Healthcare

• Toho Holdings (8129 JP)‘s rumoured JPY200bn proposal for PHC Holdings (6523 JP) implies about JPY1,571. Mitsubishi Chemical and Mitsui sold 3.4m shares on-market near that level, signalling little faith.
• Their selling weakens the deal’s risk/reward: it signals lower deal certainty, and there would be a large overhang of about 20% of the shares if Toho walks away.
• My fair value range remains JPY1,800–2,030, but at the last close, JPY1,595, the risk/reward is skewed to the downside.

• Respighi raised its offer from €51.29 to €53 and extended it to 23 October after the original price attracted almost no independent minority acceptances.
• Despite the “best and final” language, we retain a 10–15% probability of another increase; our conditional expected consideration is €53.31.
• At €53.10 we move from Bullish to Neutral, but would hold existing positions and buy on weakness below approximately €52.50 absent adverse deal news.

• Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED), Medtronic’s diabetes spin-off.

• This is now an official recommendation.

• I have already bought MDT shares and plan to buy more today.

• Financial Turnaround Completed: Innovent has crossed the threshold into sustainable, high-scale profitability, recording RMB 1.25 billion in IFRS net profit for the first half of 2026 (up 50.2% year-over-year) and amassing an unprecedented RMB 30.2 billion cash pile, fueled by robust core product sales and the US$1.2 billion upfront payment from the Takeda strategic partnership.
• GLP-1 Pricing Moat: Mazdutide (IBI362) holds a strong first-mover advantage as the first approved GCG/GLP-1 dual agonist in China, but faces an aggressive competitive landscape following the expiration of Novo Nordisk’s semaglutide patent in March 2026; Innovent is countering this with a low-cost, in-house manufacturing moat leveraging 140,000 liters of operational bioreactor capacity to achieve rock-bottom COGS.
• De-risked Global Strategy: Moving away from high-risk, solo US/EU launches, Innovent has successfully pivoted to a capital-light, hybrid out-licensing model—evidenced by the US$11.4 billion Takeda deal and the May 2026 Pfizer oncology collaboration—which delegates ex-China clinical execution to multinational pharma partners while preserving significant commercial upside.

• Sustaining 50%+ Operating Margins is Structurally Improbable: KMF’s impressive 55.8% operating margin in 2025 and 51.9% in 1H 2026 are heavily anchored in its legacy business—namely low-tech, high-volume fermented enzyme materials, which accounted for 78.3% of 2025 revenue. As the company pivots toward high-value functional materials like short-chain fatty acids (SCFAs) and GLP-1 Pair, the yield rates will degrade from over 85% to under 25%, drastically increasing purification costs and compressing the margin profile.
• Encapsulation Moat is Niche and B2B-Deficient: While KMF’s Target Delivery System (TDS) provides genuine IP defensibility for specialized applications like water-soluble calcium (AquaShell S) and coated apple cider vinegar, it lacks significant switching costs in the broader B2B food-ingredient sector. Pure-play competitors like Bio FD&C have more robust corporate account networks and superior synthetic biology capabilities, leaving KMF’s expansion into next-generation biomaterials highly vulnerable to customer churn.
• CapEx Overcapacity Will Dilute Near-Term ROE: The upcoming KOSDAQ IPO (targeting a 128 billion to 152 billion won valuation in November 2026) aims to raise 30 billion to 35.6 billion won primarily to construct Plant 2. This massive brick-and-mortar investment will expand manufacturing space but will inevitably drag down KMF’s historical asset-light capital efficiency—which yielded a north-of-40% ROE in 1H 2026—due to front-loaded depreciation and uncontracted capacity.

• Medtronic has spent the past several years trying to reshape itself into a faster-growing, more focused medical technology company, and its $4 billion MiniMed exchange offer has become one of the most visible tests of that strategy.
• The transaction was designed to complete Medtronic’s separation from its diabetes business while effectively using MiniMed shares to retire Medtronic stock.
• However, MiniMed shares have fallen roughly 12% since the offer was announced, reducing the estimated discount available to participating Medtronic shareholders from around 7% toward roughly 3%.

• Eli Lilly has become one of the most recognizable names in global healthcare because of Mounjaro and Zepbound, the blockbuster medicines that helped reshape the obesity and diabetes markets.
• Yet an increasingly important part of the company’s growth story is developing outside GLP-1 drugs.
• Lilly is expanding its oncology portfolio across pancreatic cancer, breast cancer, lung cancer, chronic lymphocytic leukemia, multiple myeloma and other difficult-to-treat diseases.

• Fujian Haixi Pharmaceuticals (2637 HK) was listed in Oct 2025, when it raised around US$126m in its HK IPO. The lockup on its pre-IPO investors is set to expire soon.
• Fujian Haixi Pharma is a commercial stage innovative pharmaceutical company that integrates research and development, clinical research, production and sales capacities.
• In this note, we will talk about the lockup dynamics and possible placement.

• GE HealthCare has moved to deepen its position in molecular imaging through a $945 million cash agreement to acquire Sofie Biosciences from Trilantic North America, with closing expected in the first half of 2027.
• Sofie manufactures PET radiopharmaceuticals and operates a U.S. production network for short-lived radioactive tracers, giving GE HealthCare access to the time-sensitive final mile of radiopharmaceutical delivery.
• The deal also adds a pipeline that includes diagnostic agents targeting gastroesophageal and pancreatic cancers and is intended to sit within GE HealthCare’s Pharmaceutical Diagnostics segment.

