Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.</li>
<li>WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.</li>
<li>Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.</li>
</ul>


Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.
WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.
Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.


APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

CG Power and Industrial Solutions / Index Rebalance

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-March and/or end-December.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 11 stocks with passive inflows from global trackers while 5 could have passive outflows in August.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-March and/or end-December.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 11 stocks with passive inflows from global trackers while 5 could have passive outflows in August.


India: Potential Free Float Changes & Passive Flows in August

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Dr Agarwal's Health Care Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.


Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). </li>
<li>
These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.</li>
<li>A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.</li>
</ul>


Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). 

These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.
A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.


The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>As per IQVIA, IPM saw a strong growth for Jun’25 at 11.5% YoY (vs 7% in Apr’25 and FY25, +7% YoY in Jun’24) with 5% YoY growth in units</li><li>The growth was broad-based and led by strong growth in Cardiac and Respiratory as well as recovery in other key therapies like anti-diabetics, anti-infective, gastro, VMN, and pain</li><li>For Q1FY26, IPM grew 9% YoY with unit growth of 1%.</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.

As per IQVIA, IPM saw a strong growth for Jun’25 at 11.5% YoY (vs 7% in Apr’25 and FY25, +7% YoY in Jun’24) with 5% YoY growth in unitsThe growth was broad-based and led by strong growth in Cardiac and Respiratory as well as recovery in other key therapies like anti-diabetics, anti-infective, gastro, VMN, and painFor Q1FY26, IPM grew 9% YoY with unit growth of 1%.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.

Pharmaceuticals: IPM: 11.5% value and 5% unit growth in Jun’25

India

Cadila Healthcare Ltd. manufactures, and markets healthcare solutions ranging from formulations, active pharmaceutical ingredients, vaccines, diagnostics, health and dietetic foods, animal healthcare to cosmeceuticals.  The Company's products are available in tablets, capsules, injections, liquids, dry syrups, powders, granules, and ointments.

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Zydus Lifesciences Ltd (ZYDUSLIF IN)

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

India: Potential Free Float Changes & Passive Flows in August

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 2...

Brian Freitas

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care (DAH) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Sudarshan Bhandari

Pharmaceuticals: IPM: 11.5% value and 5% unit growth in Jun’25

As per IQVIA, IPM saw a strong growth for Jun’25 at 11.5% YoY (vs 7% in Apr’25 and FY25, +7% YoY in Jun’24) with 5% YoY growth in units

HDFC Securities

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APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

India: Potential Free Float Changes & Passive Flows in August

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 2...

Brian Freitas

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care (DAH) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

​Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Sudarshan Bhandari

Pharmaceuticals: IPM: 11.5% value and 5% unit growth in Jun’25

As per IQVIA, IPM saw a strong growth for Jun’25 at 11.5% YoY (vs 7% in Apr’25 and FY25, +7% YoY in Jun’24) with 5% YoY growth in units

HDFC Securities

Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...