Core Viewpoint - On November 3, 2023, Innovent Biologics announced the termination of the subscription agreement between Lostrancos and Fortvita, following a significant drop in market value of approximately HKD 15 billion over four consecutive days [1][2] Group 1: Company Actions and Responses - The company reiterated its positive vision for international business development and decided not to proceed with the subscription due to mixed feedback from shareholders [1][2] - CFO You Fei stated that Fortvita currently has no financing plans and expressed a willingness to consider investor opinions for more acceptable methods of supporting international development [1][2] - Following the announcement, Innovent's stock price surged by 8.99% to HKD 38.200 per share, with a market capitalization of HKD 62.5 billion [1] Group 2: Financial Details and Market Reactions - The initial subscription involved a capital increase by management through Lostrancos to Fortvita, acquiring 12.8083 million new Pre-A series preferred shares for USD 20.5 million, valuing Fortvita at a net asset basis with no premium [2] - Investors raised concerns about the perceived undervaluation of Fortvita, which holds significant assets that are currently under development [2] - Innovent's product revenue exceeded RMB 2.3 billion in Q3 2023, marking a year-on-year growth of over 40%, with total revenue for the first three quarters of 2024 reaching RMB 6.111 billion, surpassing the full-year revenue of RMB 5.728 billion in 2023 [4] Group 3: Product Pipeline and Market Position - Fortvita has applied for patents related to several key pipelines, including Claudin18.2/CD3 bispecific antibody (IBI389), Claudin18.2 ADC (IBI343), and PD-1/IL-2 bispecific antibody (IBI363), all of which are in the oncology field [3] - IBI363 is noted as a first-in-class product with promising Phase I trial data and is currently undergoing Phase II trials in the U.S., having received FDA fast track designation for melanoma [3] - The company plans to launch four products by 2025, including those in collaboration with partners, ensuring a steady pipeline for future growth [4]
信达生物“认错”了