• Retension Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing medicines for hypertension and cardiovascular diseases. Its product candidate, RTN-001, is a next-generation, once-daily, oral, small molecule PDE-5 inhibitor.
• RTN-001 achieved clinically meaningful reductions in SBP and DBP in two Phase 2 pilot trials, with initial Phase 2b data expected in 2027. A patent extends protection to 2044.
• The company reported cash and cash equivalents of $13,493 thousand, but recurring losses raise substantial doubt about its ability to continue as a going concern.

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• KMF is getting ready to complete its IPO on the KOSDAQ market in November. The indicative IPO price range is 15,000 to 17,800 won per share.
• Since its establishment in 2002, KMF has developed and produced functional food and bio-materials based on fermentation and enzyme technologies.
• Total revenue and net income increased by 259% and 1,018%, respectively from 2023 to 2025. KMF’s operating margins are extremely high at 55.8% in 2025 and 51.9% in 1H 2026. 

• Anupam has moved from a largely India-based custom-synthesis company to an integrated platform spanning fluorine inputs, specialty molecules, U.S. manufacturing and finished pharmaceutical formulations.
• The integration strategy has coincided with record FY26 revenue, a sharp recovery in operating cash flow and materially better inventory and receivable days.
• The thesis is no longer just growth through capex. It is now about extracting returns from acquired assets while ensuring minority-funded consolidation translates into attributable earnings and cash.

Key points (machine generated)

• Japan Emergency Assistance Co., Ltd. reported an 8.2% increase in sales to 1.965 billion yen for Q2 of fiscal year 2026.
• Operating profit surged by 167.8% to 105 million yen, with significant growth in ordinary and net profits as well.
• The growth was driven by strategic price revisions, new orders, and increased demand from inbound tourists, with the company on track to meet its full-year performance forecast.

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• Imugene Ltd (ASX:IMU) is a clinical-stage immuno-oncology company that has transitioned from a wide-ranging pipeline into a highly-focused vehicle concentrating on CAR-T.
• It is currently developing its platform azer-cel, an allogeneic ‘off-the-shelf’ CD19 CAR-T cell therapy for blood cancers.
• IMU announced on 5 October 2026 that its BTKi Combination Cohort (Cohort 3) continues to progress with four additional patients evaluated at Day 28, with one Complete Response (CR) in Mantle Cell Lymphoma (MCL) and one Partial Response (PR) in Chronic Lymphocytic Leukemia (CLL).

• FY26 CDMO revenue rose 36%, while Q1 FY27 CDMO accelerated 67% and reached 43% of quarterly revenue.
• Commercial and late-stage programmes, peptides and fermentation are shifting Laurus toward higher-complexity, higher-margin outsourced development and manufacturing.
• The earnings recovery is now visible, but the valuation increasingly requires successful commissioning, utilisation and return-on-capital delivery from growth CAPEX.

• The minerals exploration and development Company announces that its joint venture partner in the Elizabeth Hill Silver Project, West Coast Silver Limited (ASX: WCE), has today announced its H2 2026 diamond drilling program at the high-grade Elizabeth Hill Silver Project in Western Australia is scheduled to commence in early to midOctober.
• The 18 diamond hole drill program for ~1,800m is commencing across the Elizabeth Hill Silver Project, aiming to advance mineral resource definition, extension and new highgrade zone definition commenced in H1 2026.
• West Core Drilling is scheduled to mobilise in the week of 5 October, with drilling expected to continue through early to mid-December. 

• Shionogi & Co (4507 JP) is acquiring the U.S.-based IntraBio for an upfront consideration of $2B. The acquisition would add FDA-approved rare disease drug Aqneursa to Shionogi’s growing portfolio.
• As Shionogi is expanding rare disease presence globally, addition of Aqneursa after its acquisition of Radicava will deepen the company’s capability in rare diseases.
• Expanding capabilities in rare disease front will facilitate to commercialize Shionogi’s rare disease pipeline, including zatolmilast (target launch in FY28) and S-606001 (expected launch in FY32).

• Structural Overcapacity in Caffeine Squeezes Margins: The global synthetic caffeine market—where CSPC Innovation holds a 60% to 70% global demand share—is suffering from persistent overcapacity. Increased capacity inside China drove a margin compression from 47% to 34%, leading to consecutive net losses of RMB 304 million in 2024 and RMB 634 million in 2025.
• Biopharma Pivot Masked by Volatile BD Revenues: While the company swung to a net profit of RMB 1.18 billion to RMB 1.36 billion in H1 2026, this turnaround is entirely driven by lumpy out-licensing (BD) payments—primarily the US$1.2 billion upfront from the AstraZeneca weight management deal. Commercial product revenues from proprietary drugs remain minimal, meaning near-term earnings will remain highly volatile.
• H-Share Listing and Capital Strategy: The planned US$500 million H-share listing in Hong Kong is intended to establish an offshore financing platform to shield the company’s capital-intensive ADC and mRNA pipelines from domestic A-share liquidity constraints. This capital is key to funding Phase III trials for their EGFR ADC SYS6010 and capital expenditures for their new 51%-49% manufacturing joint venture with AstraZeneca in Shijiazhuang.

• Medtronic’s split-off offer for MiniMed Group expires October 9, with odd-lot holders prioritized and exempt from proration.
• Ingenia Communities received a takeover proposal from Warburg Pincus, with the latest offer at A$5.25/share under board review.
• Currency Exchange International shows 109% return, driven by a high-margin FX Payments business and potential US uplisting.

