Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hisamitsu Pharmaceutical Co / Event-Driven

<ul>
<li>A Bloomberg article mid-morning suggests the 53yr old CEO - a member of the founding family of <a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a> will launch a ~¥450bn MBO with bank financing.</li>
<li>Revenues are growing. Earnings less so. It's not well-covered. It's an old company with LOTS of cross-holdings and cash. The family doesn't own much but crossholders do.</li>
<li>Valuation vs Future Earnings are a question. There are some private holdings which may be worth more than their book value but this may be tough to block. </li>
</ul>


A Bloomberg article mid-morning suggests the 53yr old CEO - a member of the founding family of Hisamitsu Pharmaceutical Co (4530 JP) will launch a ~¥450bn MBO with bank financing.
Revenues are growing. Earnings less so. It's not well-covered. It's an old company with LOTS of cross-holdings and cash. The family doesn't own much but crossholders do.
Valuation vs Future Earnings are a question. There are some private holdings which may be worth more than their book value but this may be tough to block. 


[Japan M&A] Reports of Hisamitsu "Family" MBO at ~¥450bn (Suggests ¥6400) Preview

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Hisamitsu Pharmaceutical Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a> reported revenue of ¥34.7B in 1HFY26 down 1% YoY, mainly dragged by subdued performance by Salonpas focused OTC pharmaceutical products.</li>
<li>Rx business revenues grew 6% as Zicthoru, Apohide, Combipatch,Vivelle-Dot etc clocked healthy numbers excepting Mohrus product line.</li>
<li>Hisamitsu reiterated FY26 guidance expecting revenue to be ¥165B with profits growth expected to decelerate on higher cost.</li>
</ul>



Hisamitsu Pharmaceutical Co (4530 JP) reported revenue of ¥34.7B in 1HFY26 down 1% YoY, mainly dragged by subdued performance by Salonpas focused OTC pharmaceutical products.
Rx business revenues grew 6% as Zicthoru, Apohide, Combipatch,Vivelle-Dot etc clocked healthy numbers excepting Mohrus product line.
Hisamitsu reiterated FY26 guidance expecting revenue to be ¥165B with profits growth expected to decelerate on higher cost.


Hisamitsu Pharma (4530 JP): New Products Take Mantle as Salonpas, Mohrus Slows, Guidance Reiterated

Thematic (Sector/Industry)

<ul>
<li>Wuxi XDC partnered with Akari Therapeutics to accelerate IND filing for Akari’s ADC program. Xuanzhu Biopharmaceutical entered licensing agreement with Boston Oncology for upfront and milestone payments of $100M+.</li>
<li>Shionogi secured $119M BARDA contract for manufacturing, procurement, and expanded development of Fetroja for biothreat-related infections. ABL Bio’s partner has received Orphan Drug Designation from the FDA for tovecimig.</li>
<li>PharmaEssentia signed an investment agreement for a new manufacturing facility in Puerto Rico. Max Healthcare Institute is acquiring 58.4% stake in 250-bedded Kalinga Hospital for INR3B.</li>
</ul>


Wuxi XDC partnered with Akari Therapeutics to accelerate IND filing for Akari’s ADC program. Xuanzhu Biopharmaceutical entered licensing agreement with Boston Oncology for upfront and milestone payments of $100M+.
Shionogi secured $119M BARDA contract for manufacturing, procurement, and expanded development of Fetroja for biothreat-related infections. ABL Bio’s partner has received Orphan Drug Designation from the FDA for tovecimig.
PharmaEssentia signed an investment agreement for a new manufacturing facility in Puerto Rico. Max Healthcare Institute is acquiring 58.4% stake in 250-bedded Kalinga Hospital for INR3B.


APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia

<ul>
<li>Daiichi Sankyo’s indication expansion application for Enhertu has been accepted for review by FDA for certain types of breast cancers. Santen’s new drug application has been accepted in China.  </li>
<li>Hanmi Pharm entered into a global licensing agreement with Gilead Sciences granting Gilead the exclusive rights to develop and commercialize encequidar. Boryung is acquiring Sanofi’s cytotoxic anti-cancer drug Taxotere.</li>
<li>IHH Healthcare received SEBI approval for mandatory open offer for 26% stake in Fortis Healthcare. Lupin has launched Liraglutide prefilled pen, bioequivalent to Victoza, in the U.S.</li>
</ul>


Daiichi Sankyo’s indication expansion application for Enhertu has been accepted for review by FDA for certain types of breast cancers. Santen’s new drug application has been accepted in China.  
Hanmi Pharm entered into a global licensing agreement with Gilead Sciences granting Gilead the exclusive rights to develop and commercialize encequidar. Boryung is acquiring Sanofi’s cytotoxic anti-cancer drug Taxotere.
IHH Healthcare received SEBI approval for mandatory open offer for 26% stake in Fortis Healthcare. Lupin has launched Liraglutide prefilled pen, bioequivalent to Victoza, in the U.S.


