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新股解讀 | 雲頂新耀:引入16家明星投資者,四款核心產品具備龐大的市場潛力
uSMART友信智投 09-27 14:41

公司簡介

雲頂新耀由醫療私募股權公司CBC於2017年7月創立。公司產品管線中擁有八種極具前景的臨牀候選藥物,有關藥物覆蓋腫瘤、免疫學、心腎疾病及感染性疾病。

截至2020年6月底,公司的臨牀開發團隊包括62位成員,其中約16%持有醫學博士學位及博士學位。此外公司最新一輪C-2融資於2020年5月底完成,估值約7.9億美元,較此次上市發售價中位數折讓約47%。

中泰觀點

四種核心候選藥物分別爲各領域同類最佳潛在藥物且均處於臨牀後期:

公司用於(1)腫瘤科的Sacituzumab Govitecan (Trodelvy),是同類首創的TROP-2靶向抗體藥物偶聯物(ADC),若獲得批準將有可能解決中國每年超過一百萬名彌患致死性癌症病患的需要。該藥品已於2020年4月在中國作爲mTNBC三線治療的臨牀試驗取得國家藥監局的IND批準,預期於2020年及2021年開展mTNBC三線治療橋接註冊性等試驗;

(2)感染性疾病方面的Eravacycline (Xerava),是一種潛在同類最佳新型全合成非消化道給藥的四環素類藥物。公司已在2020年4月收到新加坡衛生科學局的NDA批準,準許Eravacycline用於治療cIAI,新加坡是擁有Eravacycline獨家商業權的地區之一。此外已於中國完成1期PK橋接試驗,並正於中國進行cIAI的3期註冊性試驗,用於支持中國的監管批準;

(3)免疫學方面的Etrasimod,是一種潛在同類最佳的第二代1-磷酸鞘氨醇受體(S1PR) 1、4及5口服調節劑。目前Etrasimod已於中國完成第1期PK橋接試驗,並正於中國大陸、臺灣及韓國進行UC的第3期註冊性試驗;

(4)心腎疾病方面的Nefecon,是一種潛在首創用於治療IgA腎病(IgAN)的候選藥物,IgAN是中國腎小球腎炎和慢性腎病的常見病因。公司在2019年就Nefecon用於IgAN取得IND批準,並已與Calliditas合作加入全球第3期註冊性試驗。

經營業績方面:2018、2019財年及2020年前3個月,經營虧損分別爲1.3億元、1.8億元及1.5億元;研發開支分別爲0.6億元、1.5億元及0.8億元;經營活動所用的現金流出淨額分別爲1.1億元、0.9億元及0.8億元。

估值方面:按全球公開發售後的2.8億股本計算,公司市值爲142-156億港元。由於公司尚未盈利,不適用PE估值法。此次穩價人是高盛,今年共計6個項目,首日表現4漲2跌。基石方面,引入高瓴、奧博、GIC等16家明星投資者,合計認購2.3億美元。我們認爲公司的四款核心產品分別在四個治療領域(腫瘤、免疫學、心腎疾病及感染性疾病)處於同類首創或同類最佳,且商業化後具備龐大的市場潛力,綜上所述給予其80分,評級爲“積極申購”。

風險提示:(1)市場競爭風險、(2)公司處於虧損中,收入尚不穩定、(3)研發進度不及預期、結果不確定

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