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賽生藥業
SciClone Pharmaceuticals
COMPANY PROFILE

SciClone Pharmaceuticals is a biopharmaceutical company with an integrated platform for product development and commercialization. It strategically focuses on oncology and severe infection. It strives to develop and commercialize a portfolio of high-quality marketed products, including its proprietary product, Zadaxin, and pipeline drugs in its focused therapeutic areas.

The Group primarily engages in the sales of its proprietary product, Zadaxin; its in-licensed products; and promotion products on behalf of its business partners in China. It also started the development of a number of pipeline drug candidates. Its current portfolio of pipeline drug candidates includes a number of earlystage candidates that have entered into Phase II clinical trial or earlier stage.

During the three financial years ended December 31, 2017, 2018 and 2019 and the nine months period ended September 30, 2020, it generated revenue primarily from the sales of Zadaxin to Sinopharm (01099) in China. Zadaxin has been listed in the treatment guidelines for the treatment of liver cancer, pancreatic cancer and lymphoma. It is approved in multiple jurisdictions, including China and other countries such as South Korea, Thailand, Argentina, Italy, Cambodia, Singapore, the Philippines and Indonesia.

The Group sells Zadaxin through Sinopharm to 31 provinces, municipalities and autonomous regions in China as of September 30, 2020. The distribution network through Sinopharm for Zadaxin had reached approximately 1,130 class III hospitals, approximately 1,250 class II hospitals, approximately 720 pharmacies and approximately 3,560 other medical institutions in China as of September 30, 2020.

The Group also generated other income and revenue from the sales of its in-licensed product Zometa. It is indicated for the treatment of patients with multiple myeloma and patients with documented bone metastases from solid tumors, and hypercalcemia of malignancy. It also in-licensed Angiomax which is indicated for use as an anticoagulant for use in patients undergoing percutaneous coronary intervention. It is expected to be commercialized in the first quarter of 2021. In addition, it also sells promotion products for its partner pharmaceutical companies, such as Pfizer and Baxter, as a promotor and distributor for such business partners.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureHealth Care
Websitewww.sciclone.com
Board Lot500
Registrar & Transfer OfficeTricor Investor Services
GLOBAL OFFERING
No. of Offer Shares116m shares
No. of International Offer Shares104m shares
No. of HK Offer Shares11.60m shares
Offer Price$17.20 - $18.80
Nominal ValueUS$ 0.00005 each
Stock Code6600
Sponsor(s)Morgan Stanley Asia Limited; China International Capital Corporation Hong Kong Securities Limited; Credit Suisse (Hong Kong) Limited
Underwriter(s)Morgan Stanley Asia Limited; China International Capital Corporation Hong Kong Securities Limited; Credit Suisse (Hong Kong) Limited; Nomura International (Hong Kong) Limited; BOCI Asia Limited; ABCI Securities Company Limited; Zhongtai International Securities Limited
TIME TABLE
Application PeriodFeb 19 (Fri) - Noon, Feb 24 (Wed)
Price Determination DateOn or Before 5pm, Feb 24 (Wed)
Result Announcement DateOn or Before Mar 2 (Tue)
Dispatch of Shares and Refund ChequesOn or Before Mar 2 (Tue)
Dealings in Shares commence onMar 3, 2021. (Wed)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveZHAO Hong
Non-ExecutiveLI Zhenfu (Chairman), VASELLA Daniel Luzius, LIN Shirley Yi-Hsien, LI Quan, SHI Cen, WANG Xiaozhuo
Independent Non-ExecutiveLIU Guoen, CHEN Ping, GU Alex Yushao, HAYES Wendy
MAJOR SHAREHOLDERS
Director LI Zhenfu 28.78%
Central Huijin Investment12.47%
Meng Liang15.27%
Zhu Weihang7.89%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
2020 *20192018
Revenue1,584,1731,708,0681,408,869
Gross Profit1,238,1101,314,9271,105,870
Pre-Taxed Profit754,821661,171495,273
Attributable Profit for the period689,756614,604535,082
EPS - Basic (RMB)1.261.130.99
* For the nine months ended September 30, 2020.
OFFER STATISTICS (HK$)
Offer Price$17.20 - $18.80
Capitalization$11,659m - $12,744m
Unaudited pro forma adj NAV / share$2.08 - $2.34
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $18.00, the net proceeds raised would be HK$1,950.4m, of which:
* $585.1m (30.0%) for investment in potential acquisition of drug targets in China or in other global markets and funding the in-licensing of new drug candidates;
* $546.1m (28.0%) to repay existing debt;
* $507.1m (26.0%) to fund the development and commercialization of clinical-stage product candidates;
* $195.0m (10.0%) to invest in recruitment and expand sales and marketing network and commercial and development infrastructure;
* the balance of $117.0m (6.0%) as additional working capital.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
01167JACOBIO-Bdown16.400-0.380-2.265%
01349FUDANZHANGJIANGup4.3300.0501.168%
01875TOT BIOPHARM-Bup4.0100.0601.519%
01877JUNSHI BIOup75.3000.6000.803%
01952EVEREST MED-Bdown72.100-0.150-0.208%
02142HBM HOLDINGS-Bdown8.940-0.080-0.887%
02616CSTONE PHARMA-Bup9.0500.1902.144%
06160BEIGENEup179.9001.9001.067%
06600SCICLONE PHARMAup15.9000.1601.017%
06998JHBP-Bup15.3400.1200.788%
09688ZAI LAB-SBup1,294.000278.00027.362%
09926AKESO-Bup51.0001.1502.307%
09966ALPHAMAB-Bup11.2200.0400.358%
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
  Quote data is at least 15-min delayed,last updated: 14/04/2021 10:21
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