IPO Preview: Tenshengbo Pharmaceutical-B (2137.HK)

光大新鴻基 · Jun 30, 2021 00:00

　　背景

　　集團成立於2017年，一直致力於促進內地及全球就重大傳染病（如乙型肝炎病毒(HBV)、人類免疫缺陷病毒(HIV)、多重耐藥(MDR)或廣泛耐藥性(XDR)革蘭氏陰性菌感染）及其他具有重大公共衛生負擔的疾病（如中樞神經系統 (CNS)疾病）的療法。透過經驗豐富的管理團隊，集團已建立一條針對傳染病及CNS疾病的由10多個創新候選產品組成的管線，涵蓋臨床前到臨床階段項目。

　　概要

　　HBV 市場發展空間龐大：集團專注於提供HBV 感染的功能性治癒療法，並在HIV 感染治療中提升療效、患者便捷性及依從性。根據弗若斯特沙利文的資料，預計內地HBV 市場將從2019 年的16 億美元大幅增長到2034 年的159 億美元，同期的複合年增長率為16.6%。而從2015年到2019 年，全球HIV 藥物市場從264 億美元增至370 億美元，複合年增長率為8.8%，預期到2034 年將達659 億美元。

　　行內具競爭力：集團研發的產品種類廣泛及擁有多元化的產品管線，從戰略上鎖定變革性或潛在的「同類首創」療法，旨在解決內地或全球市場的未獲滿足的大量需求。憑藉其深厚洞察、豐富經驗及合作夥伴關係，在行內具研發實力及研發合作能力，及具競爭優勢。

　　核心創新型産品為市場焦點：在集團的研發管線中，核心創新型産品是BRII-179(HBV 特異性B 細胞及T 細胞治療性免疫蛋白藥物)。由於cccDNA 的存在且目前沒有針對其有效的藥物，所以目前的治療方法很難實現功能性治愈。而集團於開發HBV 感染功能性治癒藥物方面已取得重大進展，並在內地、香港、新西蘭、澳大利亞、泰國及韓國完成BRII-179 的1b/2a 期臨床研究，最終臨床研究報告已於2021 年5月24 日發布。

　　基石投資者實力不俗：集團吸引了11 名基石投資者認購，除了博裕資本、雲鋒基金、紅杉資本來自現有股東外，還引來包括景順發展市場基金、UBS、AIHC、Springhill、RBC、Sage、Valliance、Athos 等多家擅長投資生物科技領域的基金或機構認購。

Background

Founded in 2017, the company has been working to promote domestic and global treatment of major infectious diseases (such as hepatitis B virus (HBV), human immunodeficiency virus (HIV), multiple hepatitis B virus (MDR) or pan-resistant (XDR) gram-negative bacteria) and other diseases with major public health risks (such as CNS diseases). Through the rich management experience, the collection has established a management line composed of more than 10 new candidate products for infectious diseases and CNS diseases, covering bedside to bed-to-bed items.

Summary

Large space in the HBV market: focus on providing functional treatment for HBV infection and improving efficacy, patient convenience and dependence in the treatment of HIV infection. According to Frost Sullivan, domestic HBV market turnover is expected to grow sharply from $1.6 billion in 2019 to $15.9 billion in 2034, with a compound annual growth rate of 16.6% over the same period. From 2015 to 2019, the global HIV market increased from US $264 billion to US $37 billion, with a compound annual growth rate of 8.8%, and is expected to reach US $65.9 billion by 2034.

Competitiveness in the industry: there are extensive and diversified product management lines in product research and development, and a slightly innovative or similar "first-class" approach is designed to address the large amount of unmet demand in the domestic or global markets. Through its deep insight, rich experience and partnership, we have the ability to develop and cooperate in the industry, and we are experienced in research and development.

The core product is the focus of the market: in the R & D line of the market, the new product of the core is BRII-179 (HBV specific B cell and T cell specific immune protein). Because of the existence of cccDNA and there is no effective substance for it at present, the current treatment methods are very effective to achieve functional cure. Significant progress has been made in the development of functional antiviral agents for HBV infection, and BRII-179 phase 1b/2a bed studies have been completed in mainland China, Hong Kong, New Zealand, Australia, Thailand and China. The latest bed study report was published on May 24, 2021.

Cornerstone investors are doing well: the collection has attracted 11 cornerstone investors. In addition to the existing shares of Bo Yu capital, equity fund and sequoia, it has also attracted a number of funds or institutions that are good at investing in the field of biotechnology, such as the Landscape Development Market Fund, UBS, AIHC, Springhill, RBC, Sage, Valliance, Athos, and so on.

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