Healthcare

Cosette signed a binding agreement to acquire Mayne Pharma (MYX AU) for $7.40 per share.
Cosette predictably got cold feet and is attempting to terminate the deal, invoking the deal’s material adverse clause.
Moreover, Cosette has repeatedly failed to quantify its allegations. The extant stock price implies a less than 30% chance of deal closure in spite of having zero precedence for support.

Biocon Ltd QIP – Well Flagged US$522m QIP; Largely Towards Clearing Debt

By Akshat Shah

Biocon Ltd (BIOS IN) Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).
The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Bayzed Health Group IPO: Shows Flare; Still a Tough Road Ahead; Can Avoid The Issue

Bayzed Health Group (BHG HK) launched its Hongkong IPO aiming to raise up to HK$ 900 million. The company plans to sell 133 million shares at HK$4.22–6.75 per share.
The company plans to utilize the IPO proceeds to continuously strengthening the full-cycle oncology healthcare services primarily through purchasing medical equipment and recruiting medical professionals.
Bayzed Health is an oncology healthcare group which posted revenue of RMB 1,189 million in 2024, up by 11% YoY. Gross margins improve; net losses narrow too.

Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand

By IPO Boutique

Caris Life Sciences increased the price range on its IPO on Monday ahead of a Wednesday scheduled debut.
According to our sources, the deal is multiple-times oversubscribed with a mix of new and existing investors. There are multiple mutual-fund anchor orders in the book.
Given how important this company’s technology is to the cancer arena and the revenue growth that is “ramping” into the IPO, we like the risk-reward profile of this deal.

TransThera Sciences (Nanjing) IPO: Uniqueness of Lead Candidate Provides Comfort for Long-Term

TransThera Sciences, a clinical-stage biopharma, filed to list on HK. The company aims to raise HK$200M by offering 15M shares. The offer price is set at HK$13.15 ($1.7) per share.
The IPO opened on June 13 and closes on June 18. Allocations are expected on June 20, while trading is anticipated to commence on June 23.
The company intends to use the IPO proceeds to fund the research and development of core product candidate, Tinengotinib for various types of solid tumors.

Vivos Therapeutics, Inc: SCN Acquisition Closed; Key Step in Strategic Pivot

By Water Tower Research

SCN acquisition closed, marking a pivotal milestone in the new marketing model.
Vivos completed the acquisition of the Sleep Center of Nevada (SCN), paying $6.0 million in cash and $1.5 million in stock upfront.
SCN remains eligible for an additional $1.5 million contingent stock payment if a financial milestone is achieved.

LEXX: GLP-1-H25-5 Study Complete

Zacks Small-Cap Research Note for Lexaria Bioscience Corp. (LEXX)

STI Banks Lead Weekly Buyback Consideration Tally

By Geoff Howie

Institutions were net sellers of Singapore stocks with a net outflow of S$80 million from June 6-12.
DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$66.8 million.
Q & M Dental Group’s CEO increased his stake to 54.92% amid ongoing share buyback program since May 8.

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Jun 16

Daily Brief Health Care: Mayne Pharma, Kitazato, Shanghai Junshi Biosciences , Bayzed Health Group, Inventurus Knowledge Solutions and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Merger Arb Mondays (16 June) – Mayne, Pointsbet, Fengxiang, HKBN, Seven & I, Shibaura, Smartpay
Kitazato (368A JP): Greenshoe Nudges It Closer to Global Index Inclusion, but Shortfall Remains
Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure
Pre-IPO Bayzed Health Group (PHIP Updates) – Some Points Worth the Attention
Inventurus IPO Lockup: US$2.4bn Lockup Release; Pre-IPO Investors May Monetize

Merger Arb Mondays (16 June) – Mayne, Pointsbet, Fengxiang, HKBN, Seven & I, Shibaura, Smartpay

By Arun George

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Insignia Financial (IFL AU), ENN Energy (2688 HK), Smartpay Holdings (SPY NZ), Seven & I Holdings (3382 JP), Smart Share Global (EM US).
Lowest spreads: Bright Smart Securities And (1428 HK), Avjennings Ltd (AVJ AU), Toyota Industries (6201 JP), Nippon Road (1884 JP), AEON Mall (8905 JP), Nissin Corp (9066 JP).

