Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China. MicroPort NeuroScientific’s Apollo Dream Rapamycin Target Eluting Stent has been granted the Breakthrough Device Designation by the FDA.</li>
<li>Celltrion signed KRW375B CMO agreement with a global pharmaceutical company for the supply of drug substance. Samsung Bioepis entered global commercialization agreement with Sandoz for five biosimilar candidates under development.</li>
<li>FDA accepted Sun Pharma’s indication expansion application for Ilumya for active psoriatic arthritis. Zydus Lifesciences entered licensing and supply agreements with Torrent Pharmaceuticals and Lupin to co-market Semaglutide in India.</li>
</ul>


Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China. MicroPort NeuroScientific’s Apollo Dream Rapamycin Target Eluting Stent has been granted the Breakthrough Device Designation by the FDA.
Celltrion signed KRW375B CMO agreement with a global pharmaceutical company for the supply of drug substance. Samsung Bioepis entered global commercialization agreement with Sandoz for five biosimilar candidates under development.
FDA accepted Sun Pharma’s indication expansion application for Ilumya for active psoriatic arthritis. Zydus Lifesciences entered licensing and supply agreements with Torrent Pharmaceuticals and Lupin to co-market Semaglutide in India.


APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

<ul>
<li>Shanghai Henlius Biotech entered outlicensing agreement with Eisai for serplulimab for upfront payment of $75M. Wuxi Biologics has signed a license and research service agreement with Vertex Pharmaceuticals. </li>
<li>Daiichi Sankyo’s indication expansion application for Datroway in TNBC has been accepted and granted Priority Review in the U.S. PeptiDream has initiated registrational Phase 2 clinical trial of radiotherapeutic candidate.</li>
<li>ABL Bio submitted clinical trial application to the FDA for a Phase 1 clinical trial of ADC candidate ABL209. SK Bioscience is in-licensing a clinical-stage RSV vaccine candidate.</li>
</ul>


Shanghai Henlius Biotech entered outlicensing agreement with Eisai for serplulimab for upfront payment of $75M. Wuxi Biologics has signed a license and research service agreement with Vertex Pharmaceuticals. 
Daiichi Sankyo’s indication expansion application for Datroway in TNBC has been accepted and granted Priority Review in the U.S. PeptiDream has initiated registrational Phase 2 clinical trial of radiotherapeutic candidate.
ABL Bio submitted clinical trial application to the FDA for a Phase 1 clinical trial of ADC candidate ABL209. SK Bioscience is in-licensing a clinical-stage RSV vaccine candidate.


APAC Healthcare Weekly (February 8) – Henlius Bio, Wuxi Bio, Daiichi Sankyo, Peptidream, ABL Bio

<ul>
<li>ImmuneOnco received clinical trial approval of timdarpacept for the treatment of atherosclerosis in China. Wuxi Biologics’ two facilities received GMP certifications from UK MHRA for commercial manufacturing of ophthalmic biologic. </li>
<li>Eisai signed an exclusive license and collaboration agreement with Nuvation Bio for NSCLC drug taletrectinib. Daiichi Sankyo initiates phase 3 trial evaluating Datroway in NSCLC.</li>
<li>SK Biopharmaceutical secured FDA nod to conduct Phase 1 clinical trial of its radiopharmaceutical therapy candidate SKL35501. HK inno.N submitted NDA for its GERD drug K-Cab to the FDA.</li>
</ul>


ImmuneOnco received clinical trial approval of timdarpacept for the treatment of atherosclerosis in China. Wuxi Biologics’ two facilities received GMP certifications from UK MHRA for commercial manufacturing of ophthalmic biologic. 
Eisai signed an exclusive license and collaboration agreement with Nuvation Bio for NSCLC drug taletrectinib. Daiichi Sankyo initiates phase 3 trial evaluating Datroway in NSCLC.
SK Biopharmaceutical secured FDA nod to conduct Phase 1 clinical trial of its radiopharmaceutical therapy candidate SKL35501. HK inno.N submitted NDA for its GERD drug K-Cab to the FDA.


APAC Healthcare Weekly (January 18) – ImmuneOnco, Wuxi Bio, Eisai, Daiichi, SK Biopharm, HK Inno.N

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Our "Buy the Worst" strategy made a strong comeback in 2025, outperforming the HSI by 11.1pp YTD, reversing the losses in the last two years.</li>
<li>For 2026, the strategy will hold <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy (2319 HK)</a>.  </li>
<li>The position in <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy (2319 HK)</a> may be replaced by <a href="https://www.smartkarma.com/entities/new-oriental-education-techn" target="_blank" data-smartkarma-citation="entities:32210:1" rel="noopener">New Oriental Education (9901 HK)</a> or <a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a>, depending on their closing prices on 31 Dec. </li>
</ul>


Our "Buy the Worst" strategy made a strong comeback in 2025, outperforming the HSI by 11.1pp YTD, reversing the losses in the last two years.
For 2026, the strategy will hold Meituan (3690 HK), Li Auto (2015 HK), BYD Electronics (285 HK), JD.com (9618 HK), and China Mengniu Dairy (2319 HK).  
The position in China Mengniu Dairy (2319 HK) may be replaced by New Oriental Education (9901 HK) or Zhongsheng Group (881 HK), depending on their closing prices on 31 Dec. 


