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.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> is acquiring <a href="https://www.smartkarma.com/entities/organon-co" target="_blank" data-smartkarma-citation="entities:36829:1" rel="noopener">Organon &amp; (OGN US)</a> for $14 per share in an all‑cash transaction, representing an equity valuation of $4B and enterprise valuation of ~$12B.</li>
<li>Sun Pharma plans to fund the acquisition through a combination of available cash resources and committed financing from banks. The transaction is expected to close in early 2027.</li>
<li>Organon acquisition is aligned with Sun Pharma’s strategy of growing its innovative medicines business. Innovative medicine will have a 27% revenue share in the combined entity, up from 20% now.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) is acquiring Organon &amp; (OGN US) for $14 per share in an all‑cash transaction, representing an equity valuation of $4B and enterprise valuation of ~$12B.
Sun Pharma plans to fund the acquisition through a combination of available cash resources and committed financing from banks. The transaction is expected to close in early 2027.
Organon acquisition is aligned with Sun Pharma’s strategy of growing its innovative medicines business. Innovative medicine will have a 27% revenue share in the combined entity, up from 20% now.


Sun Pharmaceutical (SUNP IN): Organon Acquisition to Enhance Scale At the Cost of Growth

Thematic (Sector/Industry)

<ul>
<li>InSilico Medicine and SK Biopharmaceuticals entered R&amp;D collaboration to discover AI-enabled neuroimmune drug candidates. Abbisko Cayman entered into a strategic research collaboration and license agreement with Eli Lilly.</li>
<li>Nippon Shinyaku’s partner Regenxbio cleared path to resubmit Hunter syndrome gene therapy candidate RGX-121 to the FDA. Otsuka announced positive topline results in Phase 3b study evaluating centanafadine in ADHD.</li>
<li>Yuhan Corp received orphan drug designation from the EMA for its Gaucher disease therapy candidate YH35995. Medytox obtained approval for its hyaluronic acid filler Neuramis Deep Lidocaine in China.</li>
</ul>


InSilico Medicine and SK Biopharmaceuticals entered R&amp;D collaboration to discover AI-enabled neuroimmune drug candidates. Abbisko Cayman entered into a strategic research collaboration and license agreement with Eli Lilly.
Nippon Shinyaku’s partner Regenxbio cleared path to resubmit Hunter syndrome gene therapy candidate RGX-121 to the FDA. Otsuka announced positive topline results in Phase 3b study evaluating centanafadine in ADHD.
Yuhan Corp received orphan drug designation from the EMA for its Gaucher disease therapy candidate YH35995. Medytox obtained approval for its hyaluronic acid filler Neuramis Deep Lidocaine in China.


APAC Healthcare Weekly (June 28) – Insilico, Abbisko, Nippon Shinyaku, Otsuka, Yuhan Corp, Medytox

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Q4 FY26 earnings reveal India's four pharma giants pivoting hard to chronic therapies, racing to capture post-patent GLP-1 market, and completing two of the sector's largest-ever acquisitions within six weeks.</li>
<li>Domestic Indian market is now fastest-growing engine, no longer just a low-cost manufacturing base, while US tariff uncertainty and Revlimid expiries reinforce structural shift toward emerging markets and proprietary molecules.</li>
<li>FY27 will separate execution from ambition: SunPharma must revive near-stagnant Organon acquisition , Torrent must manage 2.3x leverage, Cipla must defend EBITDA guidance ,Zydus must prove its multi-engine model efficiently.  </li>
</ul>


Q4 FY26 earnings reveal India's four pharma giants pivoting hard to chronic therapies, racing to capture post-patent GLP-1 market, and completing two of the sector's largest-ever acquisitions within six weeks.
Domestic Indian market is now fastest-growing engine, no longer just a low-cost manufacturing base, while US tariff uncertainty and Revlimid expiries reinforce structural shift toward emerging markets and proprietary molecules.
FY27 will separate execution from ambition: SunPharma must revive near-stagnant Organon acquisition , Torrent must manage 2.3x leverage, Cipla must defend EBITDA guidance ,Zydus must prove its multi-engine model efficiently.  


Why India's Pharma Giants Are Betting on Chronic Business?

<ul>
<li>Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.</li>
<li>BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.</li>
<li>Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.</li>
</ul>


Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.
BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.
Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.


APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

India

Sun Pharmaceutical Industries Limited is an Indian multinational pharmaceutical company that manufactures and sells pharmaceutical formulations and active pharmaceutical ingredients (APIs). It offers a wide range of products across chronic and acute therapies, including generics, branded generics, and specialty products. The company was founded in 1983 and is headquartered in Mumbai, India.

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Sun Pharma (SUNP IN)

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Sun Pharmaceutical (SUNP IN): Organon Acquisition to Enhance Scale At the Cost of Growth

Sun Pharma to acquire Organon for $14 per share in all-cash deal, boosting innovative medicines business revenue share to 27%, up from 20% now....

Tina Banerjee

APAC Healthcare Weekly (June 28) – Insilico, Abbisko, Nippon Shinyaku, Otsuka, Yuhan Corp, Medytox

Few Chinese companies signed outlicensing deals. Nippon Shinyaku’s partner Regenxbio will resubmit gene therapy drug candidate to FDA. Otsuka...

Tina Banerjee

Why India's Pharma Giants Are Betting on Chronic Business?

India's top pharma companies shift focus to chronic therapies, target post-patent GLP-1 market, and make major acquisitions, with FY27 set to test...

Sudarshan Bhandari

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Sun Pharmaceutical (SUNP IN): Organon Acquisition to Enhance Scale At the Cost of Growth

​Sun Pharma to acquire Organon for $14 per share in all-cash deal, boosting innovative medicines business revenue share to 27%, up from 20% now....

Tina Banerjee

APAC Healthcare Weekly (June 28) – Insilico, Abbisko, Nippon Shinyaku, Otsuka, Yuhan Corp, Medytox

Few Chinese companies signed outlicensing deals. Nippon Shinyaku’s partner Regenxbio will resubmit gene therapy drug candidate to FDA. Otsuka...

Tina Banerjee

Why India's Pharma Giants Are Betting on Chronic Business?

​India's top pharma companies shift focus to chronic therapies, target post-patent GLP-1 market, and make major acquisitions, with FY27 set to test...

Sudarshan Bhandari

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

Sun Pharma to acquire Organon for $14 per share in all-cash deal, boosting innovative medicines business revenue share to 27%, up from 20% now....

India's top pharma companies shift focus to chronic therapies, target post-patent GLP-1 market, and make major acquisitions, with FY27 set to test...