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ADIM Investor Presentation 2016
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? ?TWSE 4142
Nov, 2016
Notes:
Disclaimer
The presentation and the relevant information mentioned in this material, including operating performance, financial performance and the business outlook, have been compiled from both internal and external resources.
These forward looking statements involve known and unknown risks, uncertainties and other factors, including price variation, competition, global economy, exchange rate movement and market demand, which may cause actual results to differ materially from those implied by such forward-looking statements.
This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.
The forward looking statements expressed in this material reflect the Company’s current view about the future as of today. The Company is not responsible for any updates if there are any changes in the future.
Contents
Executive Summary
Experienced and Solid Mgmt Team
Top in Asia
Strategy for Future Growth
Appendix
Contents
Executive Summary
Experienced and Solid Mgmt Team
Top in Asia
Strategy for Future Growth
Appendix
The Most Qualified Vaccine Provider in Asia
Founded in 1965
Ticker: 4142 TT
278 Full Time Employees
Dedicated research, development and manufacturing of human vaccine and aseptic PFS Filling
Revenue of NT$290mn/156 mn in 2015/1H2016
Market cap of US$171 mn (as of 2016/10/24)
Headquarters: Taichung, Taiwan
cGMP Vaccine Facility: ?Certificate: EU, China, Korea and Taiwan cGMP obtained. Capacity: 25mn doses/yr (flu)
cGMP PFS Filling Facility: ?Certificate: USA, EU and Taiwan cGMP obtained. Capacity: 25mn doses/yr
Notes:
Value Creation – Adimmune Style
We are a vertically-integrated, innovative bio-pharma company excel in high-quality human vaccine R&D and manufacturing, aseptic prefilled syringe filling, multinational vaccine registration, branding and strategic producing partnership, with a steady revenue stream.
We have deep collaboration relationship with national academic institutes (e.g. Academia Sinica, NHRI, DCB, ITRI) and ready to move on to other bio-pharma products.
We are the only vaccine provider in Asia that has obtained USA, EU, China, Korea and Taiwan cGMP. And we will obtain Japan cGMP in 2017.
Our superior quality is led by > 50 years of experience in cGMP vaccine manufacturing and collaborating with Japan and European MNCs.
Our solid capabilities in high-quality commercial scale human vaccine manufacturing and PFS filling enables us to expand our business to China, Europe, Japan and the US.
Contents
Executive Summary
Experienced and Solid Mgmt Team
Top in Asia
Strategy for Future Growth
Appendix
Excellent Leadership
Chi-Hsien Chan, M.D.
Chairman & CEO
From 1997, Dr. Chan held several important positions in Taiwan government, including the Minister of Health and Welfare, Chairman of National Health Research Institutes, National Policy Advisor to the President and Senior Advisor to the President.
He was the president at Chi Mei Medical Center for 15 years beginning in 1989.
Dr. Chan trained as a medical doctor (Yale and Thomas Jefferson, USA), and following clinical practice at Pomona Valley Hospital Medical Center, California, and became the Director of the Department of Surgery at Pomona Valley Hospital Medical Center.
Owing to his solid experience in both the private and public sectors, and extensive knowledge of the healthcare industry, Dr. Chan was nominated and elected to be the Chairman of Adimmune, since 2008.
Notes:
Experienced and Solid Management Team
Chung-Cheng Liu, Ph.D.
General Manager
Over 30-yrs experience
VP General Director of Industrial
Technology Research Institute (ITRI)?Ph.D., Biochemistry, Princeton University
Chin-Chuan Chang, Ph.D.
COO, VP of R&D
Over 25-yrs experience
Scientist, Development Center for Biotech.?Ph.D. Chemical Engineering and Material
Science, UC Davis
Chin-Yi Chiu, Ph.D.
