can you summarize this company in a few sentences for me?


Business Description
• Hasten is an independent entity set up to acquire Takeda China’s cardiovascular, critical care and diabetes portfolio and team. With the acquisition, Hasten now has Takeda China’s portfolio consisting of:
o Products: 4 commercial brands and 1 new launch, with RMB900mn sales in 2022, 10% sales CAGR (17-22) and RMB263mn EBITDA. Key products include Ebrantil, the golden standard treatment for hypertension crisis, and Edarbi, a newly launched best-in-class hypertension drug with USD100mn+ of peak sales potential.
o Commercial team: Over 500 employees transferred from Takeda, with strong coverage in Emergency Room (“ER”), Intensive Care Unit (“ICU”), Cardiovascular (“CV”) and neurosurgery departments.
• Subsequently in Q1 2023, Hasten added two bolt-on mature China assets, Rocephin (anti-infective drug) and Stilamin (emergency care drug), which has strong commercial synergies with the existing portfolio.
• CBC recruited a highly experienced senior management team to operate the business since day one.
Investment Thesis & Structure
• Hasten’s existing portfolio has strong topline growth momentum:
o Ebrantil, with dedicated effort starting only at 2018, presents with strong growth potential.
 HCP awareness is still low, presenting opportunity for market shaping.
 Suboptimal coverage of only ~30% potential hospitals, implying opportunity for expansion.
 Best-in-class brand with optimal convenience comparing with generics (key factor for urgent use).
o Edarbi, with best-in-class profile and newly launched; presents peak sales potential of USD100mn+.
• Attractive EBITDA outlook
o High gross margin of 88% and EBITDA margin of 38%; Low sales rep productivity indicates room for optimization.
o Strong EBITDA of USD45mn in 2021 and expected to ramp up to USD140mn in 2026.
• Identified bolt-on assets have strong commercial synergies
o Hasten has a robust and dedicated sales team, with extensive hospital coverage.
o Bolt-on assets focus on promotion in the internal medicine, CV, ER and ICU departments, with strong salesforce synergies with Hasten.
• Opportunity to build onto leading primary care commercial platform:
o Hasten is well positioned as a leading China Biopharma commercial platform, positioned for further future bolt-on and BD opportunities in primary care.
• CBC invested in Hasten on March 11, 2022, with Hasten closing the acquisition of Takeda’s assets on
C-BRIDGE HEALTHCARE FUND V, L.P. MARCH 31, 2023
Strictly Private and Confidential 22
March 31, 2022.
• Hasten signed two bolt-on transactions in Q1 2023 to acquire two mature assets in China, with strong commercial synergies with the Takeda portfolio:
o Rocephin: Roche originated anti-infective drug with unparalleled brand equity in China; and
• Stilamin: Merck originated emergency care drug, with superior profile of broad indication coverage, strong efficacy evidence and broad guideline recommendation.
Recent Events & Key Initiatives
• Financial performance
o Achieved total sales of RMB218mn in Q1 2023, representing a 14% y-o-y growth:
 Ebrantil registered RMB139m in sales, representing a 33% y-o-y growth and 12% over budget.
 Edarbi performed well, having recorded sales which was 312% over budget, and listed with 501 hospitals.
 Blopress was out-of-stock in January and February 2023, weighing down budget expectations for the quarter. The issue was nonetheless resolved at end-March 2023, and stocks will be replenished in the upcoming quarters.
o Hasten recorded RMB25mn of EBITDA in Q1 2023, 29% lower than the budget, largely owing to Blopress’ supply issue and FX losses. The Blopress inventory is expected to be restocked in order to close the EBITDA gap in the next two quarters.
• Fundraising updates
o Completed USD315mn equity and RMB1,100mn debt fundraising in April 2023, which the Fund participated in (equity portion).
• M&A/ business development
o Two active bolt-on deals (Fleming and Apple) both signed in Q1 2023
o BD pipeline update:
 Bolt-on M&A: Additional opportunities in active discussion
 License-in (progress by # of assets): 94 engaged, 19 pre-DD completed, 9 actively ongoing, 5 with non-binding term sheet (“NBTS”) sent and 3 with NBTS signed
• Market Authorization Holder (“MAH”) transfer: Hasten Hefei Drug Manufacturing Permit (“DMP”) application submission completed; Anhui Medical Products Administration (“MPA”) on-site inspection completed and Corrective Action and Preventive Action (“CAPA”) report preparation is ongoing.
• National Reimbursement Drug List (“NRDL”): Edarbi NRDL effective starting from March 2023. 305 new hospitals listed in the 1.5 months after being on the NRDL.
• Alliance: Face-to-face meeting with Takeda in early May 2023. Target to sign technology transfer (“TT”) agreement by end-May 2023.