Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Sichuan Kelub Biotech’s sac-TMT in combination with Keytruda as a first-line treatment for PD-L1-negative non-squamous NSCL) met primary endpoint. NMPA accepted CSPC Pharma’s NDA for Trastuzumab Envedotin (HER2-targeted ADC).</li>
<li>InSilico Medicine announced a multi-target strategic alliance with Bora Pharmaceuticals. Eisai secured FDA approval for a once-weekly Leqembi subcutaneous autoinjector as an initiation dose for Alzheimer’s disease.</li>
<li>Celltrion obtained domestic approval for Phase 1 clinical trials for its Tremfya biosimilar candidate, CT-P68. Mesoblast achieved target of 300 patients treated in Phase 3 trial of rexlemestrocel-L for CLBP.</li>
</ul>


Sichuan Kelub Biotech’s sac-TMT in combination with Keytruda as a first-line treatment for PD-L1-negative non-squamous NSCL) met primary endpoint. NMPA accepted CSPC Pharma’s NDA for Trastuzumab Envedotin (HER2-targeted ADC).
InSilico Medicine announced a multi-target strategic alliance with Bora Pharmaceuticals. Eisai secured FDA approval for a once-weekly Leqembi subcutaneous autoinjector as an initiation dose for Alzheimer’s disease.
Celltrion obtained domestic approval for Phase 1 clinical trials for its Tremfya biosimilar candidate, CT-P68. Mesoblast achieved target of 300 patients treated in Phase 3 trial of rexlemestrocel-L for CLBP.


APAC Healthcare Weekly (July 19) – Kelun Bio, CSPC Pharma, Insilico, Eisai, Celltrion, Mesoblast

<ul>
<li>Sino Biopharmaceutical received approval for Benmelstobart plus Anlotinib for alveolar soft part sarcoma in China. Wuxi Biologics announced that three of its manufacturing facilities received GMP certification from South Korea.</li>
<li>Astellas Pharma has been granted Priority Review status by the FDA for indication expansion application for Padcev. Eisai’s Phase 3 trial evaluating Lenvima in RCC did not meet primary endpoints.</li>
<li>Celltrion started patient dosing for three of its novel ADC-based anticancer drug candidates. Cochlear has reduced FY26 underlying net profit guidance to A$290–330M from A$435–460M.</li>
</ul>


Sino Biopharmaceutical received approval for Benmelstobart plus Anlotinib for alveolar soft part sarcoma in China. Wuxi Biologics announced that three of its manufacturing facilities received GMP certification from South Korea.
Astellas Pharma has been granted Priority Review status by the FDA for indication expansion application for Padcev. Eisai’s Phase 3 trial evaluating Lenvima in RCC did not meet primary endpoints.
Celltrion started patient dosing for three of its novel ADC-based anticancer drug candidates. Cochlear has reduced FY26 underlying net profit guidance to A$290–330M from A$435–460M.


APAC Healthcare Weekly (April 26) – Sino Bio, Wuxi Bio, Astellas Pharma, Eisai, Celltrion, Cochlear

<ul>
<li>Insilico Medicine entered into outlicensing agreement for ISM8969 with Hygtia Therapeutics for upfront and milestone payment of $66M. Daiichi Sankyo’s Enhertu got its sixth indication approval in China.</li>
<li>Shionogi will pick up Pfizer’s 11.7% stake in HIV-focused ViiV Healthcare for $2.1B. Alteogen signed an exclusive license agreement with GSK’s subsidiary Tesaro for ALT-B4 for upfront payment of $20M.</li>
<li>HK inno.N completes enrolment for Phase 3 clinical trial for its once-weekly GLP-1 obesity drug candidate, IN-B00009. Sun Pharmaceutical has received approval for generic version of semaglutide injection in India.</li>
</ul>


Insilico Medicine entered into outlicensing agreement for ISM8969 with Hygtia Therapeutics for upfront and milestone payment of $66M. Daiichi Sankyo’s Enhertu got its sixth indication approval in China.
Shionogi will pick up Pfizer’s 11.7% stake in HIV-focused ViiV Healthcare for $2.1B. Alteogen signed an exclusive license agreement with GSK’s subsidiary Tesaro for ALT-B4 for upfront payment of $20M.
HK inno.N completes enrolment for Phase 3 clinical trial for its once-weekly GLP-1 obesity drug candidate, IN-B00009. Sun Pharmaceutical has received approval for generic version of semaglutide injection in India.


