Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>On 7 April, Lunit priced its rights offering at 26,750 won, which was 15.5% lower than the initial expected rights offering price of 31,650 won announced on 30 January 2026.</li>
<li>The total amount of the capital raise is 211.5 billion won, which is lower than the initial 250 billion won that the company was aiming for.</li>
<li>I believe Lunit's share price could rebound slightly after the rights offering price has been announced in the next few weeks.</li>
</ul>


On 7 April, Lunit priced its rights offering at 26,750 won, which was 15.5% lower than the initial expected rights offering price of 31,650 won announced on 30 January 2026.
The total amount of the capital raise is 211.5 billion won, which is lower than the initial 250 billion won that the company was aiming for.
I believe Lunit's share price could rebound slightly after the rights offering price has been announced in the next few weeks.


Lunit: A Short-Term Share Price Rebound Post Pricing of Rights Offering?

<ul>
<li>After the market close on 30 January, Lunit (328130 KS) announced a rights offering capital raise of about 250 billion won (US$176 million).</li>
<li>The number of shares to be issued is 7,906,816, with a new share price of 31,650 won per share, which is 21% lower than current price of 40,200 won.</li>
<li>Lunit continues to trade at relatively fat valuation multiples. It is trading at P/S of 15.1x in 2026 and 12.9x in 2027.</li>
</ul>


After the market close on 30 January, Lunit (328130 KS) announced a rights offering capital raise of about 250 billion won (US$176 million).
The number of shares to be issued is 7,906,816, with a new share price of 31,650 won per share, which is 21% lower than current price of 40,200 won.
Lunit continues to trade at relatively fat valuation multiples. It is trading at P/S of 15.1x in 2026 and 12.9x in 2027.


Lunit - Rights Offering of 250 Billion Won

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Henlius Biotech’s serplulimab is a step ahead for EU approval for two indications. InSilico Medicine inked a licensing and drug discovery collaboration with Eli Lilly for $115M upfront payment.</li>
<li>Shionogi completes acquisition of Radicava and stake increase in ViiV Healthcare. Mochida Pharmaceutical inked licensing deal with LG Chem for marketing of Dinagest in South Korea and Thailand.</li>
<li>Samsung Biologics has completed its acquisition of a manufacturing facility in Rockville, Maryland from GSK. SK Biopharmaceuticals has submitted NDA to the FDA for the oral suspension formulation of Xcopri.  </li>
</ul>


Henlius Biotech’s serplulimab is a step ahead for EU approval for two indications. InSilico Medicine inked a licensing and drug discovery collaboration with Eli Lilly for $115M upfront payment.
Shionogi completes acquisition of Radicava and stake increase in ViiV Healthcare. Mochida Pharmaceutical inked licensing deal with LG Chem for marketing of Dinagest in South Korea and Thailand.
Samsung Biologics has completed its acquisition of a manufacturing facility in Rockville, Maryland from GSK. SK Biopharmaceuticals has submitted NDA to the FDA for the oral suspension formulation of Xcopri.  


APAC Healthcare Weekly (April 5) – Henlius Biotech, InSilico, Shionogi, Samsung Bio, SK Biopharma

<ul>
<li>3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.</li>
<li>Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.</li>
<li>Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.</li>
</ul>


3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.
Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.
Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.


APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

<ul>
<li>CSPC Pharmaceutical’s NDA for Anbenitamab injection has been accepted in China. Phase 2 trial of Lead candidate of TransThera Sciences, Tinengotinib in combination with Fulvestrant for breast cancer got approval.</li>
<li>Samsung Biologics signed CMO contract worth $1.3B with a U.S.-based pharmaceutical company. Daiichi Sankyo reported positive clinical trial result for ifinatamab deruxtecan in SCLC.</li>
<li>Sun Pharmaceutical’s Halol facility is under import alert, resulting in the refusal of shipments from the facility into the U.S. Biocon inaugurates its first U.S. manufacturing facility in New Jersey.</li>
</ul>


CSPC Pharmaceutical’s NDA for Anbenitamab injection has been accepted in China. Phase 2 trial of Lead candidate of TransThera Sciences, Tinengotinib in combination with Fulvestrant for breast cancer got approval.
Samsung Biologics signed CMO contract worth $1.3B with a U.S.-based pharmaceutical company. Daiichi Sankyo reported positive clinical trial result for ifinatamab deruxtecan in SCLC.
Sun Pharmaceutical’s Halol facility is under import alert, resulting in the refusal of shipments from the facility into the U.S. Biocon inaugurates its first U.S. manufacturing facility in New Jersey.


APAC Healthcare Weekly (September 14)–CSPC Pharm, TransThera, Samsung Bio, Daiichi Sankyo, Sun Pharm

South Korea

Lunit Inc. operates as a medical software company. The Company develops chest x-ray analysis artificial intelligence software, mammography analysis artificial intelligence software, immunooncology tissue phenomics artificial intelligence software, and expression analysis artificial intelligence software. Lunit markets its products worldwide.

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Lunit (328130 KS)

Lunit - Rights Offering of 250 Billion Won

After the market close on 30 January, Lunit (328130 KS) announced a rights offering capital raise of about 250 billion won (US$176 million).

Douglas Kim

APAC Healthcare Weekly (April 5) – Henlius Biotech, InSilico, Shionogi, Samsung Bio, SK Biopharma

Henlius’ serplulimab is a step ahead for EU approval for two indications. InSilico inked $2.75B deal with Lilly. SK Biopharmaceuticals applied for...

Tina Banerjee

APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

3SBio will spin-off and separately list its subsidiary. Celltrion got EC approval for Remsima IV liquid. Hanmi Pharm is acquiring Aptose...

Tina Banerjee

APAC Healthcare Weekly (September 14)–CSPC Pharm, TransThera, Samsung Bio, Daiichi Sankyo, Sun Pharm

CSPC Pharma’s NDA for Anbenitamab injection has been accepted in China. TransThera got trial approval for lead candidate. Samsung Bio signed $1.3B...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lunit: A Short-Term Share Price Rebound Post Pricing of Rights Offering?

On 7 April, Lunit priced its rights offering at 26,750 won, which was 15.5% lower than the initial expected rights offering price of 31,650 won...

Douglas Kim

Lunit - Rights Offering of 250 Billion Won

After the market close on 30 January, Lunit (328130 KS) announced a rights offering capital raise of about 250 billion won (US$176 million).

Douglas Kim

APAC Healthcare Weekly (April 5) – Henlius Biotech, InSilico, Shionogi, Samsung Bio, SK Biopharma

Henlius’ serplulimab is a step ahead for EU approval for two indications. InSilico inked $2.75B deal with Lilly. SK Biopharmaceuticals applied for...

Tina Banerjee

APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

3SBio will spin-off and separately list its subsidiary. Celltrion got EC approval for Remsima IV liquid. Hanmi Pharm is acquiring Aptose...

Tina Banerjee

APAC Healthcare Weekly (September 14)–CSPC Pharm, TransThera, Samsung Bio, Daiichi Sankyo, Sun Pharm

CSPC Pharma’s NDA for Anbenitamab injection has been accepted in China. TransThera got trial approval for lead candidate. Samsung Bio signed $1.3B...

Tina Banerjee