Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>Strong deal flows this week: 1) Abogen/Novartis on autoimmune TCE and RNA platform; 2) Scibrunch/Merck on preclinical Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP, 4) Nhwa/Newco on sleep disorder</li>
<li>
Akeso's partner Summit announced US$2bn investment from AstraZeneca and clinical collaborations for ivonescimab with CLDN18.2 ADC sone-ve and TROP-2 ADC Datroway</li>
<li>Other updates from Hansoh's EU setback, Hutchmed's US NDA filing, Frontier Biotech's dual-targeting siRNA, Mindrank/3SBio deal, Beam vs. YolTech/Serapha...</li>
</ul>


Strong deal flows this week: 1) Abogen/Novartis on autoimmune TCE and RNA platform; 2) Scibrunch/Merck on preclinical Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP, 4) Nhwa/Newco on sleep disorder

Akeso's partner Summit announced US$2bn investment from AstraZeneca and clinical collaborations for ivonescimab with CLDN18.2 ADC sone-ve and TROP-2 ADC Datroway
Other updates from Hansoh's EU setback, Hutchmed's US NDA filing, Frontier Biotech's dual-targeting siRNA, Mindrank/3SBio deal, Beam vs. YolTech/Serapha...


China Healthcare Weekly Wrap (28 Sep - 2 Oct)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>GlaxoSmithKline plc reported its second-quarter results demonstrating an overall sales increase of 5% to over £8.4 billion, supported primarily by strong growth in Specialty Medicines (up 14%) and vaccines (up 8%).</li><li>Specialty Medicines growth was driven by key products such as Nucala, for COPD and severe asthma, whose U.S. new-to-brand prescriptions rose 69%, and the long-acting HIV treatments Cabenuva and Dovato, with Cabenuva sales up 33% driven by patient demand and prescriber confidence.</li><li>Vaccines benefited notably from the global expansion of Arexvy (RSV vaccine), along with sustained performance of meningitis vaccines and Shingrix in Europe.</li></ul>

GlaxoSmithKline plc reported its second-quarter results demonstrating an overall sales increase of 5% to over £8.4 billion, supported primarily by strong growth in Specialty Medicines (up 14%) and vaccines (up 8%).Specialty Medicines growth was driven by key products such as Nucala, for COPD and severe asthma, whose U.S. new-to-brand prescriptions rose 69%, and the long-acting HIV treatments Cabenuva and Dovato, with Cabenuva sales up 33% driven by patient demand and prescriber confidence.Vaccines benefited notably from the global expansion of Arexvy (RSV vaccine), along with sustained performance of meningitis vaccines and Shingrix in Europe.

GSK plc Buys Nuvalent — Jideytro Sparks A Precision Oncology Push!

<ul>
<li>We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...</li>
<li>BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE</li>
<li>Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...</li>
</ul>


We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...
BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE
Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...


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.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

<ul><li>GSK plc has moved deeper into oncology with an agreement to acquire Nuvalent (NASDAQ:NUVL) for an estimated $10.6 billion equity value, adding two late-stage lung cancer assets, zidesamtinib and neladalkib, plus earlier HER2 and discovery programs.</li><li>The timing is notable because GSK is already trying to sharpen its growth profile after a strong Q1 2026, when sales rose 5% to more than £7.6 billion, Specialty Medicines grew 14%, core operating profit increased 10%, and management reiterated its focus on accelerating high-potential pipeline assets through both internal R&D and business development.</li><li>Nuvalent fits that stated playbook: validated targets, differentiated profiles, and potential 2026 FDA decisions for two NSCLC drugs.</li></ul>

GSK plc has moved deeper into oncology with an agreement to acquire Nuvalent (NASDAQ:NUVL) for an estimated $10.6 billion equity value, adding two late-stage lung cancer assets, zidesamtinib and neladalkib, plus earlier HER2 and discovery programs.The timing is notable because GSK is already trying to sharpen its growth profile after a strong Q1 2026, when sales rose 5% to more than £7.6 billion, Specialty Medicines grew 14%, core operating profit increased 10%, and management reiterated its focus on accelerating high-potential pipeline assets through both internal R&D and business development.Nuvalent fits that stated playbook: validated targets, differentiated profiles, and potential 2026 FDA decisions for two NSCLC drugs.

GSK Acquisition of Nuvalent Could Redefine Its Growth Story!

United States

GSK PLC operates as a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GSK provides products for infections, depression, skin conditions, asthma, heart and circulatory disease, and cancer.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

GSK (GSK US)

China Healthcare Weekly Wrap (28 Sep - 2 Oct)

Strong deal flows this week: 1) Abogen/Novartis on in vivo mRNA TCE; 2) Scibrunch/Merck on Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP;...

Wilfred Yuen

GSK plc Buys Nuvalent — Jideytro Sparks A Precision Oncology Push!

GlaxoSmithKline plc reported its second-quarter results demonstrating an overall sales increase of 5% to over £8.4 billion, supported primarily by...

Baptista Research

China Healthcare Weekly Wrap (21-25 Sep)

We highlight 1) key studies to watch for upcoming October's ESMO updates, 2) deal flows Innocare/Lilly, BoomRay/Novartis, Earendil Labs...

Wilfred Yuen

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

GSK Acquisition of Nuvalent Could Redefine Its Growth Story!

GSK plc has moved deeper into oncology with an agreement to acquire Nuvalent (NASDAQ:NUVL) for an estimated $10.6 billion equity value, adding two...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)