Bio-TheraSense (Beijing) Medical Technology Co., Ltd. (hereinafter referred to as 'Bio-TheraSense') successfully went public on September 1, 2022, issuing a total of 2,175.84 million shares at an issue price of HK$25.22 per share.
During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in writing relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important sections), facilitating communication between the issuer, investment banks, and other intermediaries with the Stock Exchange and investors, helping investors quickly understand the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Stock Exchange.
China therapeutic antibody market
In 2020, the therapeutic monoclonal antibody market in China grew to RMB 411 billion, with a compound annual growth rate of 43.2% from 2016 to 2020. Compared with the global market, only one antibody-drug conjugate (ADC) drug, Kadcyla, was approved in China in 2020. Currently, monoclonal antibodies are the largest category in the therapeutic monoclonal antibody market in China. At the same time, there are also a large number of bispecific antibodies (BsAb) and antibody-drug conjugates (ADC) pipelines, as well as other innovative antibody types such as heavy chain antibodies (HcAb) and multispecific antibodies under development. It is expected that with breakthroughs in technology and clinical research, the market for these innovative antibody drugs will grow rapidly.
In the next 10 years, with more antibody drugs entering the New Drug License (NRL) phase and innovative antibodies continuously being launched in China, the therapeutic monoclonal antibody market in China will continue to grow. By 2025, it is expected to reach 206.6 billion RMB, with a compound annual growth rate of 38.1% from 2020 to 2025, and the market size will further reach 510.8 billion RMB by 2030.
The market scale of therapeutic antibodies in China, 2016 to 2030 (estimated)
Data source: Analysis by Frost & Sullivan
China CTLA-4 antibody drug market
Currently, BMS's ipilimumab (Yervoy) is the only approved CTLA-4 targeted antibody drug in China, which was approved in June 2021. Given that BMS's ipilimumab was the first CTLA-4 antibody drug approved in China in 2021, 2022 is expected to become the first year of commercialization for CTLA-4 antibody drugs. By 2025, the market size of CTLA-4 antibody drugs in China is expected to reach 3.8 billion RMB, and by 2030, it is projected to further increase to 135 billion RMB. From 2025 to 2030, the compound annual growth rate is expected to be 29.1%.
China's CTLA-4 antibody drug market, 2016 to 2030 (estimated)
Data source: Analysis by Frost & Sullivan
China CD40 antibody drug market
With the approval of CD40 drugs in the future, it is expected that the market size of CD40 drugs in China will reach 557 million yuan by 2025, increasing to 535.1 million yuan by 2030, with a compound annual growth rate of 55.9% from 2025 to 2030.
China CD40 Antibody Drug Market, 2016 to 2030 (Estimates)
Data source: Analysis by Frost & Sullivan
R&D expenditure on Chinese pharmaceuticals by industry and before 'IND' approval
Due to government encouragement and pharmaceutical companies' business transformation strategies, China has great potential in the R&D environment.
China's pharmaceutical R&D expenditure is expected to increase to 537.7 billion yuan in 2030, with a compound annual growth rate of 9.5% from 2025 to 2030. Among them, the R&D expenditure in the pre-IND development stage reached 57.4 billion yuan in 2020 and is expected to further increase to 115.9 billion yuan and 182.1 billion yuan by 2025 and 2030 respectively. The compound annual average growth rate from 2020 to 2025 is 15.1%, and the average annual growth rate from 2025 to 2030 is 9.5%.
