Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> and <a href="https://www.smartkarma.com/entities/knight-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:25454:1" rel="noopener">Knight Therapeutics (GUD CN)</a> entered into exclusive license and supply agreements to commercialize Myfembree, Orgovyx, and vibegron in Canada.</li>
<li>Sumitomo Pharma and <a href="https://www.smartkarma.com/entities/novo-nordisk-a-s" target="_blank" data-smartkarma-citation="entities:22447:1" rel="noopener">Novo Nordisk A/S (NOVOB DC)</a> have entered into a co-promotion agreement in Japan for Ozempic subcutaneous injection.</li>
<li>Streamlining efforts and scouting for new revenue streams augurs well. Sumitomo stock remains in contention, up 27% in last 5 days.</li>
</ul>



Sumitomo Pharma (4506 JP) and Knight Therapeutics (GUD CN) entered into exclusive license and supply agreements to commercialize Myfembree, Orgovyx, and vibegron in Canada.
Sumitomo Pharma and Novo Nordisk A/S (NOVOB DC) have entered into a co-promotion agreement in Japan for Ozempic subcutaneous injection.
Streamlining efforts and scouting for new revenue streams augurs well. Sumitomo stock remains in contention, up 27% in last 5 days.


Sumitomo Pharma (4506 JP): Positive Momentum Persists, New Agreements Adds Steam

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

In Depth: Lean Times Ahead for Producers of Weight-Loss Drugs
Autos /Chinese EVs Race Ahead in Israel Despite War, Investor Jitters
Corruption /Senior Qinghai Official Prosecuted for Bribery in Poverty Alleviation Scandal

In Depth: Lean Times Ahead for Producers of Weight-Loss Drugs
Autos /Chinese EVs Race Ahead in Israel Despite War, Investor Jitters
Corruption /Senior Qinghai Official Prosecuted for Bribery in Poverty Alleviation Scandal

CX Daily: Lean Times Ahead for Producers of Weight-Loss Drugs 

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Equity Capital Markets

Guangzhou Innogen Pharmaceutical Group / Equity Capital Markets

<ul>
<li>Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.</li>
<li>In this note, we look at changes to the company’s refiled application proof.</li>
<li>We also did a comparison between the company’s product and PegBio’s PB-119. PegBio was listed on HKEx in May. We also check its products’ online listing.</li>
</ul>


Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
In this note, we look at changes to the company’s refiled application proof.
We also did a comparison between the company’s product and PegBio’s PB-119. PegBio was listed on HKEx in May. We also check its products’ online listing.


Innogen (银诺医药) Pre-IPO Update: New Data Points

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

The United Laboratories International Holdings Limited / Equity Capital Markets

The United Laboratories International Holdings Limited

<ul>
<li>
<a href="https://www.smartkarma.com/entities/the-united-laboratories-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:16074:1" rel="noopener">The United Laboratories International Holdings Limited (3933 HK)</a> is looking to raise up to US$262m from a primary placement. </li>
<li>The company intends to use about 60% of the proceeds to build production capacity and expand its international business, with the rest to be used for R&amp;D purposes.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



The United Laboratories International Holdings Limited (3933 HK) is looking to raise up to US$262m from a primary placement. 
The company intends to use about 60% of the proceeds to build production capacity and expand its international business, with the rest to be used for R&amp;D purposes.
In this note, we will talk about the placement and run the deal through our ECM framework.


United Lab Placement - Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Regional rotation places DM Europe as clear consensus overweight among active Global equity funds.</li>
<li>Seventy-Five percent of funds are overweight UK stocks, with 69.6% overweight France and 70.2% overweight the Netherlands</li>
<li>Novo Nordisk, ASML, Schneider Electric, and AstraZeneca remain key holdings, while a resurgence from European banks and select names like Spotify and LSEG is also starting to stand out.</li>
</ul>


Regional rotation places DM Europe as clear consensus overweight among active Global equity funds.
Seventy-Five percent of funds are overweight UK stocks, with 69.6% overweight France and 70.2% overweight the Netherlands
Novo Nordisk, ASML, Schneider Electric, and AstraZeneca remain key holdings, while a resurgence from European banks and select names like Spotify and LSEG is also starting to stand out.


Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Denmark

Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide.

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Novo Nordisk (NOVOB DC)

Sumitomo Pharma (4506 JP): Positive Momentum Persists, New Agreements Adds Steam

Novo Nordisk and Sumitomo Pharma have been jointly promoting Ozempic since July 2025. Building upon that, they have entered into a co-promotion...

Tina Banerjee

CX Daily: Lean Times Ahead for Producers of Weight-Loss Drugs

TOP STORIES In Depth: Lean Times Ahead for Producers of Weight-Loss Drugs A new class of drugs has transformed weight loss worldwide, for those...

Caixin Global

Innogen (银诺医药) Pre-IPO Update: New Data Points

China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. We look at updates from the company's latest prospectus...

Ke Yan, CFA, FRM

United Lab Placement - Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit

United Laboratories International Holdings is looking to raise up to US$262m from a primary placement. In this note, we will talk about the...

Akshat Shah

Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Regional rotation places Developed Europe as a clear consensus overweight among active Global equity funds, with over 90% of funds positioned ahead...

Steven Holden

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52-week Range

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Sumitomo Pharma (4506 JP): Positive Momentum Persists, New Agreements Adds Steam

Novo Nordisk and Sumitomo Pharma have been jointly promoting Ozempic since July 2025. Building upon that, they have entered into a co-promotion...

Tina Banerjee

CX Daily: Lean Times Ahead for Producers of Weight-Loss Drugs

TOP STORIES In Depth: Lean Times Ahead for Producers of Weight-Loss Drugs A new class of drugs has transformed weight loss worldwide, for those...

Caixin Global

Innogen (银诺医药) Pre-IPO Update: New Data Points

​China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. We look at updates from the company's latest prospectus...

Ke Yan, CFA, FRM

United Lab Placement - Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit

United Laboratories International Holdings is looking to raise up to US$262m from a primary placement. In this note, we will talk about the...

Akshat Shah

Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Regional rotation places Developed Europe as a clear consensus overweight among active Global equity funds, with over 90% of funds positioned ahead...

Steven Holden

China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. We look at updates from the company's latest prospectus...