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5 July 2019 China
EQUITIES China Healthcare Biotechnology
Key drugs of covered companies Of light and darkness
Company P3 trial NDA pending Market
TPIAO
3SBio Inetetamab 2006 Key points
Tislelizumab
BeiGene We initiate coverage on the sector and 7 biotech names with a positive view
Zanubrutinib
Elunate on supportive policy, innovation and funding, but valuation is demanding .
Hutch Chi-Med Savolitinib
2018
Tyvyt Faster approval and clinical development are strong catalysts for the sector.
Innovent IBI303
2019 Our top pick is 3SBio with strong sales growth of Yisaipu and TPIAO in
Tuoyi
Junshi UBP-1211 2019 plus potential approval of 302H in 2H19 as a major catalyst .
2019
Insulin Glargine
Tonghua Dongbao
Insulin Aspart At the outset, China was 20 years behind the US in biotechnology but has been
Zai Lab Margetuximab Zejula catching up fast with accomplishments in select advanced therapy. RD is driven
Source: Company data, Macquarie Research, 1 July 2019 by pol
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