Singzyme – Opportunity
analysis
Summary
Document last updated on 18th, Nov-24
Company Singzyme (US)
Date of incorporation Apr-21
Founders Prof. Julien Lescar, Prof. Chuan Fa Liu,
Sector/Sub-sector Medicine
Primary market US
Primary GTM motion Licensing of molecules post-trials
Current traction Pre-revenue
Current burn US$ 4M (proj) for 2025
Singzyme opportunity analysis – Our views and key insights
1. Sector and target market
a. Broadly, Singzyme is working on the molecules for cancer care through next-
generation ADCs (Anti-drug conjugates) which is a more effective immuno-
therapy vs traditional therapy like chemotherapy
b. Antibody-drug conjugates have emerged as a viable and potent option to
selectively eradicate the tumor population, with minimal side effects. Till date,
several clinical trials have demonstrated the efficacy and therapeutic
superiority (over conventional cancer treatment options) of antibody-drug
conjugates
c. Our view: Given the problem space and the nature of the solution, the target
market would primarily be the pharma & medicine companies to which the
molecule can be licensed.
2. Market and competition
a. The global antibody drug conjugate market is estimated to be worth US$
7.72B in 2023. These represent the revenues generated by the sales of
various ADC therapeutics. Driven by the growing demand for effective
therapeutics for the treatment of oncological disorders, along with a growing
developmental pipeline and encouraging clinical trial results, the antibody-
drug conjugates market is anticipated to grow at a CAGR of ~10%
b. Large companies are present in this space like Pfizer (Mylotarg and Besponsa),
Roche (Kadcyla), Seagen/Takeda (Adcetris)
c. There have been M&A transactions in the market with a few of them being:
i. Genmab’s acquisition of ProfoundBio for US$ 1.2B
ii. J&J’s acquisition if Ambrx for US$ 2B
iii. Pfizer’s acquisition of ADC developer Seagen for US$ 43B
d. Our view: The overall market for ADCs is growing rapidly with new patents
being filed and M&A activity being high. The consumer market is expected to
grow by ~10% and the company has the 2 prong strategy of both launching
the patient-facing brand as well as licensing the molecule to other large
organisations.
3. Team
a. The team right now is led by two healthcare professionals (scientists) and has
renowned and experienced directors on the board. In future, the team will
need experienced sales and finance professionals to sign deals with the
pharmaceutical companies.
4. Revenue and scale
a. Our view:
i. With both patient-facing brands and licensing to other pharma
companies, the Company is projecting revenue of US$ 33M by 2033
(~70% of which will come from licensing). The company is expected to
burn ~US$ 4-6M each year for the next 5 years without any significant
revenue
ii. The Company has 4 molecules in Batch 1 of which one is in pre-trial
and the Company is expecting monetisation within a year
iii. The industry does have high risks involved, namely, research, legal,
safety and cost. All of these have a low-to-mid level possibility of
occurrence but can lead to very high severity if it happen.
Overall team view:
1. We are not the best experts to provide views/feedback in the segment given we do
not take positions in pre-product and pre-revenue companies. We typically come in
companies where the technology, PMF and GTM risks are covered, hence significantly
reducing the risk of our portfolio