• Oura pulled the deal the day before it was due to list.
• This is not uncommon and happens all the time, but not in the midst of the calmest tape imaginable: a VIX sitting at 15, US major indices at near-record highs, credit default swap (CDS) spreads holding in or narrowing, and a company that had spent a week insisting demand was strong.
• These would generally not lead to postponing an IPO, especially for a company that is profitable, growing, and in an industry (wellness) that has drawn a lot of buzz over the past few years.

• CSPC Innovation Pharmaceutical-A (300765 CH) CSPC Innovation Pharma aims to raise around US$500m in its H-share listing.
• CSPC Innovation Pharmaceutical is engaged in the research, development, manufacturing, and sale of caffeine, functional ingredients, consumer nutritional products, and biopharmaceuticals.
• In this note, we talk about the company’s past performances.

• Sanofi has moved materially closer to Regeneron Pharmaceuticals (NASDAQ), although there is currently no disclosed takeover proposal or confirmed acquisition interest involving the U.S. biotechnology company.
• The latest development is an expanded immunology alliance announced on October 1, under which Sanofi will pay Regeneron $1 billion upfront and potentially another $7 billion tied to development, regulatory and commercial milestones.
• The companies will jointly develop four next-generation Regeneron antibodies, share development and commercialization costs equally, and split future global profits 50-50.

• Preclinical Oncology Overpromise: Despite aggressive press releases regarding the K1.1 mRNA program’s in vivo mouse data, the asset remains years away from human trials. Competing in the oncology mRNA space against well-capitalized giants is unrealistic for a company with Sunshine Biopharma’s current capital structure.
• Generic Margin Pressure and Regional Stagnation: Nora Pharma, the Canadian generics subsidiary, generates virtually all of Sunshine’s $36.31 million in FY2025 revenue. However, expanding beyond its historical Quebec stronghold into Ontario and Western Canada has proven low-margin due to intense competition from giants like Apotex and Teva, alongside structural pricing caps and pharmacy rebate (professional allowance) structures.
• Unrelenting Dilution and Listing Survival: Sunshine Biopharma’s commercial generic engine does not generate enough cash to self-fund the R&D pipeline. Instead, the company operates as a capital market survivalist, relying on serial equity dilution. With an accumulated deficit exceeding $75 million and consecutive reverse stock splits (1-for-10 in June 2026 and an authorized 1-for-20 in September 2026), the equity remains highly risky for fundamental investors.

• ✓ IPO Prophet Rating: 7.50/10 🏦 Deal Quality & Underwriters: 8.20/10. TRex Bio is offering 8.33 million all-primary shares at $14.00-$16.00, targeting approximately $125 million at the midpoint, with Nasdaq trading under TRXB expected after pricing on October 9, 2026.
• J.P. Morgan, Evercore ISI, Cantor, Stifel and Wedbush provide a strong healthcare-focused underwriting group.
• Deal quality is reinforced by collaborations with Eli Lilly and Janssen, backing from established biotechnology investors and Lilly’s non-binding indication of interest in purchasing approximately $13 million of the offering.

• High Selectivity in the 2026 Biotech Market: While biotech venture funding and traditional IPO markets have rebounded sharply from the “biotech winter”—with $23 billion raised in venture capital and over 23 US-listed IPOs raising ~$7.3 billion as of late September 2026—capital is highly concentrated. Pre-crossover and non-venture-backed companies face a steep uphill battle, driving them toward alternative listing vehicles like SPACs.
• The Structuring and Dilution Reality for Allarity: Targeting a $300 million to $500 million enterprise value sweet spot with its proposed $100 million trust, Allarity Acquisition Corp faces tough PIPE and redemption dynamics (often 80% to 90% redemption rates). To close a deal, the sponsor will likely have to restructure its ~25.0% promote, subjecting a major portion to earn-outs or forfeiture.
• Differentiated Sourcing via DRP® and Clinical Infrastructure: Allarity’s competitive advantage lies in its proprietary Drug Response Predictor (DRP®) technology and newly CLIA-certified in-house lab, allowing it to act as an operational partner that can revive stalled or undervalued clinical-stage oncology assets, rather than operating merely as a financial shell.

• Biotech remains the IPO market’s lone bright spot, with TRex Bio testing investor appetite as broader September IPOs struggled and Oura postponed. 
• TRex Bio is seeking $117–$133 million at a $384–$439 million valuation, backed by a Phase 1 lead program and a Lilly collaboration. 
• Lilly provides a significant validation signal, with a 23.9% pre-IPO stake and TRex Bio eligible for up to $577.5 million in additional milestones plus royalties.

• Over five sessions, directors reported 22 acquisitions and no disposals, while substantial shareholders recorded 28 acquisitions and five disposals.
• Cortina Holdings completed a S$55 million share buyback, reducing issued shares excluding treasury shares to 152,332,142.
• Chandra Asri Trading increased its stake in Hiap Seng Industries to 16.18% through a S$2.76 million off-market transaction.

• Cannara expanded its long-term international supply agreement with Curaleaf, lifting the potential contract value to $34M over a two-year term, up from $21M under the original July agreement (+62%).
• The upsizing comes just two months after supply began on August 1st, which we view as a strong validation of LOVE’s flower quality.
• The Company now has 15 of 24 grow rooms active at Valleyfield (vs. 14 at Q3/26), with a fully funded buildout plan through FY29.

• 51 companies recorded insider acquisitions in September 2026 — the broadest monthly cohort in recent months.
• We highlight large and small cap companies that experienced significant insider buying during September 2026, as reported on the stock exchanges.
• We also present key sectors which saw insider buying during the month along with names which have moved significantly above/below the insider buying price.

