Co and other global multinational pharmaceutical companies have adopted the all-human antibody drug production technology of Platinum Pharmaceutical. BeiGene, Ltd. and Dongyao Pharmaceutical Co., Ltd. adopted the technology license of H2L2 mice from Platinum Medicine.

Bartoli monoclonal antibody is expected to treat more than 70 autoimmune diseases, and tenacil is in the first echelon of domestic research and development.

According to the latest prospectus, there are a total of 10 platinum pharmaceutical core product pipelines, mainly located in the field of autoimmunity and oncology. At present, two drugs will be on the market soon: Bartolizumab for autoimmune diseases and teranercept for xerophthalmia.

1）Bartolizumab is expected to treat more than 70 autoimmune diseasesAt least 3% ahead of competitorsMore than one year

Bartolizumab is the treatment of human autoimmune diseases. Autoimmune disease is not a single disease, but a huge disease caused by immunoglobulin IgG. IgG plays an important immune role in the human body, not only eliminating bacteria and viruses, but also causing autoimmune diseases. Traditional treatments can not directly reduce the level of IgG, because IgG mixed with other immune proteins can not achieve a precise strike.

Bartolizumab is a FcRn targeted antibody drug, known as the "revolutionary therapy" of autoimmune diseases, which is expected to treat more than 70 kinds of autoimmune diseases.Bartoli monoclonal antibody only acts on IgG immune proteins and does not interfere with other immune proteins. Bartolizumab is expected to treat 70-80 gG-mediated autoimmune diseases, which has broad spectrum and versatility in the treatment of autoimmune diseases. At present, the main indications disclosed by the company are immune thrombocytopenia (ITP), thyroid associated ophthalmopathy (GO), myasthenia gravis (MG) and optic nerve myelitis spectrum disorder (NMOSD).

And platinum medical Bartoli monoclonal antibodyAs soon as 2021Approved for listing in 2000, at least 3% ahead of competitorsMore than 20 years.According to public statistics, there are 2.5% of the world's population, about 195 million people suffer from some form of autoimmune disease, there is still a lack of effective drugs for treatment.Bartoli monoclonal antibody from Platinum Medical is currently the only one targeted in China.IgGFcRn in the development of mediated autoimmune diseasesInhibitors.

2）Tenacip is in the first echelon of dry eye drug research and development in Greater China.

Tenalcip is the first and most advanced biotherapy for moderate and severe dry eyes. At present, the treatment of xerophthalmia in China is mainly over-the-counter eye drops "artificial tears", which can only be relieved but not treated.

Tenassip of Platinum and Platinum is currently in the stage of registered clinical research and is expected to apply for listing in 2022.For the treatment of moderate and severe dry ophthalmopathy, China has only approved one anti-inflammatory drug-cyclosporine eye drops. Among the research products, Tenercept of Platinum Pharmaceuticals disclosed in August 2020 that it was in a phase III clinical trial and was conducting a registered clinical study on dry eyes in Greater China, which was in the first echelon of research and development. In terms of the progress of research and development, Tenassip is currently in the stage of registered clinical research in Greater China, and it is expected that an application for listing of new drugs will be submitted to the State Drug Administration in 2022.

Financial analysis

At present, the company's products have not been approved for commercial sale, and no revenue comes from drug sales. The company's current income comes from the license fee for monoclonal antibody platform technology.

Compared with previously listed companies, platinum pharmaceuticals may be undervalued.Although the company does not have any revenue from drug sales, it does have related revenue from license fees for monoclonal antibody platform technology. Heplatinum Pharmaceutical has 2-3 industry-leading all-human platforms for the second generation of transgenic mice, on which it is easier to develop monoclonal antibody drugs with higher affinity and stronger immunity.

Deqi Pharmaceutical, Rongchang Biology, Wuxi Biologics and Genting Xinyao all belong to Class B shares, and none of the drugs were listed before they were listed. If only according to the valuation of the drug, the valuation of platinum medicine is not much different from that of Mingju Nuo. But if the drug research and development platform is added to the valuation, then platinum medicine may be undervalued.

Summary

1. Heplatinum Pharmaceutical has created a leading drug research and development platform in the industry, which has been widely used by more than 45 companies and scientific research institutions around the world, such as Pfizer Inc, Eli Lilly and Co, Ai Bowei, INNOVENT BIO, BeiGene, Ltd., Dongyao Pharmaceutical, Hualan Biology.

2. H2L2 platform and HCAb platform have extensive patent protection around the world, casting the company's extremely powerful moat. About seven companies around the world have second-generation genetically modified mouse platforms, and Platinum Pharmaceutical has become the only one in China.

3. Compared with the cancer drug track, the field of autoimmune diseases is also a golden track. Bartolizumab is known as the "revolutionary therapy" of autoimmune diseases and is expected to treat more than 70 autoimmune diseases. Bartolizumab is the only FcRn inhibitor targeting IgG in China.

4. Compared with the drug business owners listed in the past, Platinum Pharmaceutical not only has the core drug research and development, but also has the industry-leading all-human platform for the second generation of genetically modified mice, and platinum medicine may be underestimated.

Risk hint

The results of the health insurance negotiations will be officially announced in early December, and pharmaceutical stocks have been volatile recently.