Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Simcere entered into license agreement with Vigonvita for new indications of Deuterated Remdesivir Hydrobromide. Kelun Biotech inked partnership with Crescent Biopharma to develop and commercialize oncology therapeutics, including novel combinations.</li>
<li>Samsung Biologics is acquiring land for third campus in Songdo, Icheon for KRW249B. SK Biopharmaceutical signed supply agreement with Eckert &amp; Ziegler for actinium-225 for the development of next-generation radiopharmaceutical.</li>
<li>Daiichi Sankyo won a court appeal for its long-running legal battle with Seagen. Biocon made settlement agreement with Amgen clearing commercialization path for its Denosumab biosimilars in Europe and RoW.</li>
</ul>


Simcere entered into license agreement with Vigonvita for new indications of Deuterated Remdesivir Hydrobromide. Kelun Biotech inked partnership with Crescent Biopharma to develop and commercialize oncology therapeutics, including novel combinations.
Samsung Biologics is acquiring land for third campus in Songdo, Icheon for KRW249B. SK Biopharmaceutical signed supply agreement with Eckert &amp; Ziegler for actinium-225 for the development of next-generation radiopharmaceutical.
Daiichi Sankyo won a court appeal for its long-running legal battle with Seagen. Biocon made settlement agreement with Amgen clearing commercialization path for its Denosumab biosimilars in Europe and RoW.


APAC Healthcare Weekly (December 7) – Simcere, Kelun Bio, Samsung Biologics, Daiichi Sankyo, Biocon

<ul>
<li>Sichuan Kelun-Biotech announces Phase 3 trial success for ADC-Keytruda combination therapy in first-line lung cancer. ImmuneOnco received Phase 3 trial approval for IMM0306 lenalidomide combination for follicular lymphoma in China.</li>
<li>Otsuka received FDA accelerated approval of Voyxact for immunoglobulin A nephropathy. Eisai has completed FDA submission of Leqembi Iqlik subcutaneous autoinjector as a weekly starting dose for early Alzheimer’s disease.</li>
<li>Alteogen secures $15M milestone payment from Merck as Keytruda subcutaneous formulation gets EU approval. SK Biopharmaceuticals in-licenses second radiopharmaceutical candidate, which has potential to target clear cell renal cell carcinoma.  </li>
</ul>


Sichuan Kelun-Biotech announces Phase 3 trial success for ADC-Keytruda combination therapy in first-line lung cancer. ImmuneOnco received Phase 3 trial approval for IMM0306 lenalidomide combination for follicular lymphoma in China.
Otsuka received FDA accelerated approval of Voyxact for immunoglobulin A nephropathy. Eisai has completed FDA submission of Leqembi Iqlik subcutaneous autoinjector as a weekly starting dose for early Alzheimer’s disease.
Alteogen secures $15M milestone payment from Merck as Keytruda subcutaneous formulation gets EU approval. SK Biopharmaceuticals in-licenses second radiopharmaceutical candidate, which has potential to target clear cell renal cell carcinoma.  


APAC Healthcare Weekly (November 30) – Kelun Bio, ImmuneOnco, Otsuka, Eisai, Alteogen, SK Biopharma

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul><li>We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.</li><li>E-commerce growth has also been rebounding since 3Q25.</li><li>Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.E-commerce growth has also been rebounding since 3Q25.Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

<ul><li>With the BOK expected to keep the base rate unchanged through 2H25, market interest rates have begun to rise. This is favorable for banks’ NIMs.</li><li>Amid tightening regulations on household loans, banks are seeking to sustain loan growth by expanding SME lending.</li><li>The recent improvement in credit cost ratios is positive. And with non-interest income, CET1 ratios, and shareholder returns all improving, we see further upside to shareholder return ratios.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With the BOK expected to keep the base rate unchanged through 2H25, market interest rates have begun to rise. This is favorable for banks’ NIMs.Amid tightening regulations on household loans, banks are seeking to sustain loan growth by expanding SME lending.The recent improvement in credit cost ratios is positive. And with non-interest income, CET1 ratios, and shareholder returns all improving, we see further upside to shareholder return ratios.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mirae Asset Minutes [2025: Volume 21]Biweekly strategy meeting recap

<ul><li>Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth</li><li>Global liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in Sep</li><li>The ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-end</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growthGlobal liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in SepThe ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-endContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mirae Asset Minutes [2025: Volume 20]Biweekly strategy meeting recap

South Korea

Samsung Biologics Co.,Ltd. manufactures bio-healthcare products. The Company develops, refines, and distributes biopharmaceutical products.

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Samsung Biologics (207940 KS)

APAC Healthcare Weekly (December 7) – Simcere, Kelun Bio, Samsung Biologics, Daiichi Sankyo, Biocon

Simcere stuck license pact with Vigonvita. Kelun Bio inked partnership with Crescent Biopharma. Samsung Biologics is acquiring land for third...

Tina Banerjee

APAC Healthcare Weekly (November 30) – Kelun Bio, ImmuneOnco, Otsuka, Eisai, Alteogen, SK Biopharma

Kelun Bio announces Phase 3 trial success for ADC-Keytruda combo in first-line lung cancer. Otsuka got FDA approval for IgAN drug. Alteogen secures...

Tina Banerjee

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 21]Biweekly strategy meeting recap

With the BOK expected to keep the base rate unchanged through 2H25, market interest rates have begun to rise. This is favorable for banks’ NIMs.

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 20]Biweekly strategy meeting recap

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth

Mirae Asset Securities

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