Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> reported 2Q25 revenues of $1.3B, up 42% YoY (1H25 Revenue: $2.4B, up 45%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.</li>
<li>In 2Q25, U.S. sale of Brukinsa was $684M, up 43% YoY. For three consecutive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $583M in 2Q25.</li>
<li>BeiGene now expects 2025 revenue to be in the range of $5.0–5.3B (up 29–39% YoY) compared to the previous revenue guidance of $4.9–5.3B.</li>
</ul>



BeiGene (6160 HK) reported 2Q25 revenues of $1.3B, up 42% YoY (1H25 Revenue: $2.4B, up 45%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.
In 2Q25, U.S. sale of Brukinsa was $684M, up 43% YoY. For three consecutive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $583M in 2Q25.
BeiGene now expects 2025 revenue to be in the range of $5.0–5.3B (up 29–39% YoY) compared to the previous revenue guidance of $4.9–5.3B.


BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in <a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> .</li>
<li>While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind,  the last deal in the stock didn’t do well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) .
While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind,  the last deal in the stock didn’t do well.
In this note, we will talk about the placement and run the deal through our ECM framework.


Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> aims to raise around US$650m via its H-share placement.</li>
<li>The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement.
The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

Sino Biopharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.</li>
<li>With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.</li>
<li>The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.</li>
</ul>



Sino Biopharmaceutical (1177 HK) is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.
With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.
The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.


Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> granted an exclusive worldwide license to develop, manufacture, and commercialize HS-20094, an investigational dual GLP-1/GIP receptor agonist.</li>
<li>Globally, the only approved dual GLP-1/GIP receptor agonist is Eli Lilly’s Zepbound, which garnered revenue of $4.9B in 2024, with a potential of peak global sales of $27.2B by 2030.</li>
<li>Hansoh’s mainstay drug Ameile was approved for an additional indication of treatment of adult patients with stage II to IIIB NSCLC whose tumors have EGFR mutations.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) granted an exclusive worldwide license to develop, manufacture, and commercialize HS-20094, an investigational dual GLP-1/GIP receptor agonist.
Globally, the only approved dual GLP-1/GIP receptor agonist is Eli Lilly’s Zepbound, which garnered revenue of $4.9B in 2024, with a potential of peak global sales of $27.2B by 2030.
Hansoh’s mainstay drug Ameile was approved for an additional indication of treatment of adult patients with stage II to IIIB NSCLC whose tumors have EGFR mutations.


Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

United Kingdom

AstraZeneca PLC is a Swedish-British multinational pharmaceutical and biotechnology company focused on the discovery, development, manufacture, and commercialization of prescription medicines. The company specializes in therapeutic areas including oncology, cardiovascular, renal and metabolism, respiratory and immunology, rare diseases, and vaccines. AstraZeneca was founded in 1999 through the merger of Sweden's Astra AB and the UK's Zeneca Group PLC, and its headquarters are located in Cambridge, UK.

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AstraZeneca (AZN SS)

BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

Beigene announced positive topline results from Phase 1/2 study of sonrotoclax, a next-generation and potentially best-in-class investigational...

Tina Banerjee

Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) . In this note, we talk...

Sumeet Singh

Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement. In this note, we run the deal through our ECM framework and talk...

Sumeet Singh

Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

Sino Biopharmaceutical is acquiring China-based clinical-stage biopharma company LaNova Medicines for $500M, enhancing its oncology capabilities...

Tina Banerjee

Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

Hansoh Pharma grants license for dual GLP-1/GIP receptor agonist to Regeneron, aiming to tap global weight loss market. Flagship drug Ameile also...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

Beigene announced positive topline results from Phase 1/2 study of sonrotoclax, a next-generation and potentially best-in-class investigational...

Tina Banerjee

Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) . In this note, we talk...

Sumeet Singh

Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement. In this note, we run the deal through our ECM framework and talk...

Sumeet Singh

Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

​Sino Biopharmaceutical is acquiring China-based clinical-stage biopharma company LaNova Medicines for $500M, enhancing its oncology capabilities...

Tina Banerjee

Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

​Hansoh Pharma grants license for dual GLP-1/GIP receptor agonist to Regeneron, aiming to tap global weight loss market. Flagship drug Ameile also...

Tina Banerjee

Sino Biopharmaceutical is acquiring China-based clinical-stage biopharma company LaNova Medicines for $500M, enhancing its oncology capabilities...

Hansoh Pharma grants license for dual GLP-1/GIP receptor agonist to Regeneron, aiming to tap global weight loss market. Flagship drug Ameile also...