Daily Brief Health Care: Akeso, Bullfrog AI Holdings , Nanocarrier, Shenzhen Salubris Pharmaceuticals, Sirnaomics and more

• Akeso (9926 HK) is looking to raise around US$250m in a primary offering.
• Recent deals over the last couple of years have been weak though this raise is a lot less opportunistic than prior deals.
• In this note, we talk about the deal dynamics and run the deal through our ECM framework.

• BullFrog has delivered key milestones in its first big pharma program.
• On October 6, the company announced it had achieved key project milestones under its commercial engagement with a top five global pharmaceutical company, identifying and prioritizing multiple novel targets for major depressive disorder (MDD) using proprietary neuropsychiatric multi-omic data.
• CEO Vin Singh called the project “crucial commercial scale validation” of the technology. 

Key points (machine generated)

• NANO Holdings rebranded from NANO MRNA on December 11, 2025, and became a holding company.
• The drug discovery business was transferred to a new subsidiary, NANO MRNA, Inc., on April 1, 2026.
• The company focuses on healthcare investments, leveraging Japan’s technologies to attract global capital despite domestic market limitations.

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• Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. GS, Citi and CITIC are the joint sponsors.
• While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
• We raise our A-H premium base case for the company, given the shift in peer A-H premiums.

• VASRO has published an update report on Sirnaomics Ltd. (HKEX: 2257) following the company’s announcement of 6 October 2026 and the FDA’s written responses of 10 September.
• A state-owned fund, Guangzhou Guangjian, has paid RMB30m for 5.66% of RNAimmune’s Guangzhou subsidiary, and the deal was completed on 6 October. The price was set on an independent valuation of US$65.5m for RNAimmune Inc., the vaccine company in which Sirnaomics holds 60.21%. The money funds the subsidiary’s mRNA vaccine pipeline.
• STP705, Sirnaomics’ lead drug for skin cancer, combines two gene-silencing molecules in one drug. In its written responses the FDA calls a four-arm Phase 2b study reasonable as an exploratory trial. The study compares the combination with each molecule alone and with placebo, and its results will shape the confirmatory Phase 3, the study on which approval rests.