"Buy the Worst" HSI Strategy: A Fruitful 2025, Our Picks for 2026

<ul>
<li>Simcere entered into license agreement with Vigonvita for new indications of Deuterated Remdesivir Hydrobromide. Kelun Biotech inked partnership with Crescent Biopharma to develop and commercialize oncology therapeutics, including novel combinations.</li>
<li>Samsung Biologics is acquiring land for third campus in Songdo, Icheon for KRW249B. SK Biopharmaceutical signed supply agreement with Eckert &amp; Ziegler for actinium-225 for the development of next-generation radiopharmaceutical.</li>
<li>Daiichi Sankyo won a court appeal for its long-running legal battle with Seagen. Biocon made settlement agreement with Amgen clearing commercialization path for its Denosumab biosimilars in Europe and RoW.</li>
</ul>


Simcere entered into license agreement with Vigonvita for new indications of Deuterated Remdesivir Hydrobromide. Kelun Biotech inked partnership with Crescent Biopharma to develop and commercialize oncology therapeutics, including novel combinations.
Samsung Biologics is acquiring land for third campus in Songdo, Icheon for KRW249B. SK Biopharmaceutical signed supply agreement with Eckert &amp; Ziegler for actinium-225 for the development of next-generation radiopharmaceutical.
Daiichi Sankyo won a court appeal for its long-running legal battle with Seagen. Biocon made settlement agreement with Amgen clearing commercialization path for its Denosumab biosimilars in Europe and RoW.


APAC Healthcare Weekly (December 7) – Simcere, Kelun Bio, Samsung Biologics, Daiichi Sankyo, Biocon

China

Wuxi Biologics is a global Contract Research, Development, and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development, and manufacturing, including complex modalities like monoclonal antibodies and antibody-drug conjugates. The company provides comprehensive services from concept to commercialization, including vaccine CRDMO services. It was founded in 2010 and is headquartered in Wuxi, China.

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Wuxi Biologics (2269 HK)

APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

Celltrion signed KRW375B biologics CMO deal with a global pharma company. Samsung Bioepis expands biosimilar collaboration with Sandoz. 40+ Indian...

Tina Banerjee

APAC Healthcare Weekly (February 8) – Henlius Bio, Wuxi Bio, Daiichi Sankyo, Peptidream, ABL Bio

Henlius stuck outlicensing deal with Eisai. Wuxi Bio signs deal with Vertex. Daiichi’s Datroway got priority review in U.S. for TNBC. PeptiDream...

Tina Banerjee

APAC Healthcare Weekly (January 18) – ImmuneOnco, Wuxi Bio, Eisai, Daiichi, SK Biopharm, HK Inno.N

ImmuneOnco got trial approval for atherosclerosis drug candidate, timdarpacept in China. Eisai secures rights to NSCLC drug taletrectinib. HK inno...

Tina Banerjee

"Buy the Worst" HSI Strategy: A Fruitful 2025, Our Picks for 2026

The "Buy the Worst" strategy outperformed the HSI by 11.1pp YTD in 2025. For 2026, it will hold Meituan, Li Auto, BYD Electronics, JD.com, and...

Osbert Tang, CFA

APAC Healthcare Weekly (December 7) – Simcere, Kelun Bio, Samsung Biologics, Daiichi Sankyo, Biocon

Simcere stuck license pact with Vigonvita. Kelun Bio inked partnership with Crescent Biopharma. Samsung Biologics is acquiring land for third...

Tina Banerjee

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APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

Celltrion signed KRW375B biologics CMO deal with a global pharma company. Samsung Bioepis expands biosimilar collaboration with Sandoz. 40+ Indian...

Tina Banerjee

APAC Healthcare Weekly (February 8) – Henlius Bio, Wuxi Bio, Daiichi Sankyo, Peptidream, ABL Bio

Henlius stuck outlicensing deal with Eisai. Wuxi Bio signs deal with Vertex. Daiichi’s Datroway got priority review in U.S. for TNBC. PeptiDream...

Tina Banerjee

APAC Healthcare Weekly (January 18) – ImmuneOnco, Wuxi Bio, Eisai, Daiichi, SK Biopharm, HK Inno.N

ImmuneOnco got trial approval for atherosclerosis drug candidate, timdarpacept in China. Eisai secures rights to NSCLC drug taletrectinib. HK inno...

Tina Banerjee

"Buy the Worst" HSI Strategy: A Fruitful 2025, Our Picks for 2026

​The "Buy the Worst" strategy outperformed the HSI by 11.1pp YTD in 2025. For 2026, it will hold Meituan, Li Auto, BYD Electronics, JD.com, and...

Osbert Tang, CFA

APAC Healthcare Weekly (December 7) – Simcere, Kelun Bio, Samsung Biologics, Daiichi Sankyo, Biocon

Simcere stuck license pact with Vigonvita. Kelun Bio inked partnership with Crescent Biopharma. Samsung Biologics is acquiring land for third...

Tina Banerjee

The "Buy the Worst" strategy outperformed the HSI by 11.1pp YTD in 2025. For 2026, it will hold Meituan, Li Auto, BYD Electronics, JD.com, and...