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News of BeyondSpring’s CRL Worsens Sentiment in Chinese Biotech, but Read-Through Should Be Limited

Jay Lee Senior Equity Analyst

Analyst Note

| Jay Lee |

On Dec. 1, the Chinese biotech company BeyondSpring Pharmaceuticals (Nasdaq: BYSI, not covered) received a complete response letter, or CRL, from the U.S Food and Drug Administration, or FDA, regarding its application for approval of plinabulin for the prevention of chemotherapy-induced neutropenia, or CIN. Although this is likely contributing to the negative sentiment weighing on the Chinese biotech sector, we believe the read-through to other companies should be limited. We are not updating our fair value estimates s at this time.

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Company Profile

Business Description

I-MAB Biopharma is a clinical-stage biotech company in China that listed on Nasdaq in January 2020. Its first commercial drug will be felzartamab for the China market, a CD38 inhibitor for multiple myeloma, which we estimate will be launched in 2022. Core assets include lemzoparlimab, a potential best-in-class CD47 inhibitor; uliledlimab, a potential best-in-class CD73 inhibitor; and efineptakin alfa, a potential first-in-class long-acting IL-7 drug for tumors and treatment-associated lymphopenia.

88 Shangke Road, Suite 802, West Tower, OmniVision
Shanghai, 201210, China, People's Republic of
T +86 2160578000
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 228