APAC Healthcare Weekly (October 5) – Daiichi Sankyo, Santen, Hanmi Pharm, Boryung, IHH Health, Lupin

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Kobayashi Pharmaceutical Co / Event-Driven

<ul>
<li>CVC and NSSK are reportedly proposing a buyout of <a href="https://www.smartkarma.com/entities/kobayashi-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:14930:1" rel="noopener">Kobayashi Pharmaceutical Co (4967 JP)</a> worth over JPY500bn, possibly with the founding family. That implies JPY6,406 a share, a 9% premium.</li>
<li>While the offer appears attractive relative to precedent and peer multiples, Oasis, the largest shareholder, is unlikely to back it.</li>
<li>At the rumoured offer, Oasis will get a 17% return on its average cost, which is modest. The Taisho privatisation precedent suggests Oasis will push for a higher offer. </li>
</ul>


CVC and NSSK are reportedly proposing a buyout of Kobayashi Pharmaceutical Co (4967 JP) worth over JPY500bn, possibly with the founding family. That implies JPY6,406 a share, a 9% premium.
While the offer appears attractive relative to precedent and peer multiples, Oasis, the largest shareholder, is unlikely to back it.
At the rumoured offer, Oasis will get a 17% return on its average cost, which is modest. The Taisho privatisation precedent suggests Oasis will push for a higher offer. 


Kobayashi Pharma (4967 JP): CVC/NSSK Buyout Rumour Faces an Oasis Hurdle

Japan

HISAMITSU PHARMACEUTICAL CO., INC. produces and sells pharmaceutical products. The Company's main product is anti-inflammatory analgesic plasters and poultices sold under the brand name Salonpas.  Hisamitsu Pharmaceutical exports its products to North America and Southeast Asia.  The Company also researches and develops antibacterial products through its related company, RRF.

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Hisamitsu Pharmaceutical Co (4530 JP)

[Japan M&A] Reports of Hisamitsu "Family" MBO at ~¥450bn (Suggests ¥6400) Preview

Bloomberg reported and the co confirme Hisamitsu Pharma is facing privatisation. Hisamitsu expects to announce more today. Crossholders and family...

Travis Lundy

Hisamitsu Pharma (4530 JP): New Products Take Mantle as Salonpas, Mohrus Slows, Guidance Reiterated

Hisamitsu 1HFY26 revenue down 1% YoY. With new products gaining momentum, overseas market delivering growth alongside company’s stable guidance...

Tina Banerjee

APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia

Wuxi XDC inked deal with Akari Therapeutics. Xuanzhu Bio entered licensing deal with Boston Oncology. Shionogi secured $119M BARDA contract for...

Tina Banerjee

APAC Healthcare Weekly (October 5) – Daiichi Sankyo, Santen, Hanmi Pharm, Boryung, IHH Health, Lupin

Daiichi Sankyo’s label expansion application for Enhertu has been accepted by FDA. Hanmi Pharm entered into global licensing agreement with Gilead...

Tina Banerjee

Kobayashi Pharma (4967 JP): CVC/NSSK Buyout Rumour Faces an Oasis Hurdle

While the offer appears attractive relative to precedent and peer multiples, Oasis, the largest shareholder, is unlikely to back it. A higher offer...

Arun George

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[Japan M&A] Reports of Hisamitsu "Family" MBO at ~¥450bn (Suggests ¥6400) Preview

Bloomberg reported and the co confirme Hisamitsu Pharma is facing privatisation. Hisamitsu expects to announce more today. Crossholders and family...

Travis Lundy

Hisamitsu Pharma (4530 JP): New Products Take Mantle as Salonpas, Mohrus Slows, Guidance Reiterated

​Hisamitsu 1HFY26 revenue down 1% YoY. With new products gaining momentum, overseas market delivering growth alongside company’s stable guidance...

Tina Banerjee

APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia

Wuxi XDC inked deal with Akari Therapeutics. Xuanzhu Bio entered licensing deal with Boston Oncology. Shionogi secured $119M BARDA contract for...

Tina Banerjee

APAC Healthcare Weekly (October 5) – Daiichi Sankyo, Santen, Hanmi Pharm, Boryung, IHH Health, Lupin

Daiichi Sankyo’s label expansion application for Enhertu has been accepted by FDA. Hanmi Pharm entered into global licensing agreement with Gilead...

Tina Banerjee

Kobayashi Pharma (4967 JP): CVC/NSSK Buyout Rumour Faces an Oasis Hurdle

While the offer appears attractive relative to precedent and peer multiples, Oasis, the largest shareholder, is unlikely to back it. A higher offer...

Arun George

Hisamitsu 1HFY26 revenue down 1% YoY. With new products gaining momentum, overseas market delivering growth alongside company’s stable guidance...