Kitazato (368A JP): Greenshoe Nudges It Closer to Global Index Inclusion, but Shortfall Remains

By Dimitris Ioannidis

Kitazato (368A JP) is forecasted to fail the market cap and float cap threshold of Global-F SmallCap even with the full exercise of the greenshoe.
Kitazato (368A JP) is expected to come close but miss the float cap threshold of Global-M SmallCap.
The full exercise of the greenshoe increases the probability of inclusion in Global-M SmallCap at the November 2025 review.

Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure

Shanghai Junshi Biosciences (1877 HK) is placing 41M H shares for subscription at HK$25.35 per H Share.
Shanghai Junshi intends to use 70% of the net proceeds from the placement for innovative drug development and balance 30% for general corporate purposes such as replenishment of working capital.
Early green shoots in the form of lower R&D expenses and narrowing losses. Junshi offers for a good long-term bet as the company turning profitable will take some time.

Pre-IPO Bayzed Health Group (PHIP Updates) – Some Points Worth the Attention

The positioning of Bayzed is just “a supplement to public hospitals system”, with limited scale and competitiveness, which is a point that investors may need to be aware of.
A big problem in the operation of Bayzed is the loss status/weak profitability. At current gross margin level, it would be difficult for Bayzed to deliver good returns for investors.
Valuation of Bayzed should be lower than Inkon Life Technology and Hygeia. The Pre-IPO valuation is not cheap, and the valuation upside potential may be limited considering weak profitability.

Inventurus IPO Lockup: US$2.4bn Lockup Release; Pre-IPO Investors May Monetize

Inventurus Knowledge Solutions (IKSINCD IN) raised around US$295m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
It is a technology-enabled healthcare solutions provider, assisting physician enterprises in US, Canada and Australia, with a core focus in the US.
In this note, we will talk about the lockup dynamics and possible placement.

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Jun 15

Daily Brief Health Care: Sun Pharmaceutical Industries, Wuxi Biologics, Genesis Healthcare, Medtronic Plc and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth
China Healthcare Weekly (Jun.15) – Outlook of GLP-1 Market, WuXi Bio’s Placement, Keymed’s Placement
GEN Digital Is Tapping Into Telecom & Employers—Can This Be The Biggest Driver Of Its Future Growth?
Medtronic Doubles Down on Innovation as Cardiovascular Tech Takes Center Stage!

Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

Sun Pharmaceutical Industries (SUNP IN) is appointing Kirti Ganorkar as the Managing Director to succeed Dilip Shanghvi, effective September 1, 2025, with the entire business reporting to him.
In another development, Richard Ascroft will be joining as CEO – North America, succeeding Abhay Gandhi. Aalok Shanghvi has been additionally entrusted with the responsibility for the North America business.
Succession plan and management rejig come at a time when SPIL is at an inflection point, with its India business being on a strong foothold and specialty business gaining traction.

China Healthcare Weekly (Jun.15) – Outlook of GLP-1 Market, WuXi Bio’s Placement, Keymed’s Placement

By Shifara Samsudeen, FCMA, CGMA

The GLP-1 market has officially transitioned from a duopoly to a state where Tirzepatide is eating away at Semaglutide’s market share, which should be a highly valued advance signal.
WuXi Bio’s Placing price of HK$26.51-26.88/share is expansive if based on 2025 forecast.Obviously, WuXi Bio hopes to leverage the positive market sentiment to complete the placement at high share price
Keymed plans to raise about HK$854million through a top-up placement. However, reasonable valuation for Keymed is RMB5-10 billion. In other words, the Placing Price of HK$45.48 per Share is expensive.

GEN Digital Is Tapping Into Telecom & Employers—Can This Be The Biggest Driver Of Its Future Growth?

By Baptista Research

Gen Digital’s latest financial results and strategic developments present a balanced picture of growth and ongoing transformation within the company.
During the fiscal year 2025, Gen Digital demonstrated solid financial performance, highlighted by a record revenue of nearly $4 billion, a 4% year-over-year increase, and a non GAAP operating margin of 58.4%.
This growth was driven by strong demand across Gen’s core cyber safety offerings, including security, privacy, and identity theft protection solutions.

Medtronic Doubles Down on Innovation as Cardiovascular Tech Takes Center Stage!

By Baptista Research

Medtronic’s fourth-quarter results for fiscal year 2025 demonstrated a robust finish with a reported revenue growth of 5.4%.
The company experienced strong performance across its cardiovascular, neuromodulation, and diabetes segments, with cardiovascular growth accelerating to 8% due to innovations in pulse field ablation and cardiac ablation solutions experiencing nearly 30% growth.
This momentum was further supported by double digit growth in neuromodulation and diabetes, highlighting the effectiveness of Medtronic’s innovation-centric strategy.

