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IPO Detail
02126 藥明巨諾
JW (Cayman) Therapeutics
Listing Date2020/11/03
Listing Price23.800
 
Quote
  • 16.900 -0.460 (-2.650%)    Sink Below Listing Price
  • 15-min delayed, last update: 21/09/2021 17:59
Subscription Result
  • Subscription Rate
    449.40x
  • Guarantee One Lot Size
    80 lot
  • One Lot Success Rate
    5%
COMPANY PROFILE

JW (Cayman) Therapeutics is a leading clinical and pre-clinical stage cell therapy company in China. Its vision is to transform the treatment of cancer for Chinese patients. Since its founding in 2016 by Juno and WuXi AppTec (through its wholly-owned subsidiary WXAT Shanghai), it has built an integrated platform focused on developing, manufacturing and commercializing breakthrough cell-based immunotherapies for hematological cancers and solid tumors.

Relmacabtagene autoleucel (“relma-cel”), its lead product candidate, is an autologous anti-CD19 CAR-T therapy for relapsed or refractory (“r/r”) B-cell lymphoma. In June 2020 the NMPA accepted for review NDA relating to relma-cel as a third-line treatment for DLBCL, and in September 2020 the NMPA granted priority review status to NDA relating to relma-cel.

Moreover, in September 2020, the NMPA also granted Breakthrough Therapy Designation for relma-cel as a treatment for FL. Relma-cel is expected to be the first CAR-T therapy to be approved as a Category 1 biologics product in China, and has potential to be a superior CAR-T therapy.

The Group research and development team consisted of 70 employees, which includes clinical development team of approximately nine employees. It plans to build a focused in-house sales and marketing team to market relma-cel across China. Its initial target is to create, at the initial commercialization of relma-cel, a sales team of approximately 60-70 people to cover approximately 50 of the top hospitals in China with the best hematological and transplantation centers.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureHealth Care
Websitewww.jwtherapeutics.com
Board Lot500
Registrar & Transfer OfficeComputershare Hong Kong Investor Services
GLOBAL OFFERING
No. of Offer Shares97.69m shares
No. of International Offer Shares87.92m shares
No. of HK Offer Shares9.77m shares
Offer Price$20.00 - $23.80
Nominal ValueUS$ 0.00001 each
Stock Code2126
Joint SponsorsGoldman Sachs (Asia), UBS Securities Hong Kong
Joint Global Coordinators, Joint Bookrunners and Joint Lead ManagersGoldman Sachs (Asia), UBS AG, China International Capital Corporation Hong Kong Securities, CLSA
Joint Bookrunners and Joint Lead ManagersICBC International Capital, ICBC International Securities, SPDB International Capital, Mirae Asset Securities (HK), BOCI Asia
TIME TABLE
Application PeriodOct 22 (Thu) - Noon, Oct 28 (Wed)
Price Determination DateOn or Before 5pm, Oct 28 (Wed)
Result Announcement DateOn or Before Nov 2 (Mon)
Dispatch of Shares and Refund ChequesOn or Before Nov 2 (Mon)
Dealings in Shares commence onNov 3, 2020. (Tue)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveYiping James Li (Chairman)
Non-ExecutiveHans Edgar Bishop, Krishnan Viswanadhan, Xing Gao, Ann Li Lee, Jinyin Wang, Cheng Liu
Independent Non-ExecutiveYanling Cao, Chi Shing Li, Yiu Leung Andy Cheung, Kin Cheong Kelvin Ho
MAJOR SHAREHOLDERS
Bristol Myers Squibb19.91%
Syracuse Cayman12.90%
WuXi AppTec10.16%
Temasek Holdings6.03%
Director Yiping James Li5.79%
CJW Therapeutics Investment5.20%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
2020 *20192018
Revenue---
Operating Profit(158,311)(204,681)(112,232)
Pre-Taxed Profit(650,029)(633,257)(272,616)
Attributable Profit for the period(650,029)(633,257)(272,616)
* For the six months ended June 30, 2020.
OFFER STATISTICS (HK$)
Offer Price$20.00 - $23.80
Capitalization$7,524m - $8,953m
Unaudited pro forma adj NAV / share$7.83 - $8.81
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $21.90, the net proceeds raised would be HK$2,017.6m, of which:
* $605.3m (30.0%) to research and development activities relating to relma-cel ;
* $201.8m (10.0%) to月uilding a focused in-house sales and marketing team to market relma-cel across China;
* $121.1m (6.0%) to research and development activities relating to JWCAR129 ;
* $564.9m (28.0%) to research and development activities relating to other pre-clinical product candidates;
* $80.7m (4.0%) to use for acquisition of the Acepodia license through exercising the Acepodia Option;
* $242.1m (12.0%) to new potential acquisitions and in-licensing opportunities;
* the balance of $201.8m (10.0%) as additional working capital.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
01672ASCLETIS-Bdown2.720-0.020-0.730%
01801INNOVENT BIOdown68.400-0.350-0.509%
01877JUNSHI BIOdown40.000-1.550-3.730%
01952EVEREST MED-Bdown61.000-1.300-2.087%
02126JW THERAP-Bdown16.900-0.460-2.650%
02552HUA MEDICINE-Bup4.9000.4309.620%
02616CSTONE PHARMA-Bunchange12.0800.0000.000%
02696HENLIUSunchange25.0000.0000.000%
03681SINOMAB BIO-Bunchange3.0600.0000.000%
06160BEIGENEdown240.800-6.200-2.510%
06185CANSINOBIO-Bup278.6004.8001.753%
06855ASCENTAGE-Bdown35.300-1.150-3.155%
06978IMMUNOTECH-Bdown15.840-0.740-4.463%
09926AKESO-Bdown41.800-0.650-1.531%
09966ALPHAMAB-Bdown19.900-0.400-1.970%
09969INNOCARE-Bup20.5500.5702.853%
15-min delayed, last updated: 21/09/2021 17:59
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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