Smartkarma Daily Briefs

• Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK) disclosed a preconditional privatisation from a consortium at HK$9.25, a 9.9% premium to last close and a 21.7% premium to the undisturbed price. 
• The precondition relates to SAMR approval. The key condition will be approval by at least 75% disinterested shareholders (<10% of all disinterested shareholders’ rejection). The offer is final. 
• The scheme vote risk is medium-to-high due to an unattractive offer, a blocking stake below the substantial disclosure threshold, unfavourable AGM voting patterns, and emerging retail opposition.

• Medical device play Kangji Medical (9997 HK) has announced an Offer, by way of a Scheme, from a consortium led by TPG and the Qatar Investment Authority, together with founders.
• The consortium is offering HK$9.25/share, a less-than-inspiring 9.9% premium to last close. The price has been declared final. It is 33.4% below the HK$13.88 2020 IPO price.
• Independent shareholders hold 25.25% of shares out. They could bare teeth; and they’ve been somewhat active at AGMs.  But on balance, there’s probably enough here for this to get up.

• Zai Lab reported C2Q15 top line, non-GAAP operating loss and GAAP net loss 1.5% above, 31% narrower and 38% narrower than our estimate, and 12% below, 
• We cut ZEJULA’s peak sales by 12% due to sustained competition. We are also concerned on the slow ramp up of AUGTYRO, which will likely persist.
• However, ZLAB has several catalysts ahead, including Bemarituzumab, KarXT, and ZL1310. We keep TP unchanged and maintain BUY.

• Jingze Biopharm, a China-based clinical-stage biopharmaceutical company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and Guoyuan International are the joint sponsors.
• In this note, we look at the company’s product pipeline, its pre-IPO investors, and management.
• Our initial view is that the company’s core products, which are made of two biosimilars, are too thin for a listing, given the level of competition in respective market segments. 

• Biogen’s second-quarter 2025 results present a mixed picture regarding its financial and operational performance.
• The company reported overall revenue growth driven largely by the increasing demand for its newer products, despite continued challenges in its core multiple sclerosis (MS) business.
• The new product launches, such as VUMERITY, LEQEMBI, ZURZUVAE, and SKYCLARYS, showed significant sequential sales growth.

• Mettler-Toledo International Inc. reported its financial results for the second quarter of 2025, navigating a complex landscape marked by tariff pressures and varied market dynamics.
• The company’s sales were $983 million, reflecting a 2% increase in local currency and a 4% increase in U.S. dollar terms, highlighting growth in the Americas and Asia/Rest of the World, while sales in Europe were flat.
• The Laboratory products sector experienced a modest 1% growth, offset by stronger performance in the Industrial segment, particularly in product inspection, which grew by 8%.

Newron Pharmaceuticals has confirmed that enrolment has begun for its registrational ENIGMA-TRS Phase III programme for lead candidate evenamide. The first of two trials for the programme is ENIGMA-TRS 1, an international, one-year, double-blinded, placebo-controlled, pivotal Phase III study. It aims to enrol 600 patients with treatment-resistant schizophrenia (TRS), and a 12-week readout is anticipated from Q426. Patient enrolment has commenced in line with prior guided timelines, and marks a key milestone for Newron’s lead programme. In parallel, Newron is preparing for the second trial, ENIGMA-TRS 2, which will be a 400-patient international study (including the US). This trial is anticipated to launch by October 2025.

• Rani is a clinical-stage biotherapeutics company developing the ingestible robotic RaniPill (RP) that enables oral delivery of biologics & other large molecules.
• Its pipeline features clinical assets RT-102 (teriparatide for osteoporosis) & RT-111 (ustekinumab for psoriasis).
• Both programs have completed Ph1 trials characterizing safety tolerability & pharmaco-kinetics.

• Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.
• SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.
• SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.

Q225 was a strong quarter for SIGA, supported by material topline traction, with deliveries of $79m of oral and IV TPOXX to the US strategic national stockpile (SNS), fully servicing the order book at the end of FY24. The company confirmed that $26m in exercised IV TPOXX options will be delivered in 2026, in line with our estimates. A key highlight for the period was the additional $27m of BARDA funding announced under the 19C contract (related to manufacturing and pediatric development), which we believe is further evidence of a sustained US government focus on bioterrorism preparedness and supports upcoming RFP discussions on TPOXX stockpiling (we model a new contract, effective FY26). We update our estimates to reflect the improved net cash position ($182.5m) offset by a more cautious stance on near-term sales in Europe, given the CHMP queries on mpox trial data. Our valuation is unchanged at $14.78/share.