VP of Quality Assurance
Over 25-yrs experience
Sector Manager, Bureau of Food & Drug
Analysis, TFDA
Ph.D. Cell & Mol. Biology, Univ. of Massachusetts
Simon Kao
VP of Business Division
Over 25-yrs experience
Taiwan General Manager & Greater China
Regional Manager, Medtronic
EMBA, National Chengchi University
Peter Pan
General Counsel
Over 30-yrs experience
General Counsel, Vanguard International
Semiconductor Corporation
LL.M. University of Pennsylvania
Vic Chang, CIA
CFO, Director of Strategic Planning
20-yrs experience
Internal Auditing Manager, Special Assistant
to Chairman
MBA, University of Houston
Contents
Executive Summary
Experienced and Solid Mgmt Team
Top in Asia
Strategy for Future Growth
Appendix
Current Leadership Engineers Transformation
Adimmune has over time developed from a vaccine agent to the state of the art cGMP facility with proprietary know-how and intellectual property.
Led by Chairman Chan, Adimmune has transformed into a profit and shareholder value focused company and listed on TWSE since 2012. Dr. Chan introduced new management team and started a series of initiatives from innovation to international partnership. It is proved that Adimmune plays an important role in global vaccine and biologic product value chain.
2016
2015
TWSE Listed
PFS facility obtained Taiwan cGMP
Hong Kong flu vaccine approval obtained
Export vaccine antigen to Kitasato Daiichi-Sankyo for Japan market
Expected to obtain Flu Vaccine (4 Strains) approval in Taiwan
PFS facility obtained US cGMP
2014
2013
Export Flu Vaccine to Protein Sciences for US market
Supplied 10mn doses of A/H1N1 vaccine for pandemic use
2012
Partnership with Crucell for European Market
2011
Founded
Partnership with Kitasato Institute
Partnership with Techdow for PFS filling for EU market
Total 15 European countries (1) flu vaccine approval obtained
Licensed in EV71 vaccine from NHRI
Obtained Taiwan cGMP
2009
China flu vaccine approval obtained
Taiwan Cell based Japanese Encephalitis vaccine approval obtained
2008
Vaccine facility obtained EU cGMP
2007
New Mgmt Team in place leading the transformation of the new Adimmune
1992
1965
Note: (1) 15 European countries are including Germany, UK, Italy, Switzerland, Austrial, Ireland, Spain, Portugal, Nederland, Belgium,Luxembourg, Sweden, Norway, Denmark, Finland
Key Strength
Key Strength
Solid R&D Capability
R&D Track Record: Influenza Vaccine, Pandemic A/H1N1 Vaccine, Japanese Encephalitis Vaccine and Tetanus Vaccine
Pipeline: pandemic H7N9/H5N1 Vaccine, Cell-cultured Japanese Encephalitis Vaccine, Enterovirus 71 vaccine, Recombinant Protein Production Platform and therapeutic/diagnostic monoclonal antibody
Collaboration for future pipeline: National academic institutes such as Academia Sinica, NHRI, DCB and ITRI
Strong Technology Background
Flu vaccine international partner in the past: Kitasato Institute, Japan. Crucell (a J&J company)
Obtained Certification: USA, Europe, China, Korea and Taiwan cGMP certificate
Expecting Certification: Japan will start inspection process in 2017 (vaccine)
Internationalized Talent Pool
Management team captained leading academia institution and renowned MNCs with successful track record
Highly professional production line staff with extensive experience from R&D to commercial scale manufacturing
Key Strength
Scale-up & Commercial manufacturing
Since founded in 1965, Adimmune has supplied:
Flu vaccine: 20mn doses
A/H1N1: 10mn doses
Japanese Encephalitis: 21mn doses
Tetanus: 16mn doses
Capacity: vaccine 25mn/yr, PFS 25mn/yr
Current capacity is sufficient for the growth strategy, no significant Capex needed in next 5 years
Strategic Producing Partnership
Upstream Partnership: Export 4 strains Flu Vaccine bulk to Kitasato Daiichi-Sankyo for Japan market
Downstream Partnership: Collaborate with Techdow for Enoxaparin to export to Europe. Export PFS flu vaccine to Protein Sciences for US market
