Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Shionogi is acquiring CNS biopharmaceutical company IntraBio for an upfront consideration of $2B. Ono Pharmaceutical entered exclusive license agreement with Biohaven to develop and commercialize Biohaven’s IgG degrader portfolio.</li>
<li>Celltrion launched first Xolair biosimilar in the U.S. at 15% discount to the original product. Hanmi Pharmaceutical received domestic marketing approval for Eppe (Epeglenatide), a new GLP-1 class obesity drug.</li>
<li>CSL is mutually terminating the supply agreement with Terumo and is transitioning to Haemonetics platform. The company stuck new drug development deal with Alentis Therapeutics.</li>
</ul>


Shionogi is acquiring CNS biopharmaceutical company IntraBio for an upfront consideration of $2B. Ono Pharmaceutical entered exclusive license agreement with Biohaven to develop and commercialize Biohaven’s IgG degrader portfolio.
Celltrion launched first Xolair biosimilar in the U.S. at 15% discount to the original product. Hanmi Pharmaceutical received domestic marketing approval for Eppe (Epeglenatide), a new GLP-1 class obesity drug.
CSL is mutually terminating the supply agreement with Terumo and is transitioning to Haemonetics platform. The company stuck new drug development deal with Alentis Therapeutics.


APAC Healthcare Weekly (Oct 11) – Shionogi, Terumo, Ono Pharma, Celltrion, Hanmi Pharm, CSL

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

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. </li>
<li>Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.</li>
<li>There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.</li>
</ul>


Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.


Korea: Short Selling Is Back in March; Trade Ideas

<ul>
<li>Hengrui outlicenses once-weekly oral obesity drug candidate HRS-1596, to Novo for total deal value of $2.6B. EC revoked the EU marketing authorization for Hansoh’s lung cancer drug aumolertinib.</li>
<li>Roche halts development of obesity drug candidate emugrobart and returns all rights to Chugai. Daiichi Sankyo has withdrawn the BLA seeking accelerated approval in the U.S. for I-DXd for ES-SCLC.</li>
<li>Otsuka initiates NDA submission to the FDA for zipalertinib for the treatment of NSCLC. Sun Pharma inlicenses hypercholesterolaemia and dyslipidaemia drug lerodalcibep from LIB Therapeutics.</li>
</ul>


Hengrui outlicenses once-weekly oral obesity drug candidate HRS-1596, to Novo for total deal value of $2.6B. EC revoked the EU marketing authorization for Hansoh’s lung cancer drug aumolertinib.
Roche halts development of obesity drug candidate emugrobart and returns all rights to Chugai. Daiichi Sankyo has withdrawn the BLA seeking accelerated approval in the U.S. for I-DXd for ES-SCLC.
Otsuka initiates NDA submission to the FDA for zipalertinib for the treatment of NSCLC. Sun Pharma inlicenses hypercholesterolaemia and dyslipidaemia drug lerodalcibep from LIB Therapeutics.


APAC Healthcare Weekly (Oct 4) – Hengrui, Hansoh, Chugai Pharma, Daiichi Sankyo, Otsuka, Sun Pharma

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>Celltrion is poised for accelerated growth, driven by the strong market penetration of new, high-margin biosimilar products and the strategic expansion of its product pipeline, with a goal of 18 products by 2030.</li>
 <li>The recent merger with Celltrion Healthcare streamlines operations, creating a vertically integrated business model from R&amp;D to commercialization, which is expected to enhance profitability and cost competitiveness.</li>
 <li>While demonstrating a robust financial performance and a clear growth strategy, the company faces risks from intense competition in the biosimilar market, potential regulatory hurdles, and a heavy reliance on the successful execution of its pipeline development.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Celltrion is poised for accelerated growth, driven by the strong market penetration of new, high-margin biosimilar products and the strategic expansion of its product pipeline, with a goal of 18 products by 2030.
  The recent merger with Celltrion Healthcare streamlines operations, creating a vertically integrated business model from R&amp;D to commercialization, which is expected to enhance profitability and cost competitiveness.
  While demonstrating a robust financial performance and a clear growth strategy, the company faces risks from intense competition in the biosimilar market, potential regulatory hurdles, and a heavy reliance on the successful execution of its pipeline development.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Celltrion Inc (068270 KS) - Aug 2026

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 derived our target price for Celltrion by applying a target EV/EBITDA of 28x to our 12-month forward EBITDA estimate of W2.29tr.</li><li>We slightly increased our earnings estimates following stronger-than-expected 2Q26 results driven by a rising mix of highmargin new biosimilars.</li><li>Reflecting stronger-than-expected growth and profitability from these newer biosimilars, we raised our profit forecasts by more than our revenue forecasts.</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 derived our target price for Celltrion by applying a target EV/EBITDA of 28x to our 12-month forward EBITDA estimate of W2.29tr.We slightly increased our earnings estimates following stronger-than-expected 2Q26 results driven by a rising mix of highmargin new biosimilars.Reflecting stronger-than-expected growth and profitability from these newer biosimilars, we raised our profit forecasts by more than our revenue forecasts.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.

Celltrion (068270 KS/Buy)Top-tier performance, yet still undervalued vs. peers

South Korea

Celltrion, Inc. produces and sells biosimilar products, as well as consignment processing services for other businesses.

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Celltrion (068270 KP)

APAC Healthcare Weekly (Oct 11) – Shionogi, Terumo, Ono Pharma, Celltrion, Hanmi Pharm, CSL

Shionogi is acquiring IntraBio for $2B. Ono stuck inlicensing deal with Biohaven. Hanmi’s obesity drug got approval in Korea. CSL terminates supply...

Tina Banerjee

Korea: Short Selling Is Back in March; Trade Ideas

Short selling in Korea commences from Monday. There will be a lot of interest in shorting stocks/sectors depending on how they have performed since...

Brian Freitas

APAC Healthcare Weekly (Oct 4) – Hengrui, Hansoh, Chugai Pharma, Daiichi Sankyo, Otsuka, Sun Pharma

Hengrui stuck $2.6B outlicensing deal with Novo. EC revoked EU marketing authorization of Hansoh’s aumolertinib. Otsuka initiates NDA submission to...

Tina Banerjee

Primer: Celltrion Inc (068270 KS) - Aug 2026

Celltrion is poised for accelerated growth, driven by the strong market penetration of new, high-margin biosimilar products and the strategic...

αSK Primers

Celltrion (068270 KS/Buy)Top-tier performance, yet still undervalued vs. peers

We derived our target price for Celltrion by applying a target EV/EBITDA of 28x to our 12-month forward EBITDA estimate of W2.29tr.

Mirae Asset Securities

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