Cellular Biomedicine Group


Market Cap$263.8m

Last Close $12.99

Cellular Biomedicine Group is a biotechnology company developing cell-based therapeutics with operations primarily in China.

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Investment summary

Cellular Biomedicine Group (CBMG) announced it has signed an exclusive partnership with Novartis to manufacture the CAR-T therapy Kymriah in China. Novartis retains all marketing responsibility and CBMG will be entitled to both a mark-up on manufacturing costs and an escalating single-digit royalty on sales. Additionally, Novartis will take an equity stake in CBMG of approximately 9%: $40m at $27.43/share. Our valuation is lifted to $535m (from $353.1m).

Y/E Dec
Revenue (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2016A 0.6 (15.7) (18.1) (134.30) N/A N/A
2017A 0.3 (19.2) (20.1) (140.41) N/A N/A
2018E 0.1 (22.7) (27.1) (143.01) N/A N/A
2019E 5.3 (17.5) (21.6) (108.59) N/A N/A
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Share price graph
Balance sheet
Forecast net cash (US$m) 30.3
Forecast gearing ratio (%) N/A
Price performance
Actual 5.3 (14.3) (40.3)
Relative* 3.1 (16.9) (42.3)
52-week high/low US$23.6/US$11.2
*% relative to local index
Key management
Terry A Belmont Chairman
Sarah Kelly Director of Corporate Communications
Tony (Bizuo) Liu Executive Officer and interim CFO