APAC Healthcare Weekly (January 25) – InSilico, Daiichi, Shionogi, Alteogen, HK Inno, Sun Pharma

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

<ul>
<li>The Indian diagnostic sector has exited the post-COVID "volume hangover." Leading players are pivoting from pandemic-era testing to sustainable drivers: wellness packages, specialized testing (oncology/genomics), and aggressive Tier-3/4 expansion.</li>
<li>Organized chains currently hold 20-24% market share. With pricing discipline returning and digital aggregators reducing discounts, listed players are poised to gain share from the unorganized fragment (80% of market).  </li>
<li>Valuations have corrected to attractive levels. We see a strong re-rating potential for pan-India players with robust balance sheets capable of funding M&amp;A and organic expansion.</li>
</ul>


The Indian diagnostic sector has exited the post-COVID "volume hangover." Leading players are pivoting from pandemic-era testing to sustainable drivers: wellness packages, specialized testing (oncology/genomics), and aggressive Tier-3/4 expansion.
Organized chains currently hold 20-24% market share. With pricing discipline returning and digital aggregators reducing discounts, listed players are poised to gain share from the unorganized fragment (80% of market).  
Valuations have corrected to attractive levels. We see a strong re-rating potential for pan-India players with robust balance sheets capable of funding M&amp;A and organic expansion.


Thematic Report on India Diagnostics: The Great Consolidation and the Rise of Organized Chains

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.</li>
<li>Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.
Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.


Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

India

Dr. Lal PathLabs Limited is an Indian diagnostic and healthcare service provider, offering a comprehensive range of pathology, radiology, and cardiology tests. The company's services include routine blood and urine tests, specialized screenings for conditions like diabetes and cancer, and preventive health check-ups. Headquartered in New Delhi, India, the company was founded in 1949.

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Dr. Lal PathLabs (DLPL IN)

APAC Healthcare Weekly (July 19) – Kelun Bio, CSPC Pharma, Insilico, Eisai, Celltrion, Mesoblast

Kelun Biotech’s sac-TMT met primary endpoint in Phase 3 trial. FDA approves Eisai’s Leqembi Iqlik for Alzheimer’s starting therapy. Mesoblast met...

Tina Banerjee

APAC Healthcare Weekly (April 26) – Sino Bio, Wuxi Bio, Astellas Pharma, Eisai, Celltrion, Cochlear

Sino Bio got fourth indication approval for Benmelstobart plus Anlotinib. Wuxi Biologics’ three facilities got Korean GMP certification. FDA...

Tina Banerjee

APAC Healthcare Weekly (January 25) – InSilico, Daiichi, Shionogi, Alteogen, HK Inno, Sun Pharma

InSilico entered outlicensing deal. Daiichi’s Enhertu got China approval for 6th indication. Shionogi will pick up Pfizer’s stake in ViiV...

Tina Banerjee

Thematic Report on India Diagnostics: The Great Consolidation and the Rise of Organized Chains

Indian diagnostic sector shifts focus from pandemic testing to sustainable growth drivers, with listed players poised to gain market share from...

Nimish Maheshwari

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

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APAC Healthcare Weekly (July 19) – Kelun Bio, CSPC Pharma, Insilico, Eisai, Celltrion, Mesoblast

Kelun Biotech’s sac-TMT met primary endpoint in Phase 3 trial. FDA approves Eisai’s Leqembi Iqlik for Alzheimer’s starting therapy. Mesoblast met...

Tina Banerjee

APAC Healthcare Weekly (April 26) – Sino Bio, Wuxi Bio, Astellas Pharma, Eisai, Celltrion, Cochlear

Sino Bio got fourth indication approval for Benmelstobart plus Anlotinib. Wuxi Biologics’ three facilities got Korean GMP certification. FDA...

Tina Banerjee

APAC Healthcare Weekly (January 25) – InSilico, Daiichi, Shionogi, Alteogen, HK Inno, Sun Pharma

InSilico entered outlicensing deal. Daiichi’s Enhertu got China approval for 6th indication. Shionogi will pick up Pfizer’s stake in ViiV...

Tina Banerjee

Thematic Report on India Diagnostics: The Great Consolidation and the Rise of Organized Chains

​Indian diagnostic sector shifts focus from pandemic testing to sustainable growth drivers, with listed players poised to gain market share from...

Nimish Maheshwari

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

Indian diagnostic sector shifts focus from pandemic testing to sustainable growth drivers, with listed players poised to gain market share from...