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Jun 14

Daily Brief Health Care: Wuxi Biologics, Medtronic Plc, Kitazato, Cyberdyne Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Wuxi Biologics Placement – Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain
Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business
Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market
Cyberdyne (7779 JP) – Ongoing Improvement in Reducing Operating Loss

Wuxi Biologics Placement – Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

By Sumeet Singh

Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK).
This is the company’s 17th placement since it listed in June 2017.
In this note, we talk about the updates since then and run the deal through our ECM Framework.

Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business

By Garvit Bhandari

The separation will occur via a two step transaction – an initial minority IPO carve-out followed by a split-off of the remaining stake.
Two-Step separation allows investors an early opportunity to assess and value the Diabetes business independently, while Medtronic ultimately divests full ownership over time. Diabetes business could be valued between $8-$11B.
The move will allow Medtronic to focus on its faster-growing, higher-margin businesses such as pulsed field ablation and renal denervation.

Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

Kitazato (368A JP) will debut on the Tokyo Stock Exchange’s Prime market on June 25th, with existing shareholders offering 14m shares at an indicative price range of ¥1,300-1,340 per share.
Given a structurally challenging domestic market, Kitazato has expanded its operations globally, however, its overseas operations have seen very limited traction over the years.
With growth rates expected to plateau, dividends are the only enticing thing and we think the IPO should be priced at a discount to compensate for the concerns.

Cyberdyne (7779 JP) – Ongoing Improvement in Reducing Operating Loss

By Astris Advisory Japan

Cleared two major hurdles, accelerating the path to profitability – Management executed a large-scale restructuring of the U.S. subsidiary RISE Healthcare Group (RHG) and completed the divestiture of the underperforming LeyLine business.
These actions have materially contributed to narrowing operating losses and advancing the group’s overall turnaround.
Overseas drove the growth of the Product Rental business – FY results showed strong overseas performance in the Product Rental segment, led by demand from Ukraine and Malaysia.

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Jun 13

Daily Brief Health Care: Consun Pharmaceutical, Everest Medicines, SAI Life Sciences, Apimeds Pharmaceuticals US, Sumitomo Pharma, Divi’s Laboratories, CellSource , Aethlon Medical and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Quiddity Leaderboard Hang Seng Biotech Sep25: Three Changes Likely + One Intra-Review Change
Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted
Sai Life Sciences IPO Lockup – US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake
WTR Biotech Spotlight Podcast Recap Apimeds Pharmaceuticals US, Inc. (APUS)
Sumitomo Pharma (4506 JP): Positive Momentum Persists, New Agreements Adds Steam
Divi’s Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue
CellSource (4880 JP): 1H FY10/25 flash update
Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S.

Quiddity Leaderboard Hang Seng Biotech Sep25: Three Changes Likely + One Intra-Review Change

By Janaghan Jeyakumar, CFA

The Hang Seng Biotech index (HSHKBIO) represents the 50 largest biotech companies listed in Hong Kong (HKEX).
In this insight, we take a look at the potential index changes and the resultant capping flows for the HSHKBIO index rebal event in September 2025.
Based on the latest data, we see three ADDs and three DELs.

Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted

Everest Medicines (1952 HK) aims to raise around US$150m in a secondary sell-down of shares conducted by CBC Group.
This comes on the heels of a similar secondary sell down in Jan 2025, whereby CBC sold ~US$100m worth of stock, priced at a 10% discount.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

Sai Life Sciences IPO Lockup – US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

By Akshat Shah

SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
In this note, we will talk about the lockup dynamics and possible placement.

WTR Biotech Spotlight Podcast Recap Apimeds Pharmaceuticals US, Inc. (APUS)

By Water Tower Research

Apimeds US is a clinical-stage biopharma company that is developing an intradermal bee venom-based toxin, Apitox, for pain associated with inflammatory conditions, including knee OA and multiple sclerosis (MS), for the US market.
Apitox is licensed from Apimeds, Inc. in South Korea (Apimeds Korea), where the therapy has Korean approval as Apitoxin for treatment of OA.
Honeybee venom has anti-inflammatory and analgesic properties.