• Allarity Acquisition Corp. is a newly incorporated blank check company formed as a Cayman Islands exempted company. Its purpose is to effect a business combination.
• Allarity Acquisition Corp. is a newly incorporated blank check company seeking an initial business combination, led by an experienced management team. The team is well-positioned to evaluate life sciences opportunities.
• As of May 31, 2026, the company reported total assets of $137,519 and shareholder’s equity of $25,000, but has no operating history and faces going concern risk.

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• Artrya announced on Friday that it had signed a five-year commercial agreement with SAPPHIRE partner Huntsville Hospital Health System.
• Huntsville is the first SAPPHIRE partner to sign a commercial agreement.
• The market responded positively, with the stock trading as high as $4.20 (+22%) before closing at $3.70 (+7.9%).

• Medipal Holdings (7459 JP) is facing pressure from the UK-based asset management firm, Silchester International to convene an EGM of shareholders. Silchester’s clients are Medipal’s largest shareholders.
• Silchester formally demanded that Medipal convene an EGM to consider four proposals, including dismissal of Director Shuichi Watanabe, partial amendments to the Articles of Incorporation, special dividend, and share buyback.
• Medipal has replaced Shuichi Watanabe and promoted Kuniaki Imagawa as the President and CEO ‘to enhance corporate value and achieve sustainable growth for Medipal under the new management structure.’ 

• Sunshine Biopharma Inc. is a pharmaceutical company researching life-saving medicines in oncology and antivirals, marketing 60 generic prescription drugs, and selling OTC supplements through its Canadian subsidiaries.
• The company markets 60 generic prescription drugs in Canada and is developing K1.1 mRNA for liver cancer and SBFM-PL4 for SARS Coronavirus infections.
• The company reported $13,748,301 in cash as of June 30, 2026, with an accumulated deficit of $(77,823,043) and Nasdaq compliance concerns.

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• Going-Concern Realities: Following its Nasdaq delisting and subsequent move to the OTC market (under ticker VSEED) in August 2026, VSee Health is operating on a month-to-month survival cycle, with a cash balance under $1.0 million and a persistent cash burn that forces reliance on dilutive convertible notes and equity facilities.
• Refocused Strategy: The divestiture of VSee Lab to former Co-CEO Milton Chen in May 2026 was a necessary triage measure to cut $6.0 million in annualized operating expenses and retire 2.87 million shares (representing ~7% of outstanding equity), forcing a singular focus on the high-acuity iDoc Telehealth platform.
• Specious M&A Pivot: The July 2026 non-binding letter of intent (LOI) to acquire a $42.0 million healthcare commerce platform—intended to bring in $35.0 million in annualized revenue and $7.0 million in EBITDA—is a highly speculative bid to diversify cash flows. However, executing this transaction remains highly improbable given the company’s constrained balance sheet and lack of access to institutional capital.

• CVC Capital Partners fully exited Healthcare Global (HCG) in mid-2025, selling its 54% stake to KKR at ₹445 per share. Post-acquisition, KKR has pushed a pure-play oncology strategy, highlighted by the June 2026 divestment of the loss-making Milann fertility business for ₹37.64 crore equity value.
• The Supreme Court’s September 29, 2026 proposal for a 16% retail markup cap on oncology drugs is the most material near-term threat to EBITDA. Because medical oncology represents 38% of HCG’s specialty mix, a hard cap would severely compress pharmacy margins. HCG’s primary defensive levers include restructuring and bundling procedural billing packages and inflating unregulated bed, diagnostic, and radiation charges.
• Under KKR’s sole control, the governance structure has shifted entirely to professional management led by ED and CEO Dr. Manish Mattoo. While founder Dr. B.S. Ajaikumar remains as Non-Executive Chairman, day-to-day operations and capital allocation are tightly managed under KKR’s institutional framework, targeting a ramp-up to 21-22% EBITDA margins in the next two years.

• Defensive Dual-Listing Dynamics: Acrobiosystems’ resubmission of its H-share listing application on September 30, 2026, represents a defensive capital play to hedge against geopolitical fragmentation, establish a currency bridge for overseas M&A, and tap into offshore liquidity as its high-cost global footprint expands.
• Product Mix Drives Margin Compression: While core recombinant proteins maintain elite structural gross margins (91.15% in 1H26), consolidated gross margins have compressed to 83.07% TTM. This dilution is structurally driven by a deliberate mix shift toward lower-margin assay kits and technical services, coupled with localized GMP warehouse logistics.
• Divergent Growth Recovery: Despite a seemingly robust 31.43% YoY revenue expansion in 2Q26 to RMB 264.01 million, underlying recurring operational profitability remains weak (ex-nonrecurring net profit fell 5.3% YoY). This divergence highlights high overhead, localized commercialization costs, and massive share-based compensation overhead (RMB 12 million in 2Q26 alone).

• VSee Health, Inc., through its subsidiary iDoc, provides high acuity patient care solutions, specifically specialty intensive care unit services, aiming to bridge care gaps.
• VSee Health provides high acuity patient care solutions through iDoc, serving diverse customers from hospital systems to the federal prison system.
• The company reported operating losses and an accumulated deficit, with substantial doubt about its ability to continue as a going concern.

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• NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
• Here we have presented our expectations for these indices for the upcoming index rebal event in March 2027.
• We see two changes for NIFTY 50 and five changes for NIFTY 100.

• The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
• In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026.
• We expect threes changes at the December index rebal event and no intra-review changes before then.

