Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> initiated Phase 3 ZIRCON-CP trial of PET imaging candidate TLX250-CDx for clear cell renal cell carcinoma and dosed first patient in a cancer hospital in China.</li>
<li>Telix is focused on expanding the near-term opportunity in precision medicine diagnostics with three new products planned for launch in 2025.</li>
<li>CMS will unbundle and pay separately for specialized diagnostic radiopharmaceuticals for Medicare patients with per-day costs exceeding $630. The new payment decision is in favor of Telix.</li>
</ul>



Telix Pharmaceuticals (TLX AU) initiated Phase 3 ZIRCON-CP trial of PET imaging candidate TLX250-CDx for clear cell renal cell carcinoma and dosed first patient in a cancer hospital in China.
Telix is focused on expanding the near-term opportunity in precision medicine diagnostics with three new products planned for launch in 2025.
CMS will unbundle and pay separately for specialized diagnostic radiopharmaceuticals for Medicare patients with per-day costs exceeding $630. The new payment decision is in favor of Telix.


Telix Pharmaceuticals (TLX AU): Pipeline Progress to Expand Portfolio; Favorable Payment Rule in US

Clarity Pharmaceuticals Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/clarity-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:34095:1" rel="noopener">Clarity Pharmaceuticals Ltd (CU6 AU)</a> announced that two participants have been dosed with 64Cu-SAR-bisPSMA and imaged days after the commencement of the Co-PSMA Investigator-Initiated Trial (IIT).</li>
<li>SARTATE completes final assessment in Phase II diagnostic trial for neuroendocrine tumours. SAR-Bombesin began trial for castrate resistant prostate cancer.</li>
<li>Clarity’s copper platform, strong prostate pipeline, and therapeutic and diagnostic efficacy data represent an attractive opportunity to grow a significant radiopharmaceutical franchise in oncology and other indications.</li>
</ul>



Clarity Pharmaceuticals Ltd (CU6 AU) announced that two participants have been dosed with 64Cu-SAR-bisPSMA and imaged days after the commencement of the Co-PSMA Investigator-Initiated Trial (IIT).
SARTATE completes final assessment in Phase II diagnostic trial for neuroendocrine tumours. SAR-Bombesin began trial for castrate resistant prostate cancer.
Clarity’s copper platform, strong prostate pipeline, and therapeutic and diagnostic efficacy data represent an attractive opportunity to grow a significant radiopharmaceutical franchise in oncology and other indications.


Clarity Pharmaceuticals (CU6 AU): Well-Funded, Pipeline Progressing Well, Growth Prospects Galore

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With 4 days left to review cutoff, there is 1 close add and 3 potential deletions for the MV Australia Equal Weight Index at the December rebalance.</li>
<li>Even if there are no constituent changes, capping changes will lead to one-way turnover of 4.6% and a round-trip trade of A$243m.</li>
<li>The final list of inclusions/exclusions will depend on price movements till Friday and whether the index provider makes any significant changes to the free float of stocks in the universe.</li>
</ul>


With 4 days left to review cutoff, there is 1 close add and 3 potential deletions for the MV Australia Equal Weight Index at the December rebalance.
Even if there are no constituent changes, capping changes will lead to one-way turnover of 4.6% and a round-trip trade of A$243m.
The final list of inclusions/exclusions will depend on price movements till Friday and whether the index provider makes any significant changes to the free float of stocks in the universe.


MV Australia Equal Weight Index Rebalance Preview: 1 Close Add & 3 Deletions

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> signed a contract manufacturing agreement worth KRW1.7T ($1.2B) with an Asian pharmaceutical company. <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> has announced KRW100B ($72M) share buyback, starting October 28.</li>
<li>
<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> received FDA approval for Vyloy for gastric cancer. <a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a> received FDA Fast Track designation for its RSV drug candidate, S-337395.</li>
<li>
<a href="https://www.smartkarma.com/entities/zai-lab-ltd-94df40cf-c15e-462f-b3de-8d2d434ae935" target="_blank" data-smartkarma-citation="entities:36261:1" rel="noopener">Zai Lab (9688 HK)</a> announced positive topline data from global Phase 1a/1b study of ZL-1310 in small cell lung cancer. <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> sheds Genscript Biotech as its majority shareholder.</li>
</ul>



Samsung Biologics (207940 KS) signed a contract manufacturing agreement worth KRW1.7T ($1.2B) with an Asian pharmaceutical company. Celltrion Inc (068270 KS) has announced KRW100B ($72M) share buyback, starting October 28.

Astellas Pharma (4503 JP) received FDA approval for Vyloy for gastric cancer. Shionogi &amp; Co (4507 JP) received FDA Fast Track designation for its RSV drug candidate, S-337395.

Zai Lab (9688 HK) announced positive topline data from global Phase 1a/1b study of ZL-1310 in small cell lung cancer. Legend Biotech Corp (LEGN US) sheds Genscript Biotech as its majority shareholder.


APAC Healthcare Weekly (Oct 27)- Samsung Biologics, Celltrion, Astellas, Otsuka, Legend, and Zai Lab

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> announced 65% YoY revenue growth to A$364M and reversed a loss with A$29.7M net profit in 1H24.</li>
<li>The U.S. sales from Illuccix was the main driver with a 64% YoY increase in revenue to A$359M (~$243M), reflecting continued growth in sales volume and market share gains.</li>
<li>Telix reaffirms its full year 2024 revenue guidance of $490–$510M (A$745–776M), up 48–54% YoY. R&amp;D expenditure guidance for 2024 remains at 40–50% increase on 2023.</li>
</ul>



Telix Pharmaceuticals (TLX AU) announced 65% YoY revenue growth to A$364M and reversed a loss with A$29.7M net profit in 1H24.
The U.S. sales from Illuccix was the main driver with a 64% YoY increase in revenue to A$359M (~$243M), reflecting continued growth in sales volume and market share gains.
Telix reaffirms its full year 2024 revenue guidance of $490–$510M (A$745–776M), up 48–54% YoY. R&amp;D expenditure guidance for 2024 remains at 40–50% increase on 2023.


Telix Pharmaceuticals (TLX AU): Illuccix Continues to Drive Growth in 1H24; More Products to Come

Australia

Telix Pharmaceuticals Limited operates as a biotechnology company. The Company develops and commercializes molecularly-targeted radiation therapy for the treatment of prostate, renal, and brain cancer. Telix Pharmaceuticals serves patients worldwide.

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Telix Pharmaceuticals (TLX AU)