Biotech's first day of listing rose by 83.15%, market value approaching 25 billion

On February 21, baiaotai was listed on the scientific innovation board of Shanghai Stock Exchange The opening price was 60.00 yuan, 83.15% higher than the issue price of 32.76 yuan As of the date of issuance, the market value of the company is close to 24.928 billion Baiaotai, founded in 2003, is an innovative biopharmaceutical enterprise focusing on the research and development of innovative drugs and bioequivalent drugs It is mainly engaged in the development of innovative drugs and bioequivalent drugs in the fields of anti-tumor, autoimmune diseases, cardiovascular diseases, etc According to the prospectus, no more than 60 million A-share common shares are planned to be publicly issued at a price of 32.76 yuan / share, mainly for drug research and development According to the prospectus, the company has lost money for four consecutive years In 2016, 2017, 2018 and January June 2019, the company lost 137 million yuan, 236 million yuan, 553 million yuan and 715 million yuan respectively In accordance with the fifth set of standards and conditions for listing on the science and technology innovation board, the "four consecutive losses" bio tech became the second unprofitable pharmaceutical company of a share after the listing of Zejing pharmaceutical on January 23 It is estimated that the market value will not be less than 4 billion yuan The main business or products need to be approved by the relevant departments of the state There is a large market space At present, phased results have been achieved Pharmaceutical enterprises shall have at least one core product approved to carry out phase II clinical trials, and other enterprises conforming to the positioning of scientific and Technological Innovation Board shall have obvious technical advantages and meet corresponding conditions " At present, there is no sales revenue generated by the products of baiaotai According to the prospectus, in 2016, 2017, 2018 and January June 2019, the operating revenue of baiaotai was RMB 2763700, RMB 208900, RMB 0 and RMB 0, respectively From January to December 2019, the company's operating income is expected to be 700000 yuan, which is the income corresponding to the completion of the last stage of work as agreed in the previous contingent technology transfer agreement Even if the company has lost money for several years, no product has generated sales revenue, and the R & D investment of baiaotai keeps increasing According to the prospectus, in 2016, 2017, 2018 and January June 2019, the R & D expenses of the company were 132 million yuan, 237 million yuan, 542 million yuan and 352 million yuan respectively, and the annual compound growth rate of R & D expenses from 2016 to 2018 was 103% R & D investment is mainly used for preclinical research, clinical trials and preparation of new drugs before marketing As of the signing date of this listing announcement, one product (bat1406, a biological analogue of adalimumab) of baiaotai has been approved for listing, and 20 products are mainly under development One product has submitted NDA application (bat2094, batifban), three products are in phase III clinical research stage, one product is in phase II clinical research stage, and four products are in phase I Stage of clinical research As the only approved variety, adalimumab bat1406 has attracted much attention The product was approved by nmpa in November 2019, with the trade name of "gelleli" The approved indications are ankylosing spondylitis, rheumatoid arthritis and psoriasis It is expected to be marketed in early 2020 However, it should be noted that up to now, the domestic sales situation of Adamu single antigen research and Merlot is not ideal In 2018, the sales volume in China is less than 400 million yuan, which is less than 0.2% of the global sales volume Moreover, the drug has been included in the national medical insurance catalogue in 2019 and has been greatly reduced Bat1406 Under the trend of sharp decline in the pricing of the control drug xiumeile, it will have a certain impact on the pricing and market share after commercialization In addition, at present, in addition to bat1406 being approved for listing, Haizheng pharmaceutical's hs016 has also been approved for listing, and another 15 pharmaceutical enterprises have carried out clinical trials of adalimumab biological similar drugs, including 4 submitted for listing, 3 have carried out phase III clinical trials, and the subsequent increase of adalimumab competitors will further intensify market competition.