Cellular Biomedicine Group

US: CBMG

$316.8m market cap

$17.52 last close

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

Investment summary

Cellular Biomedicine Group (CBMG) is a trans-Pacific cell therapy company developing products in China and the US. It has signed an agreement with Novartis to manufacture the CAR-T therapy Kymriah for the Chinese market. It also has a series of internal CAR-T programs, which will be entering the clinic in late 2018 and 2019. Additionally, it is adapting its knee osteoarthritis (KOA) treatment ReJoin as an allogeneic product, AlloJoin, which recently completed Phase I testing.

Y/E Dec
Revenue (US$m)
EBITDA (US$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
Last updated on 21/02/2019
Industry outlook

The company is focusing on advancing its CAR-T pipeline. The first CAR-T therapies were just recently approved in 2017 for the treatment of ALL and DLBCL, with developing ongoing in other hematologic malignancies such as multiple myeloma. Progress in the space has triggered significant M&A interest: Gilead bought Kite Pharma for $12bn in August 2017, and Celgene has an outstanding tender offer for Juno Therapeutics at $9bn.

Last updated on 21/02/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (US$m) 30.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (7.4) (3.5) 8.1
Relative* (10.8) (7.8) 5.3
52-week high/low US$23.6/US$12.3
*% relative to local index
Key management
Terry A Belmont Chairman
Sarah Kelly Director of Corporate Communications
Tony (Bizuo) Liu Executive Officer and interim CFO