Sumitomo Pharma (4506 JP): Positive Momentum Persists, New Agreements Adds Steam

Sumitomo Pharma (4506 JP) and Knight Therapeutics (GUD CN) entered into exclusive license and supply agreements to commercialize Myfembree, Orgovyx, and vibegron in Canada.
Sumitomo Pharma and Novo Nordisk A/S (NOVOB DC) have entered into a co-promotion agreement in Japan for Ozempic subcutaneous injection.
Streamlining efforts and scouting for new revenue streams augurs well. Sumitomo stock remains in contention, up 27% in last 5 days.

Divi’s Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue

Divi’s Laboratories (DIVI IN) ended FY25 on a strong note. Continued momentum in CS business, recovery in generic business, and significant margin improvement are the key highlights of Q4FY25 result.
Divi’s is witnessing sustained momentum in CS, with a healthy uptick in RFPs and regular site visits. Favorable product mix, stable raw material, and logistics prices will improve overall margin.
Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably with less than 2% revenue CAGR over the last three years.

CellSource (4880 JP): 1H FY10/25 flash update

By Shared Research

Revenue decreased by 18.3% YoY, with operating profit down 93.9% YoY, and net income down 96.3% YoY.
Contract processing orders totaled 10,303, declining 8.5% YoY, impacting revenue from contract processing services by 10.6% YoY.
SG&A expenses decreased by 12.2% YoY, with a gross profit margin decline of 7.9pp to 56.1%, raising the SG&A-to-revenue ratio.

Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S.

Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S. but no treatment has proven effective yet.
Aethlon collaborated with the UCSF Medical Center Long COVID clinic to evaluate plasma samples from participants with Long COVID symptoms & examine whether they could benefit from the Hemopurifier.
We estimate, given the company’s focus on controlling costs, that expense associated with this effort was de minimis.

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Jun 12

Daily Brief Health Care: Saint Bella, Bone Biologics , SanBio Co Ltd, Telomir Pharmaceuticals and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Saint Bella IPO: Revenue Growth Re-Accelerated, 34 Postpartum Centers Were Opened In 2024
BBLG: Now is the Time to Look at BBLG
SanBio Co Ltd (4592 JP): Akuugo Shipments Expected To Commence In 2QFY26, New Credit Line In Place
TELO: Data Shows Potential Treatment for Age-Related Diseases

Saint Bella IPO: Revenue Growth Re-Accelerated, 34 Postpartum Centers Were Opened In 2024

By Andrei Zakharov

Saint Bella, a premium postpartum care and recovery provider, moves toward Hong Kong IPO following strong +43% y/y revenue growth in 2024.
The company is uniquely positioned in premium segment under Saint Bella, Bella Isla and Baby Bella brands.
I believe Saint Bella has the potential to become one of the key postpartum care and recovery providers targeting HNW, high income and young middle class families in China

BBLG: Now is the Time to Look at BBLG

Bone Biologics is pursuing a better and more effective way of dealing with back pain requiring surgery by developing bone regeneration in spinal fusion using the recombinant human protein known as NELL-1/DBX, or NB1.
The company continues with human trials, and we are looking forward to the initial results and suggest investors consider investing ahead of the result release.

SanBio Co Ltd (4592 JP): Akuugo Shipments Expected To Commence In 2QFY26, New Credit Line In Place

SanBio Co Ltd (4592 JP) successfully completed three commercial production runs to accumulate inventories in preparation for launch. The earliest possible timing for shipment is expected to be 2QFY26.
During FY25, SanBio did not generate any revenue. The successful launch and shipments are likely to have only a minimal impact on the financial performance of the company in FY26.
SanBio has a cash runway through FY26. Further, in, company entered into a new committed credit line agreement (¥1B) with Mizuho Bank.

TELO: Data Shows Potential Treatment for Age-Related Diseases

Telomir Pharmaceuticals is a preclinical stage company focused on reversing biological aging and degenerative diseases.
The company announced preclinical test results that showed Telomir-1 reversed multiple symptoms in an animal model of Wilson’s disease.
These results provide further proof of the potential of Telomir-1 to reduce aging-related diseases.

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Jun 11

Daily Brief Health Care: Keymed Biosciences, Saint Bella, Kitazato and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Keymed Bioscience Placement – Track Record Isn’t Great but Recent Performance Has Been Better
Saint Bella Pre-IPO: A Few Things to like but Still Unprofitable
Kitazato IPO – Isn’t Particularly Enticing Apart from the Dividend Yield

Keymed Bioscience Placement – Track Record Isn’t Great but Recent Performance Has Been Better

By Sumeet Singh

Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&D requirements.
Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology
In this note, we will talk about the placement and run the deal through our ECM framework.

