Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Pharma-Play <strong><a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a></strong> has announced the spin-off and listing of 87.16%-held <a href="https://www.smartkarma.com/entities/mandi" target="_blank" data-smartkarma-citation="entities:46033" rel="noopener">Mandi (MANDI HK)</a>  on the HKEx. </li>
<li>3SBio will distribute its stake in-specie. There will be a concurrent global offering, the details of which are still to be fleshed out. </li>
<li>
<a href="https://www.smartkarma.com/entities/mandi" target="_blank" data-smartkarma-citation="entities:46033" rel="noopener">Mandi (MANDI HK)</a>, a " hair loss and weight management treatments" solutions provider, accounted for 17% of 3SBio's revs in the 1H25, and 12.5% of profit.</li>
</ul>


Pharma-Play 3SBio Inc (1530 HK) has announced the spin-off and listing of 87.16%-held Mandi (MANDI HK)  on the HKEx. 
3SBio will distribute its stake in-specie. There will be a concurrent global offering, the details of which are still to be fleshed out. 

Mandi (MANDI HK), a " hair loss and weight management treatments" solutions provider, accounted for 17% of 3SBio's revs in the 1H25, and 12.5% of profit.


3SBio (1530 HK)'s Spin-Off and Listing of Mandi Inc.

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>Pfizer Inc has announced a definitive agreement to acquire clinical-stage biopharmaceutical company Metsera Inc. for $47.50 per share in cash, a 42.5% premium to Metsera's last closing price, with an additional $22.50 per share potentially payable through contingent value rights (CVRs) linked to key clinical milestones.</li><li>The total deal value could reach $7.3 billion.</li><li>This strategic move follows Pfizer's earlier struggles in the obesity segment after the failure of its weight-loss pill and declining COVID-19 revenues.</li></ul>

Pfizer Inc has announced a definitive agreement to acquire clinical-stage biopharmaceutical company Metsera Inc. for $47.50 per share in cash, a 42.5% premium to Metsera's last closing price, with an additional $22.50 per share potentially payable through contingent value rights (CVRs) linked to key clinical milestones.The total deal value could reach $7.3 billion.This strategic move follows Pfizer's earlier struggles in the obesity segment after the failure of its weight-loss pill and declining COVID-19 revenues.

Pfizer's $4.9 Billion Metsera Bet: Can It Threaten Novo & Lilly’s Obesity Dominance?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> witnessed a revenue decline of 1% in 1H25. Company’s core product Tpiao’s sales decreased 4% to RMB 2.4B (54% of total) impacted by lower volume.  </li>
<li>Phase III clinical trial of SSS06 (anemia in chronic renal failure), 608 (psoriasis), and 613 (acute gouty arthritis) is complete. NDAs for the same are under review by NMPA.</li>
<li>3SBio shares are trading at forward P/E of 11.5x, lower than peers. We feel that there is still upside potential left in the stock.</li>
</ul>



3SBio Inc (1530 HK) witnessed a revenue decline of 1% in 1H25. Company’s core product Tpiao’s sales decreased 4% to RMB 2.4B (54% of total) impacted by lower volume.  
Phase III clinical trial of SSS06 (anemia in chronic renal failure), 608 (psoriasis), and 613 (acute gouty arthritis) is complete. NDAs for the same are under review by NMPA.
3SBio shares are trading at forward P/E of 11.5x, lower than peers. We feel that there is still upside potential left in the stock.


3SBio Inc (1530 HK): NDA Approvals Awaited Amid Sales Decline; Upfront Payment To Boost 2H25

<ul><li>Pfizer's Q2 2025 financial results reflect a blend of strategic execution and a challenging external milieu.</li><li>The company reported revenues of $14.7 billion, marking a 10% operational increase year-over-year, driven by robust growth across the U.S. and international divisions.</li><li>Key contributors to this growth included products like the Vyndaqel family, Comirnaty, and Paxlovid, alongside others such as Eliquis and Padcev.</li></ul>

Pfizer's Q2 2025 financial results reflect a blend of strategic execution and a challenging external milieu.The company reported revenues of $14.7 billion, marking a 10% operational increase year-over-year, driven by robust growth across the U.S. and international divisions.Key contributors to this growth included products like the Vyndaqel family, Comirnaty, and Paxlovid, alongside others such as Eliquis and Padcev.

Pfizer Inc.: Is Its $13 Billion M&A Budget & Product Pipeline Enough To Stay Ahead Of Rival Large Pharma?

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> aims to raise around US$650m via its H-share placement.</li>
<li>The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement.
The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

3SBio (1530 HK)'s Spin-Off and Listing of Mandi Inc.

Often, the sum of the parts is larger than the whole. This may still hold here. Yet, given the size of Mandi, vs. 3SBio, higher market multiples...

David Blennerhassett

Pfizer's $4.9 Billion Metsera Bet: Can It Threaten Novo & Lilly’s Obesity Dominance?

Pfizer Inc has announced a definitive agreement to acquire clinical-stage biopharmaceutical company Metsera Inc. for $47.50 per share in cash, a...

Baptista Research

3SBio Inc (1530 HK): NDA Approvals Awaited Amid Sales Decline; Upfront Payment To Boost 2H25

3SBio saw 1% revenue decline in 1H25, with core product Tpiao sales dropping 4%. Phase III trials for three new drugs are complete and are under...

Tina Banerjee

Pfizer Inc.: Is Its $13 Billion M&A Budget & Product Pipeline Enough To Stay Ahead Of Rival Large Pharma?

Pfizer's Q2 2025 financial results reflect a blend of strategic execution and a challenging external milieu. The company reported revenues of...

Baptista Research

Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement. In this note, we run the deal through our ECM framework and talk...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

3SBio (1530 HK)'s Spin-Off and Listing of Mandi Inc.

Often, the sum of the parts is larger than the whole. This may still hold here. Yet, given the size of Mandi, vs. 3SBio, higher market multiples...

David Blennerhassett

Pfizer's $4.9 Billion Metsera Bet: Can It Threaten Novo & Lilly’s Obesity Dominance?

Pfizer Inc has announced a definitive agreement to acquire clinical-stage biopharmaceutical company Metsera Inc. for $47.50 per share in cash, a...

Baptista Research

3SBio Inc (1530 HK): NDA Approvals Awaited Amid Sales Decline; Upfront Payment To Boost 2H25

​3SBio saw 1% revenue decline in 1H25, with core product Tpiao sales dropping 4%. Phase III trials for three new drugs are complete and are under...

Tina Banerjee

Pfizer Inc.: Is Its $13 Billion M&A Budget & Product Pipeline Enough To Stay Ahead Of Rival Large Pharma?

Pfizer's Q2 2025 financial results reflect a blend of strategic execution and a challenging external milieu. The company reported revenues of...

Baptista Research

Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement. In this note, we run the deal through our ECM framework and talk...

Sumeet Singh

3SBio saw 1% revenue decline in 1H25, with core product Tpiao sales dropping 4%. Phase III trials for three new drugs are complete and are under...