Market scale of R&D expenditure in China by industry and before and after the IPO
2016 to 2030 (estimated)
Data source: Analysis by Frost & Sullivan
Frost & Sullivan, integrating 61 years of global consulting experience, has dedicated 24 years to serving the booming Chinese market with a global perspective. It helps clients accelerate their business growth by achieving industry-leading benchmarks in terms of growth, innovation, and technology. The healthcare industry is one of the core areas of focus for Frost & Sullivan. Over the past 20-plus years, the Frost & Sullivan team has provided financing, financial advisory, IPO industry advisory, strategic consulting, management consulting, and other services to hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. Successful listings include: Zhiyun Health (9955.HK), MeinGene (6667.HK), Prenetics (NASDAQ:PRE), Yunkang Group (2325.HK), Rike Biotech (2179.HK), Lepu Biotech (2157.HK), Clear Medical (1406.HK), Baxin An (2185.HK), Yonghe Medical (2279.HK), Kailaiying (6821.HK), Beihai Kangcheng (1228.HK), Gusheng Tang (2273.HK), Yingpeng Technology (2251.HK), Clover Biotech (2197.HK), Minimally Invasive Robotics (2252.HK), Harmony Cayman (2256.HK), Kunbo Medical (2216.HK), Xianruida (6669.HK), Kangsheng Global (9960.HK), Yimaitong (2192.HK), Tengsheng Bo Yao (2137.HK), Canopy Biosciences (2162.HK), Chaoyu Eye Hospital (2219.HK), Guichuang Tongqiao (2190.HK), Hua Huang Medicine (0013.HK), Koi Pharmaceutical (2171.HK), Zhaoke Ophthalmology (6622.HK), Nature's Way Pharmaceuticals (UPC.NASDAQ), Sainser Pharmaceutical (6600.HK), Zhaoyan New Drugs (6127.HK), Novogene Health (6606.HK), Tianyan Pharmaceuticals (ADAG.NASDAQ), Beikang Medical (2170.HK), Jianbimiao Miao (2161.HK), Minimally Invasive Heart Link (2160.HK), Rui Li Medical Beauty (2135.HK), Gaoke Pharmaceutical (1167.HK), Hepcon Pharma (2142.HK), JD Health (6618.HK), Deqi Pharma (6996.HK), Rongchang Biotech (9995.HK), WuXi AppTec (2126.HK), Sino-BioPharma (2096.HK), Yunding New Energy (1952.HK), Jiahe Biotech (6998.HK), Zai Ding Pharma (9688.HK), Ocular Biotech (1477.HK), Yongtai Biotech (6978.HK), Haipu Pharmaceutical (9989.HK), Kechuang Pharmaceutical (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), Nuo Cheng Jian Hua (9969.HK), Tianjing Biotech (IMAB.NASDAQ), Kanglong Chemical (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceutical (1875.HK), Yasheng Pharmaceutical (6855.HK), Fuhong Hanlin (2696.HK), Hansoh Pharmaceutical (3692.HK), Mabtech Pharma (2181.HK), Fangda Holdings (1521.HK), Via Bio (1873.HK), CStone Pharmaceuticals (2616.HK), Junshi Biosciences (1877.HK), WuXi AppTec (2359.HK), Xinda Biotech (1801.HK), Hualing Medicine (2552.HK), BeiGene (6160.HK), Gilead Sciences (1672.HK), WuXi Biotech (2269.HK), China Resources Medicine (3320.HK), Yakugen Scientific & Pharmaceutical (2633.HK), Hua Huang China Medicine (HCM.NASDAQ), Gensentech Biologics (1548.HK), BBI Life Sciences (1035.HK), etc. In terms of the number of filings, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong's healthcare IPO market, consistently ranking first in market share from 2018 to 2021.
Since the listing of the first batch of companies on the Sci-tech Innovation Board in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading Sci-tech Innovation Board-listed companies in the industry. These include: MicroPort Neurosurgery (688351.SH), Mengke Pharmaceutical (688373.SH), Yifang Biotech (688382.SH), Jicui Pharmaceutical (688046.SH), Haichuang Pharmaceutical (688302.SH), Rongchang Biotech (688331.SH), Rendu Biotech (688193.SH), Shouyao Holdings (688197.SH), Heyuan Biotech (688238.SH), Yaxin Security (688225.SH), Xidi Micro (688173.SH), Mawei Biotech (688062.SH), Yahong Medicine (688176.SH), BeiGene (688235.SH), Jiahe Meikang (688246.SH), Dizhe Medicine (688192.SH), Novogene (688105.SH), Chengda Biotech (688739.SH), Geke Micro (688728.SH), Huaxi Biotech (688363.SH), Junshi Biotech (688180.SH), Zhejiang Genomics & Therapeutics (688266.SH), BeiGene (688177.SH), Shenzhou Cells (688520.SH), and others. They are considered one of the most powerful, professional, and influential industry research institutions in the sector. We hope to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading of China's healthcare industry, and build a healthy future.
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