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CASI Pharmaceuticals (CASI)

Business description

CASI is a pharmaceutical company that has acquired or licensed a series of drugs that it intends to market in China. These include proprietary drugs licensed from Spectrum Pharmaceuticals and a portfolio of ANDAs. The goal is to seek approval through new pathways that have been opened in the quickly changing Chinese regulatory environment.

Stock data

Market cap.US$365m
Last closeUS$3.90
High / Low (52 weeks)US$8.2 / US$2.7
Stock market listingUS
Forecast net cash (US$m)69.8
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual2.9(40.2)18.9
Relative *10.0(34.8)19.1

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2016A 0.0 (6.4) (6.5) (11.56) N/A N/A
2017A 0.0 (10.0) (10.1) (16.45) N/A N/A
2018E 0.0 (18.4) (18.8) (22.61) N/A N/A
2019E 9.6 (10.6) (15.1) (15.84) N/A N/A

Last updated on 29/11/2018

Latest research

Investment summary

We are initiating coverage on CASI Pharmaceuticals, which is focused on leveraging regulatory synergies between the US and China to quickly bring products to market. The regulatory environment in China is rapidly evolving and is actively encouraging the entry of foreign drugs. CASI intends to leverage this with a portfolio of three proprietary oncology drugs (licensed from Spectrum) and 30 ANDAs (bought from Sandoz and Laurus Labs). We arrive at an initial valuation of $754m or $8.06 per share.

Last updated on 29/11/2018

Key management

Ken Ren, CEO
Alexander Zukiwski, Chief Medical Officer
Tracy Zhao , Director IR
Cynthia Hu, Chief Operating Officer

Company address

9620 Medical Center Drive, Suite 300
Rockville
20854
United States
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