• The Supreme Court has questioned medicine markups and sought government consideration of wider margin restrictions; a universal 16% cap is not yet established.
• Earnings exposure depends on drug billing, procurement economics, and contract terms, while restrictions on captive pharmacy purchases could create a separate volume risk.
• Investors should distinguish recoverable earnings pressure from weaker pricing power, then assess whether expansion returns justify existing valuation assumptions.

• Acrobiosystems is principally engaged in the research and development, production, and sales of recombinant proteins, antibodies, and analytical assay kits, seeking a primary listing on the Stock Exchange of Hong.
• The company ranked first among China-based providers and third globally in the recombinant protein market by revenue in 2025, serving all top 20 global pharmaceutical companies.
• The company reported revenue of RMB838,118 thousand for FY2025, though profit for the year decreased from RMB147,552 thousand in 2023 to RMB120,042 thousand in 2024.

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• A cell-free biomanufacturing platform advances toward commercial validation.
• eXoZymes has spent nearly a decade developing engineered enzymes and cell-free production systems designed to manufacture molecules that can be difficult or uneconomic to source through conventional methods.
• Its asset-light approach retains ownership of the underlying process IP, enzymes, methods, and know-how, while outsourcing manufacturing to external partners. 

• AstraZeneca is putting $2 billion behind Summit Therapeutics in a transaction that could become more important than a straightforward biotech investment.
• AstraZeneca will purchase convertible preferred shares representing a common-stock price of $18.36 per share, a 10% premium to Summit’s five-day volume-weighted average price, while expanding the companies’ cancer-drug collaboration.
• Summit shares jumped 18% in after-hours trading following the announcement, while AstraZeneca shares were little changed.

• Toho Holdings’ rumored JPY 1,571 per share takeover bid (totaling over JPY 200 billion) is financially unfeasible in its current form. The offer sits below PHC’s market close of JPY 1,684 and its fair value of JPY 1,800–2,030, while Toho’s low-margin wholesale profile (1.1% operating margin) and a bitter poison-pill battle with activist 24% shareholder 3D Investment Partners severely restrict Toho’s debt-funding capacity.
• A Toho-PHC combination faces significant antitrust hurdles with the Japan Fair Trade Commission (JFTC). PHC’s Wemex subsidiary holds a dominant share of Japan’s medical IT and electronic medical record (EMR) market. Vertical integration with Toho—a major pharmaceutical wholesaler—creates direct conflict-of-interest risks and potential foreclosure of rival wholesalers, attracting rigorous regulatory scrutiny.
• PHC’s recent Q1 operating profit surge of 171% to JPY 10.4 billion is a temporary restructuring bump rather than a structural turnaround. The earnings jump was driven primarily by the divestiture of its unprofitable Continuous Glucose Monitoring (CGM) business and a temporary tariff refund, masking persistent organic growth declines in its core diagnostics and life sciences segments and high legacy integration costs from LSI Medience and Epredia.

Key points (machine generated)

• Susmed is a Tokyo Stock Exchange-listed company expecting significant revenue growth by June 2027 with its new insomnia disorder app.
• The company specializes in digital therapeutics (DTx), offering a modern treatment approach alongside traditional methods.
• Susmed operates in two segments: developing therapeutic apps for patients and healthcare professionals, and enhancing clinical trial efficiency for pharma companies using blockchain technology.

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• Zentek announced that it has shipped its first order of enhanced air filters to a federal facility under its standing offer with the Government of Canada.
• This marks a meaningful milestone for the segment.
• Last week, ZEN filed the technical report for its PEA on Albany, providing key details on the study.

• Toho Holdings (8129 JP) has made a non-binding proposal to take PHC Holdings (6523 JP) private at a rumoured valuation of more than JPY200bn, implying JPY1,571 per share.
• KKR and other large holders want an exit, but the rumoured offer is below the last close (JPY1,684) and my fair value range of JPY1,800–2,030.
• The deal fits Toho’s diversification strategy, but funding, 3D Investment Partners’ 24% stake in Toho, and potential competition from domestic funds make completion challenging.

• Eli Lilly and Company has become almost synonymous with the global weight-loss boom, with Zepbound and Mounjaro transforming the company’s growth profile and making obesity one of the biggest stories in healthcare.
• Yet Lilly’s next major growth engine may emerge somewhere completely different.
• CEO David Ricks has indicated that the drugmaker is hunting for additional acquisitions, potentially larger than some of its recent transactions, while pointing to mental health, women’s health and infectious disease as areas where Lilly could make a difference.

• The Platform-Collaboration Pivot Point: Big Pharma’s transition from skeptical “pilot” programs to high-value platform-licensing deals is driven by actual clinical proof-of-concept, rather than speed of in silico discovery. While companies like Iambic have historically secured validation through partnerships with Takeda (up to $1.7 billion in biobucks) and AbbVie, sustained, non-dilutive platform economics require translating AI-designed properties (such as brain penetrance or selective covalent binding) into durable Phase 2/3 human efficacy.
• The Quantitative Algorithmic Edge: Benchmarked against peers like Recursion (which merged with Exscientia in November 2024) and Schrödinger, Iambic’s differentiation lies in its tight physics-ML integration. Models like NeuralPLexer3 and Enchant v3 address multi-parameter optimization (MPO) to reduce the hit-to-lead and lead-optimization phase to under two years—half the traditional timeline. However, this in silico speed has historically had poor translation rates, which Iambic is actively testing in the clinic with IAM1363.
• Capital Constraints of the Dual Strategy: Operating as both a drug developer and a software platform creates severe capital trade-offs. Despite cumulative funding of $461.8 million and a cash balance of $207.9 million as of June 30, 2026, Iambic’s cash burn is escalating rapidly, with a $50.1 million net loss in the first half of 2026 alone. The pending Nasdaq IPO is a necessary step to fund the costly transition of their lead HER2 asset, IAM1363, into registrational trials by early 2027, as non-dilutive collaboration upfronts (e.g., Takeda’s $27 million) are insufficient to sustain multi-asset clinical pipelines.

