Abstract: Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors. In our previous note, we looked at the company’s core products, its pre-IPO investors and management team. We also look at updates from its latest prospectus. In this note, we provide an risk-adjusted SOTP valuation for the company.
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