Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Five weeks ago, JIC announced a delay in the commencement of the Tender Offer to buy <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, originally scheduled to start by end-December 2023. </li>
<li>In the <a href="https://www.j-ic.co.jp/en/news/pdf/E_20231219_JIC_JICC_PressRelease.pdf" target="_blank" rel="noopener">announcement</a>, they said they expected the deal to start by end-February. In the press conference afterwards, JIC CEO Yokoo <a href="https://www.reuters.com/world/asia-pacific/jic-chief-says-no-issues-with-chinese-antitrust-regulator-over-jsr-buyout-2023-12-20/" target="_blank" rel="noopener">said</a> "no particular issues with the Chinese regulator." </li>
<li>He then added he expected the deal to be done by March-end. Language is vague. I expect that means to start by then, but even then, annualised is now 30%.</li>
</ul>


Five weeks ago, JIC announced a delay in the commencement of the Tender Offer to buy JSR Corp (4185 JP), originally scheduled to start by end-December 2023. 
In the announcement, they said they expected the deal to start by end-February. In the press conference afterwards, JIC CEO Yokoo said "no particular issues with the Chinese regulator." 
He then added he expected the deal to be done by March-end. Language is vague. I expect that means to start by then, but even then, annualised is now 30%.


JSR (4185) - Very Juicy Arb Return At Expected Timeline

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

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Equity Bottom-Up

<ul><li>Merck KGaA has moved quickly under new CEO Kai Beckmann, agreeing to acquire Bio-Techne (NASDAQ:TECH) in an all-cash transaction valued at roughly $11.3 billion to $11.4 billion.</li><li>The proposed deal, priced at $73 per share, represents a 24% premium to Bio-Techne’s prior closing price and would be Merck’s largest acquisition since its $17 billion purchase of Sigma-Aldrich more than a decade ago.</li><li>The timing is important: Merck has faced flat sales growth in recent years, its shares remain materially below 2022 levels, and Beckmann has already signaled that acquisitions will be a central lever for growth across the group.</li></ul>

Merck KGaA has moved quickly under new CEO Kai Beckmann, agreeing to acquire Bio-Techne (NASDAQ:TECH) in an all-cash transaction valued at roughly $11.3 billion to $11.4 billion.The proposed deal, priced at $73 per share, represents a 24% premium to Bio-Techne’s prior closing price and would be Merck’s largest acquisition since its $17 billion purchase of Sigma-Aldrich more than a decade ago.The timing is important: Merck has faced flat sales growth in recent years, its shares remain materially below 2022 levels, and Beckmann has already signaled that acquisitions will be a central lever for growth across the group.

Merck’s $11 Billion Bio-Techne Bet Could Change Everything!

<ul><li>Merck & Co., Inc. reported first-quarter 2026 revenues of $16.3 billion, reflecting a 5% increase year-over-year or 3% excluding foreign exchange effects.</li><li>Growth was primarily driven by strength in Oncology, Animal Health, and new product launches.</li><li>The KEYTRUDA family, a key oncology franchise, generated $8 billion in sales, up 8%, benefiting from strong demand in metastatic and early-stage cancers, particularly tumors prevalent in women and urothelial cancer.</li></ul>

Merck & Co., Inc. reported first-quarter 2026 revenues of $16.3 billion, reflecting a 5% increase year-over-year or 3% excluding foreign exchange effects.Growth was primarily driven by strength in Oncology, Animal Health, and new product launches.The KEYTRUDA family, a key oncology franchise, generated $8 billion in sales, up 8%, benefiting from strong demand in metastatic and early-stage cancers, particularly tumors prevalent in women and urothelial cancer.

Merck: Hematology, HIV & Oncology—The Pipeline Power Play Behind Its Next Growth Wave!

<ul><li>Merck & Co. is reportedly in advanced talks to acquire Terns Pharmaceuticals in an all-cash transaction valued at about $6 billion, according to the text provided in this conversation.</li><li>The reported interest arrives at a highly consequential moment for Merck.</li><li>Management has been explicit that the company is reshaping its portfolio ahead of Keytruda’s expected loss of exclusivity, while also using disciplined business development to add late-stage and strategically relevant assets.</li></ul>

Merck & Co. is reportedly in advanced talks to acquire Terns Pharmaceuticals in an all-cash transaction valued at about $6 billion, according to the text provided in this conversation.The reported interest arrives at a highly consequential moment for Merck.Management has been explicit that the company is reshaping its portfolio ahead of Keytruda’s expected loss of exclusivity, while also using disciplined business development to add late-stage and strategically relevant assets.

Merck Acquisition Shock: Is The $6B Terns Takeover A Game-Changer?

<ul><li>When Merck & Co. reported Phase 3 data showing its two-drug HIV regimen of doravirine and islatravir matched the efficacy of Gilead Sciences’ Biktarvy, it wasn’t just another clinical headline.</li><li>It was a strategic signal.</li><li>The study showed non-inferiority at 48 weeks in treatment-naïve adults with HIV-1, with a similar safety profile.</li></ul>

When Merck & Co. reported Phase 3 data showing its two-drug HIV regimen of doravirine and islatravir matched the efficacy of Gilead Sciences’ Biktarvy, it wasn’t just another clinical headline.It was a strategic signal.The study showed non-inferiority at 48 weeks in treatment-naïve adults with HIV-1, with a similar safety profile.

Merck Just Matched Gilead — But The REAL Story Is Portfolio Defense!

United States

Merck & Co., Inc. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

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Merck KGaA has moved quickly under new CEO Kai Beckmann, agreeing to acquire Bio-Techne (NASDAQ:TECH) in an all-cash transaction valued at roughly...

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Merck & Co. is reportedly in advanced talks to acquire Terns Pharmaceuticals in an all-cash transaction valued at about $6 billion, according...

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When Merck & Co. reported Phase 3 data showing its two-drug HIV regimen of doravirine and islatravir matched the efficacy of Gilead Sciences’...

Baptista Research

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