• Novo Nordisk is escalating its obesity strategy at a time when competition with Eli Lilly is becoming more intense, pricing pressure is rising, and the long-term exclusivity of semaglutide is beginning to weaken in some markets.
• Its latest move is a licensing agreement worth up to $2.6 billion for HRS-1596, an experimental oral GLP-1/GIP drug from Jiangsu Hengrui Pharmaceuticals that could eventually be taken once weekly.
• Only $300 million is being paid upfront, with the balance tied to future development and commercial milestones, but the transaction still highlights how aggressively Novo is searching for the next generation of obesity treatments.

• The Cigna Group is making specialty medicines a central pillar of its next phase of growth, targeting a market that management estimates is approaching $500 billion and expanding at a high-single-digit annual rate.
• These are not everyday prescriptions, but treatments used for complex illnesses such as cancer, cystic fibrosis, hepatitis C and other conditions that often require specialized distribution, monitoring and clinical support.
• Cigna already has a significant position through Accredo Specialty Pharmacy, but its strategy increasingly extends beyond delivering drugs directly to patients.

• Xeris Biopharma Holdings has suddenly become one of the more intriguing names in pharmaceutical M&A after Lundbeck expressed interest in acquiring the commercial-stage drugmaker, even as Xeris maintained that it is not for sale.
• The timing is notable because Xeris is not facing the typical profile of a pressured takeover candidate.
• Its commercial portfolio is expanding rapidly, Recorlev has emerged as the company’s principal growth engine, Gvoke has returned to sequential growth, and Keveyis continues to generate durable rare-disease revenue.

• Iambic Therapeutics is a clinical-stage biotechnology company deploying a differentiated ‘Molecular Superintelligence’ platform that integrates proprietary generative AI physics models (NeuralPLexer, Enchant) with an automated, high-throughput robotic wet lab to execute rapid weekly design-make-test cycles.
• The company’s lead clinical asset, IAM1363—an oral, brain-penetrant, selective Type II HER2/EGFR inhibitor—is demonstrating promising preliminary efficacy and tolerability in Phase 1/1b trials for HER2-altered solid tumors, with pivotal registrational study initiation targeted as early as 2027.
• Backed by over $461 million in equity capital and validated by multi-billion-dollar strategic discovery alliances with AbbVie, Takeda, and Bayer, Iambic offers high platform optionality, balanced against expanding operational R&D cash burn and competitive precision oncology dynamics.

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• IHH Healthcare (IHH MK) is facing a legal headwind after a Tokyo District Court dismissed its damage claims against Daiichi Sankyo related to the acquisition of Fortis Healthcare.
• However, accelerated growth momentum reported in 2Q26 financial result, in particular recovery in Singapore operation, raises conviction on the strength of the core operation of IHH.
• Amid rising demand, IHH remains confident in its growth path. The company has reaffirmed 2026 EBITDA and PATMI margins guidance at 22–24% and 8–10%, respectively.

• On September 23, 2026, Imunon, Inc. (IMNN) held an R&D day to review the results for the IMNN-001 program in newly diagnosed advanced ovarian cancer.
• The event included multiple presentations that covered the case for localized IL-12 therapy, translational data that showed IMNN-001 is preferentially taken up by macrophages that leads to local IL-12 expression and remodeling of the tumor microenvironment, final data from the OVATION 2 trial that showed median overall survival was 45.1 months with IMNN-001 plus chemotherapy compared to 30.4 months with chemotherapy alone, and an update on the OVATION 3 trial that includes an enrollment rate of approximately 0.5 patients per site per month compared to a 0.3 planning assumption.
• Lastly, a pre-recorded conversation showcased a participant from the OVATION 1 trial who is now almost 10 years from diagnosis and reports remaining free of cancer recurrence.

• Founded in 2019 and backed by NVIDIA, Iambic is a technology and clinical-stage biotech company. S1 was filed on 21 September.
• Iambic’s value creation hinges on 1) its molecular superintelligence platform (flagship AI models Enchant/NeuralPLexer), 2) pipeline: partnered/wholly-owned programs including clinical-stage IAM1363 (Type2 HER2 inhibitor), 3) a growing roster of partnerships
• 1H26 collaboration revenue and net loss amounted to US$12.8m (vs. US$3.9m in 1H25) and US$50.2m, respectively. See inside for more on Iambic AI models and IAM1363 clinical data

• QL adopts a comprehensive business model of “independent R&D + full industrial chain layout + diversified pipeline”.Based on proprietary technology platforms, QL is able to form a structural cost advantage.
• The competition for GLP-1 is moving from the broad stage to the “efficacy, safety, convenience, and economy” refined competition stage, and QL is facing intense competition in multiple dimensions.
• With the comprehensive assessment of QL – “no commercialized product + strong pipeline”, and “first mover advantage + product differentiation”, a neutral scenario is HK$15-20 billion market value.