Owing to the nature of bio-pharma industry, once a strategic producing partnership is established, relationships necessarily remain long term
Top Flu Vaccine provider in Asia
Adimmune is the most qualified and internationally recognized flu vaccine provider/ PFS filling facility in Asia, with ample capacity
| Company | Country | Flu Vaccine | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| | | cGMP Obtained | | | | | Capacity (mn) |
| | | EU | USA | Japan | China | Korea | |
| Adimmune | Taiwan | √ | √ | √(1) | √ | √ | 25 |
| BioFarma | Indonesia | | | | | | 4 |
| IVAC Vabiotech | Viet Nam | | | | | | 1 |
| GPO | Thailand | | | | | | 5 |
| Panacea Biotec SII | India | | | | | | 10 |
| Green Cross | Korea | | | | | √ | |
| Biken | Japan | | | √ | | | 10 |
| Chemo-Sero-Therapeutic Research Institute | Japan | | | √ | | | 10 |
| Denka Seiken | Japan | | | √ | | | 10 |
| Kitasato Daiichi Sankyo | Japan | | | √ | | | 12 |
| Hualan | China | | | | √ | | 25 |
| Sinopharm (Tiantan) | China | | | | √ | | 4 |
| Sinovac | China | | | | √ | | 10 |
| Tianyuan | China | | | | √ | | 15 |
(1) Japan will start inspection in 2017
Notes:
Contents
Executive Summary
Experienced and Solid Mgmt Team
Top in Asia
Strategy for Future Growth
Appendix
Growth Strategy
Diversify Technology
International Marketing
Multiple Products
Existing technology to maintain high-quality, high throughput manufacturing
New technology for new products
New technology to reduce risk of contamination
New technology to reduce time-to-market for emergency outbreak
New product to respond to the needs of next generation vaccine
New product to fulfill unmet medical needs
New product to enrich product mix and create new revenue source
New product to tackle new markets
Achieve market access though cGMP certification from different countries/region
Solid track record to become long term strategic producing partner with US, Japan and Europe MNCs
Adimmune branded product for Europe and China
Improve utilization rate
Become the gateway into China and major healthcare countries
Diversify Technology
Multiple Products
Products in 2016
Products by 2018
Future Products
Flu vaccine (3 strains)
Flu vaccine (3 strains)
Existing Products
Flu vaccine (4 strains)
Avian Flu pandemic vaccine
Cell Cultured Japanese Encephalitis vaccine
Mouse brain-derived Japanese Encephalitis vaccine
Monoclonal Antibodies
Protein Drugs
Tetanus Vaccine
Tetanus Vaccine
Other New Vaccines & Products
Tuberculin
Tuberculin
Enterovirus 71 vaccine
New Strategic Producing Partner
Bacillus Calmette-Guerin Vaccine
Enoxaparin Sodium (PFS)
U.S. Flu vaccine (PFS)
Through its diligence in R&D, more products will enter domestic and global markets in the following 3 years.
By 2018, new products: 4 strains Flu vaccine, Cell cultured Japanese Encephalitis vaccine, Enterovirus 71 vaccine will hit the market. As well as PFS filling product Enoxaparin Sodium Injection and Flu vaccine for Protein Science.
Global Market Expansion
| European Union |
| --- |
| Flu Vaccine (4 Strains) PFS Enoxaparin Sodium Injection |
| Japan |
| --- |
| Flu Vaccine (4 Strains) |
| USA |
| --- |
| PFS Flu Vaccine (4 Strains) |
| China |
| --- |
| Flu Vaccine (3 Strains) |
| Taiwan |
| --- |
| Flu Vaccine (4 Strains) Enterovirus 71 vaccine Cell Cultured Japanese Encephalitis vaccine Tetanus vaccine Tuberculin |
Our Commitment to Shareholders
To maintain our position as the leading vaccine and PSF filling solution provider in Asia.
To become the gateway to China and Global Market.
To deliver a consistent high quality with proprietary technology, and to fully utilize our capacity.
We also pledge that our primary focus will be the maximization of returns to our shareholders via the potential of our promising growth strategy.
We believe in high standards of corporate governance and investing in our employees and the communities where we do business.
Contents
Executive Summary
Experienced and Solid Mgmt Team
Taiwan No. 1
Strategy for Future Growth
Appendix
Major Achievements in 1H2016
Notes:
