
In today’s briefing:
- Japan Eyewear (5889) – “Second IPO” Equity Offering Creates TOPIX Inclusion
- Jiangsu Hengrui Pharma A/H Listing – Innovation and Overseas Expansion Driving Earnings Rebound
- Reviving two old ideas
- Cencora Inc.: Can the MSO Strategy with RCA & OneOncology Drive Sustainable Growth?
- Hologic: The Future of 3D Mammography and Molecular Diagnostics—What’s Next?
- Kadimastem (KDST.TA) Core Investment Case 11022025
- Ansell Ltd (ANN AU): Healthcare Business Revival Drives H1 Result; FY25 Guidance Raised
- Pre-IPO Sunshine Lake Pharma – “Outdated” Pipeline Is Difficult to Obtain Decent Valuation
- Arrowhead Pharmaceuticals Inc – On February 10
- Bio-Techne Corporation: How Spatial Biology and Molecular Diagnostics Are Changing the Game!

Japan Eyewear (5889) – “Second IPO” Equity Offering Creates TOPIX Inclusion
- Janaghan Jeyakumar, CFA has had Japan Eyewear Holdings (5889 JP) on his watchlist. He wrote on 6 Feb 2025 in his TOPIX Who Is Ready piece he expected Q1 inclusion.
- He also noted that an equity offering might be required. Monday, we got a forecast revision (upward) for the year ended 31 January, an equity offering, and TOPIX inclusion.
- The equity offering proposed is large enough one could consider it a “Second IPO”. This matters in terms of absorption and in thinking about the TOPIX Inclusion event.
Jiangsu Hengrui Pharma A/H Listing – Innovation and Overseas Expansion Driving Earnings Rebound
- Jiangsu Hengrui Medicine (600276 CH) a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.
- JHP has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Reviving two old ideas
- I have again taken a position in Atea Pharma (AVIR) .
- I wrote this up a little over a year ago and flipped it for about a 20% profit within a few months.
- I kind of forgot about it as I lost interest in these pharma special situations, but given recent events AVIR is too enticing to ignore.
Cencora Inc.: Can the MSO Strategy with RCA & OneOncology Drive Sustainable Growth?
- Cencora reported a robust performance in the first quarter of fiscal year 2025, showcasing significant growth across various metrics.
- The company recorded a revenue increase of 13%, reaching $81.5 billion, driven primarily by strong gains in the U.S. Healthcare Solutions segment.
- This growth included a substantial rise in sales of GLP-1 products, which alone saw a 53% year over-year increase.
Hologic: The Future of 3D Mammography and Molecular Diagnostics—What’s Next?
- Hologic, Inc. reported its first-quarter fiscal 2025 results, reflecting both positive operational efficiencies and some challenges impacting revenue streams.
- The overall revenue for the quarter came in at $1.022 billion, marking a modest 1% increase on a constant currency basis.
- Noteworthy is the impact of the stronger U.S. dollar, which reduced reported revenue by about $9 million.
Kadimastem (KDST.TA) Core Investment Case 11022025
- Kadimastem (KDST.TA:TASE) is an Israeli-based clinical-stage cell therapy company pioneering regenerative medicine for insulin dependent type 1 diabetes (T1D) (no more injections) and amyotrophic lateral sclerosis (ALS).
- KDST has a proprietary stem-cell differentiation platform for scalable therapies designed to replace lost or damaged cells.
- KDST’s T1D IsletRx program aims to revolutionize insulin production for diabetes patients using off-the-shelf allogeneic encapsulated pancreatic islet cells with immune protection.
Ansell Ltd (ANN AU): Healthcare Business Revival Drives H1 Result; FY25 Guidance Raised
- Ansell Ltd (ANN AU) reported 30% YoY growth in revenue to $1,019M in 1HFY25 backed by strong Healthcare and Industrial business contribution. EBIT margin expanded 250bps to 12.5%.
- KBU integration is progressing well and APIP measures bearing fruit generating higher savings. The company has realized a savings of $22M in H1FY25, compared to $7M in H1FY24.
- Ansell revised FY25 adjusted EPS from $1.10–1.27 to $1.18–1.28, with the midpoint beating consensus. Management expects continued organic constant currency sales growth in H2FY25, but slower than H1FY25.
Pre-IPO Sunshine Lake Pharma – “Outdated” Pipeline Is Difficult to Obtain Decent Valuation
- Most revenue was contributed by Kewei, but kewei has been included in VBP.Together with increasing competition, the outlook is gloomy if Sunshine Lake Pharma continues to mainly rely on Kewei.
- There’s a significant gap in Sunshine Lake Pharma’s R&D progress/clinical data compared to the products of peers.The pipeline has been “disconnected” from the level of domestic biotech in recent years
- Sunshine Lake Pharma is inferior to other pharmaceutical companies in China.Even if CJ Pharma will be merged into Sunshine Lake Pharma, its market value should be lower than leading Biotech.
Arrowhead Pharmaceuticals Inc – On February 10
- On February 10, 2024, Arrowhead Pharmaceuticals, Inc. (ARWR) announced financial results for the first quarter of fiscal year 2025 that ended December 31, 2024.
- Following the company’s recent license and collaboration agreement with Sarepta Therapeutics, 2025 is set to be a catalyst-rich year.
- The company is now financed through 2028 and potentially through multiple commercial launches by Arrowhead and/or its partners, the first of which could occur this year for plozasiran for the treatment of familial chylomicronemia syndrome (FCS), which has a PDUFA date of November 18, 2025.
Bio-Techne Corporation: How Spatial Biology and Molecular Diagnostics Are Changing the Game!
- Bio-Techne Corporation’s second quarter of fiscal year 2025 results showcased a blend of robust growth and some challenges.
- The company reported a 9% year-over-year increase in revenue, achieving $297 million in total sales, which was also the growth rate on an organic basis.
- This performance was largely fueled by significant contributions from the biopharma end markets, especially large pharmaceutical orders for Good Manufacturing Practice (GMP) reagents and protein analytical implementations, alongside notable strides in their ExosomeDx and spatial biology divisions.