• SanBio Co Ltd (4592 JP) reported marginally higher operating loss (~¥1909.9M) in H1FY27.  R&D expenses decreased. Net loss witnessed narrowing too.
• Integration of manufacturing at Minaris Japan’s Yokohama facility and contract manufacturing agreement with JCR Pharmaceuticals to strengthen the stable supply of Akuugo.
• FY27 guidance reiterated with revenue expected to be ¥396M. FY27 would be an inflection point for SanBio and the stock still remains a moderately risky bet.

• Singh’s goal is an expansion with the large pharma customer in 4Q on standard commercial terms rather than pilot terms.
• The engagement, announced at the end of March, is a six- to 12-month pilot in which the customer will select one major depressive disorder target to advance in-house.
• Bullfrog has delivered a couple of interim milestones and booked its first revenue in 2Q. 

Key points (machine generated)

• FunPep, founded in 2013, develops pharmaceuticals using functional peptides for preventive medicine.
• The company will announce Phase 3 clinical trial results for its skin ulcer treatment in early 2027.
• Preliminary Phase 1 results for the pollen allergy vaccine ‘FPP004X’ showed no safety issues but lacked effectiveness against cedar pollen symptoms.

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• Terumo Corp (4543 JP) posted strong Q1FY27 result, with record high quarterly revenue, operating profit, and net profit, driven by TIS, GBS, and Organ Technologies business, mainly in North America.
• While revenue outlook and earnings from business operations remain unchanged, the company has incorporated the impact of the U.S. tariff refund and one-time income, resulting in higher profit guidance.
• Terumo’s business fundamentals continue to be solid. The company continues to witness strong global demand, with TIS and GBS serving as the main drivers.

• Oura’s planned 50 million-share IPO at $40–$44 per share has been postponed, with the company citing market conditions.
• Despite a reported multiple-times-oversubscribed book, market conditions and an aggressive valuation step-up contributed to the offering being shelved.
• Oura’s 5 million paid members and growing subscription business remain central to its investment story, but the timing of a potential IPO remains uncertain.

• Two qualifying IPOs are scheduled to price Tuesday and begin trading Wednesday: Oura and Accelevation Holdings.
• Together they represent approximately $2.76 billion of base proceeds at midpoint and make this the most consequential new-issue day since the summer window.
• The books are constructive. Oura was heard approximately 3x covered before its Boston roadshow, while Accelevation was heard 3–4x covered as of Friday. 

• Short sellers made decisive moves this week ending September 26.
• Energy refining ETF CRAK saw SI hit 36.8% of float – up 38% in seven days.
• Mortgage REIT RWT saw the sharpest build, with SI surging 215% to 22.1% of float as borrow dried up.

• Abivax (ABVX FP) has achieved a pivotal clinical inflection with the successful completion of its global Phase 3 ABTECT program evaluating lead asset obefazimod (ABX464)—a first-in-class oral miR-124 enhancer—demonstrating superior placebo-adjusted clinical remission rates (~39-40% at Week 44) in moderately to severely active Ulcerative Colitis (UC), setting up a planned U.S. FDA New Drug Application (NDA) submission in late Q4 2026.
• The company substantially eliminated near-term financial overhang following landmark capital raises that secured over €767M in net proceeds in mid-2026, extending the pro-forma liquidity runway into Q4 2029 and fully funding pre-commercial U.S. launch infrastructure, European market access preparation, and the ongoing Phase 2b ENHANCE-CD trial in Crohn’s Disease.
• While single-asset clinical concentration and high competitive rivalry across the Inflammatory Bowel Disease (IBD) landscape remain key investment risks, obefazimod’s novel upstream mechanism of action, benign cardiovascular profile relative to JAK inhibitors, and long-term 7-year safety durability position Abivax as a high-conviction mid-cap biopharma asset with significant standalone commercial potential and M&A optionality.

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• Our 2021 thesis failed on its own terms: the shares fell about 61% and total return was roughly −42%, although revenue and profit grew modestly.
• The error was framing royalties as a perpetual bond: streams expire, troponin delivered a quarter of the cited estimate, and China eroded the edges.
• At about 11× earnings and a near-10% yield, the market now prices a run-off; neurology’s move into approved tests is the option.

• The core characteristics of Ziyond’s business model is “wide product coverage, online channelization, marketing-driven growth”.But the market size of specific segment where the core product is located is not large
• Apart from the decline in gross profit margin, profit decline was also related to one-time expense expenditures, increased R&D investment, and intensified market competition. Ziyond’s profitability has not yet stabilized.
• Refer to the valuation levels of existing skin care/consumer healthcare companies listed in Hong Kong stock market, based on 2026 profit forecast, a neutral scenario could be P/E of 20x.

• Hologic, Inc. reported third quarter fiscal 2025 revenue of $1.024 billion, up 0.4% year-over-year and approximately $14 million above the high end of guidance.
• Non-GAAP EPS increased 1.9% to $1.08, exceeding guidance by $0.01.
• Non-GAAP operating margin remained above 30%, supported by expense discipline and tariff mitigation.

• Cosmos is a vertically integrated healthcare group with a portfolio that spans pharmaceutical and nutraceutical brands, pharmaceutical distribution, proprietary and contract manufacturing as well as an emerging set of technology- and services-oriented assets.
• Cosmos Health had two announcements that further demonstrates the improving growth trajectory for the company and why investors are missing an improving investment opportunity.

