Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn. </li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn. 
The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a> revenue up 1% YoY in FY25 as royalty income from HIV franchise compensates for lower sales from infectious disease drugs.</li>
<li>Torii pharma and JT’s pharma division acquisition augurs well in terms of products category diversification.</li>
<li>NDA for zuranolone, a treatment in development for major depressive disorder (MDD) submitted. JTE-061 (tapinarof) and TO-208 from Torii opens up opportunities in Japan market.</li>
</ul>



Shionogi &amp; Co (4507 JP) revenue up 1% YoY in FY25 as royalty income from HIV franchise compensates for lower sales from infectious disease drugs.
Torii pharma and JT’s pharma division acquisition augurs well in terms of products category diversification.
NDA for zuranolone, a treatment in development for major depressive disorder (MDD) submitted. JTE-061 (tapinarof) and TO-208 from Torii opens up opportunities in Japan market.


Shionogi & Co (4507 JP): Change Of Gears Likely From FY26, Torii Acquisition Augurs Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumitomo-pharma-co" target="_blank" data-smartkarma-citation="entities:1935:1" rel="noopener">Sumitomo Pharma (4506 JP)</a> reported 27% YoY revenue growth during FY25, driven by North America.</li>
<li>Restructuring and streamlining efforts help curb expenses and post a core operating profit of ¥43B during FY25.</li>
<li>Sumitomo focus on future with “Reboot 2027” amid FY26 guidance of revenue drop because of Aptiom and forex. Core operating profit is expected to increase by 30%.</li>
</ul>



Sumitomo Pharma (4506 JP) reported 27% YoY revenue growth during FY25, driven by North America.
Restructuring and streamlining efforts help curb expenses and post a core operating profit of ¥43B during FY25.
Sumitomo focus on future with “Reboot 2027” amid FY26 guidance of revenue drop because of Aptiom and forex. Core operating profit is expected to increase by 30%.


Sumitomo Pharma (4506 JP): Back in Black; Rebooting For Future With Focus On Regenerative Medicine

<ul>
<li>In FY25, <a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> reported 6% YoY growth in revenue, driven by 3Ls. Operating profit rose 2% YoY and net profit climbed 9% YoY to ¥46B.</li>
<li>Eisai guided for FY26 revenue of ¥790B, flat YoY. Revenue for Leqembi is expected to grow significantly (¥76.5B, up 73% YoY). Operating profit is expected to remain flat at ¥54.5B.</li>
<li>Leqembi’s potential market expansion holds promise, especially in the developed economies with the proportion of aged population gradually on the rise and with a dearth of suitable treatment options available.</li>
</ul>


In FY25, Eisai Co Ltd (4523 JP) reported 6% YoY growth in revenue, driven by 3Ls. Operating profit rose 2% YoY and net profit climbed 9% YoY to ¥46B.
Eisai guided for FY26 revenue of ¥790B, flat YoY. Revenue for Leqembi is expected to grow significantly (¥76.5B, up 73% YoY). Operating profit is expected to remain flat at ¥54.5B.
Leqembi’s potential market expansion holds promise, especially in the developed economies with the proportion of aged population gradually on the rise and with a dearth of suitable treatment options available.


Eisai Co Ltd (4523 JP): Leqembi at a Growth Juncture as New Markets Open Up; Margins Under Pressure

<ul>
<li>We have a deal in <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a>. It's big, liquid, and a great place to hide for long-only investors who are bearish the market.</li>
<li>Li Shufu-backed <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a> offers an ordinary 13.6% premium for 65.7-held <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">Zeekr (ZK US)</a>. Li/Geely have the necessary votes to force a privatisation.  But still might bump terms.</li>
<li>
<a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> has now strongly overbid Minebea's weak overbid of Yageo's strong overbid of Minebea's weak overbid of Yageo's initial hostile offer for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>.</li>
</ul>


We have a deal in NTT Data Corp (9613 JP). It's big, liquid, and a great place to hide for long-only investors who are bearish the market.
Li Shufu-backed Geely Auto (175 HK) offers an ordinary 13.6% premium for 65.7-held Zeekr (ZK US). Li/Geely have the necessary votes to force a privatisation.  But still might bump terms.

Yageo Corporation (2327 TT) has now strongly overbid Minebea's weak overbid of Yageo's strong overbid of Minebea's weak overbid of Yageo's initial hostile offer for Shibaura Electronics (6957 JP).


Last Week in Event SPACE: NTT Data Corp, Zeekr, Shibaura Electronics, Swire Pacific/ThaiNamthip

Japan

Eisai Co., Ltd. produces prescription drugs and medical equipment and sells mainly to sales agents and subsidiaries.  Through its subsidiary, Sanko Junyaku, the Company produces and sells diagnostic drugs.  Eisai also markets its products through related companies in the US, Europe, and Asia.  The Company also manufactures and sells foods, livestock feeds, chemical, and agrochemicals.

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Eisai Co Ltd (4523 JP)

(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

For the month of May, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$27bn. The average premium for the new deals...

David Blennerhassett

Shionogi & Co (4507 JP): Change Of Gears Likely From FY26, Torii Acquisition Augurs Well

Shionogi sees revenue rise in FY25 as royalties offset lower infectious disease drug sales. Acquisition and new drug submissions signal product...

Tina Banerjee

Sumitomo Pharma (4506 JP): Back in Black; Rebooting For Future With Focus On Regenerative Medicine

Sumitomo Pharma sees strong revenue growth in FY25 driven by North America. The company is focusing on future with “Reboot 2027” amid FY26...

Tina Banerjee