Daily Brief Health Care: Spire Healthcare, Shenzhen Salubris Pharmaceuticals, Innovent Biologics, Innova Captab and more

• Toscafund’s 250p proposal is now a recommended, fully financed Scheme, backed by Three Hills and Ares, with irrevocables covering 42.7% of Scheme Shares.
• Even at 100% turnout, Bidco needs support from only 56.4% of remaining uncommitted Scheme Shares. We assign 90% completion probability.
• More than 60 potential buyers were contacted over eight months. No higher executable proposal emerged, leaving limited scope for a topping bid.

• The S086 (Xinchaotuo) Commercial Execution is the Real Growth Driver: Following its May 2025 NMPA approval for primary hypertension and its subsequent December 2025 inclusion in the National Reimbursement Drug List (NRDL), S086 has become Salubris’s primary growth engine. Along with Enarodustat (Enaro), innovative formulation revenues grew 26.84% year-on-year in the first half of 2026, offsetting the commoditized legacy generic portfolio.
• The JK07 Phase II Clinical Disappointment Redraws the Valuation Curve: In May 2026, the interim data release for the RENEU-HF Phase II trial of JK07 (an NRG-1 fusion protein) revealed that the primary endpoint of Left Ventricular Ejection Fraction (LVEF) improvement at 26 weeks did not achieve statistical significance over placebo. While Salubris highlighted positive subjective KCCQ score improvements, the lack of robust structural efficacy significantly increases the regulatory risk and delays both the domestic and U.S. clinical pathways.
• HKEX Listing Resubmission Points to Urgent Liquidity Needs: On September 3, 2026, Salubris resubmitted its listing application to the Main Board of the HKEX, sponsored by Goldman Sachs, Citigroup, and CITIC Securities, after its initial February 2026 filing lapsed in August. The push for Hong Kong capital is driven by a desire to fund expensive global clinical trials and provide a dedicated offshore capital runway, amidst close scrutiny from the CSRC regarding overseas capital allocations.

• Innovent Biologics Inc (1801 HK) 1H26 revenue grew over 45% YoY, as oncology segment witnessed ramp up of newly NRDL-listed products and general biomedicine portfolio expanded.
• The global innovation pipeline is progressing smoothly. Three high-potential assets have entered global Phase 3 clinical trials, with a combined potential addressable market exceeding US$ 60B.
• Ongoing product launches and robust pipeline will support the growth momentum of the company. Innovent aims to achieve RMB 20B product revenue in 2027 (~ RMB 35-40B by 2030).

• Innova Captab is a top-tier Indian Contract Development and Manufacturing Organization (CDMO) with strong vertical integration across Active Pharmaceutical Ingredients (APIs) and finished formulation dosage forms, currently partnering with 14 of India’s top 15 pharmaceutical companies.
• Financial performance reflects robust scaling, with annual revenue expanding from INR 10,773.86M in 2024 to INR 16,051.02M in 2026 (~22% CAGR) and Net Income reaching INR 1,431.83M, supported by a pivotal inflection to positive Free Cash Flow of INR 340.72M in 2026 as major capital expenditures mature.
• Structural tailwinds from mandatory revised Schedule M compliance enforcement are driving industry consolidation toward organized CDMOs; however, Innova’s current valuation of 43.0x P/E and 6.2x P/B reflects an earned premium over pure formulation peers, requiring sustained capacity ramp-up and margin execution at its newly commissioned Jammu facility.

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