• Alexion Pharmaceuticals (ALXN) maintains an entrenched global leadership in complement-mediated rare diseases, anchored by its blockbuster anti-C5 monoclonal antibodies Soliris (eculizumab) and the next-generation, longer-acting Ultomiris (ravulizumab), which together capture dominant market share across Paroxysmal Nocturnal Hemoglobinuria (PNH), atypical Hemolytic Uremic Syndrome (aHUS), generalized Myasthenia Gravis (gMG), and Neuromyelitis Optica Spectrum Disorder (NMOSD).
• The company demonstrates an exceptional financial compounding profile, supported by a 5-year revenue CAGR of 19.53%, non-GAAP operating margins consistently exceeding 50%, and superior cash generation culminating in a 5-year Free Cash Flow CAGR of 49.42%, providing substantial financial flexibility to fund high-value pipeline expansion and strategic business development.
• Alexion’s long-term competitive moat is fortified by its rapid commercial lifecycle conversion from Soliris to Ultomiris (providing intellectual property protection through 2035+), geographical market expansion, and pipeline diversification across proximal complement targets (Factor D inhibitors) and metabolic enzyme replacement therapies (Strensiq, Kanuma).

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• Differentiated health-tech platform: Oura combines wearable technology, biometric data and recurring subscriptions, with approximately 5 million paid members.
• Rapid growth: Latest-twelve-month revenue reached approximately $1.43 billion, while paid membership doubled year over year.
• Valuation remains a key consideration: The proposed valuation represents a meaningful premium to its October 2025 private financing, despite improving margins and cash generation.

• September 25, 2026 ADARx Pharmaceuticals Inc. (Nasdaq: ADRX) delivered a strong opening in its public-market debut, opening at $22.10 , exactly 30.0% above its $17.00 IPO price .
• The company priced at the top of its marketed $15.00-$17.00 range and increased the offering to 26.25 million shares , raising $446.25 million .
• The strong opening reflected significant initial demand, with ADRX reaching an intraday high of $23.21.

• Boditech Med Inc. (206640 KS) is a leading South Korea-based in vitro diagnostics (IVD) company specializing in Point-of-Care Testing (POCT) analyzers (ichroma™ and AFIAS platforms) and consumable diagnostic reagent cartridges across more than 120 global markets.
• Following post-pandemic normalization, the company has delivered strong organic revenue expansion, reaching KRW 162.1bn in 2025 (+17.3% YoY) with sustained gross profit margins above 56% and EBITDA margins in the 23-26% range, powered by non-COVID test menus across cardiovascular, latent tuberculosis (IGRA-TB), therapeutic drug monitoring (TDM), and diabetes.
• Trading at attractive valuation multiples relative to global IVD peers (~7.5-8.5x trailing P/E and ~1.1x P/B), Boditech Med combines robust balance sheet resilience (net cash position), consistent dividend distributions (1.6% yield), and multiple regulatory commercial catalysts in North America and Europe.

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• Alphamab Co Ltd (9966 HK) reported drop of 15% YoY in revenue, driven by licensing income. Recorded loss of RMB 40.5M in 1H26 (vs profit of RMB 21.6M in 1H25).
• The NDA of KN026 in combination with docetaxel, as neoadjuvant treatment for HER2+ BC and as first-line treatment of HER2+ advanced BC is under priority review and approval procedure.
• We feel the trial results, approvals and launches of various candidates lined up would act as further triggers to the stock price. We prefer to be bullish on the name.

• Most individuals could not give 2 shits about any of the IP Cipher Pharmaceuticals has or is licensed with.
• In that way it’s much closer to a market failure than anything someone did wrong, as Eli Lilly was more than capable of turning spinosad into a topical for scabies.
• Hell, a baby could turn spinosad into a topical for scabies if you have spinosad and lotion and you were to just dump them together onto a tray. 

• Discovery Loop announced its initial financing on August 5, 2026, led by Radical Ventures and Khosla Ventures.
• Discovery Loop’s first external revenue could come from design-partner engagements with frontier AI laboratories and large enterprise R&D organizations, potentially beginning in late 2027.
• The founding team has experience across distributed systems, AI models, accelerator design, and production products, consistent with the company’s view that automated discovery at scale depends on systems engineering as well as model performance.

• Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September.
• Yangzijiang Shipbuilding saw the largest reversal with S$73.78 million net buying from 14–25 September after prior net selling.
• UI Boustead REIT and CapitaLand Ascott Trust reversed outflows with recent net buying of S$17.23 million and S$6.70 million, respectively.

• On September 24, 2026, Lakewood-Amedex Biotherapeutics, Inc. (LABT) announced that the first patient has been dosed in the Phase 2a clinical trial of Nu-3 for the treatment of diabetic foot ulcers.
• It is.
• Multicenter, single blind, dose-finding study designed to evaluate the safety and efficacy of three Nu-3 gel concentrations (2%, 5%, and 10%).

• CStone Pharmaceuticals (2616 HK) posted revenue of RMB 205.1M (vs RMB 49.4M in 1H25) as sales of Gavreto (pralsetinib) increased substantially following its successful inclusion in the NRDL.
• R&D expenses increased 95% to RMB 205.5M due to increased ongoing clinical trials. Company ended 1H26 with a loss of RMB 252.3M vs loss of RMB 270.2M in 1H25.
• Sugemalimab awaiting launches in new overseas territories, Aykavit and Gavreto sales slowly picking and CS2009 showing encouraging trial results pose a positive outlook about the company.

• Cannara continues to defend and grow its position amongst LPs throughout geographies and segments, highlighting management execution.
• We see several opportunities for Cannara to further penetrate the market as additional grow rooms activate and new products launch.
• LOVE is expected to report its Q4 and FY26 financials in late November, for which we expect 17% revenue growth and 11% Adj. EBITDA growth.