Saint Bella Pre-IPO: A Few Things to like but Still Unprofitable

Saint Bella (SAINT HK) is looking to raise $US200m in its upcoming Hong Kong IPO.
It operates the second largest and fastest growing postpartum care and recovery service in China, as per Frost & Sullivan report.
In this note, we provide updates on the firm’s past performance.

Kitazato IPO – Isn’t Particularly Enticing Apart from the Dividend Yield

By Sumeet Singh

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In our previous note, we looked at its past performance and other deal dynamics that might impact the listing. In this note, look at the firm’s valuation.

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Jun 10

Daily Brief Health Care: Caris Life Sciences, Cybin , Medtide, Olam Group, Shilpa Medicare, Sino Biopharmaceutical, Trellus Health , Wing Tai Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation
Cybin, Inc: The Strategic Approach to Formulating a Successful CYB003 Launch
Pre-IPO Medtide (PHIP Updates) – Some Points Worth the Attention
The Broader Beat: Market Movers Beyond the Benchmark
Shilpa Medicare: Strong FY25, FDF and Biologics, Focus on Asset Monetisation
Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population
Trellus Health Plc – Hybridan Small Cap Feast: 02/06/2025
Ongoing Share Purchases by Dr Ng in Q&M

Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation

By IPO Boutique

The company will be offering 23.5mm shares at a $16-$18 range equating to a market cap of $4.8b-$5.35b.
The deal is anticipated to price on Tuesday (6/17) for a Wednesday (6/18) debut on the Nasdaq.
This company is backed by some of the strongest biotech-VC firms in the game. It is our opinion that this IPO is “likely” to be well-received.

Cybin, Inc: The Strategic Approach to Formulating a Successful CYB003 Launch

By Water Tower Research

Interventional psychiatry clinic landscape evolving for the better.
The interventional psychiatry landscape has significantly evolved over the past five years, with the emergence of ~5,000 clinics or mental health centers offering a range of services to patients from ECT and TMS to esketamine and regular ketamine.
From Cybin’s interactions with these centers, they appear to be well prepared for potential dosing and treatment with psychedelics like Cybin’s CYB003 as they come to market.

Pre-IPO Medtide (PHIP Updates) – Some Points Worth the Attention

The sales growth of GLP-1s has entered a turning point. The actual market size of GLP-1s could be much lower-than-expected, which would affected the growth outlook of peptide CXOs.
Medtide is not strong as expected in the peptide CXOs industry. There’s a “hidden problem” in terms of the market share ranking. We updated our forecast for the next three years.
Considering geopolitical conflicts/intense competition, it’s difficult for Medtide to secure orders from industry leaders when the Company lacks competitiveness and are small in scale. Valuation should be lower than peers.

The Broader Beat: Market Movers Beyond the Benchmark

By Geoff Howie

The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%.
SIA Engineering and Singapore Land Group achieved highest gains among non-STI stocks with market capitalisation above S$3 billion.
Sheng Siong Group reported a 15% total return for 2025 to June 6, with increased revenue and net profit.

Shilpa Medicare: Strong FY25, FDF and Biologics, Focus on Asset Monetisation

By Sudarshan Bhandari

Shilpa’s FY 25 revenue +13 %, EBITDA margin 26 %, EU-GMP clearances, key FDF launches and stronger biologics/CDMO orders mark a decisive operational step-up.
Growth now rests on differentiated, limited-competition products and biologics CDMO, promising steadier earnings and less reliance on lumpy one-off licensing fees.
Improved asset utilisation, regulatory wins and visible pipeline recast Shilpa from a cyclical API player into a diversified, higher-margin specialty-biologics growth story.

Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

Sino Biopharmaceutical (1177 HK) presented encouraging data readouts from three lung cancer trials for its innovative drug benmelstobart at the 2025 American Society of Clinical Oncology Annual Meeting last week.
Although China’s PD-1 space is already overcrowded, superior clinical efficacy of benmelstobart as depicted by head-on-head trial with key approved drugs (Keytruda, Tevimra) enhance conviction on its market uptake potential.
The company expects to have more than 30 marketed innovative products by 2027, with revenue from innovative products accounting for over 55% of total revenue.

Trellus Health Plc – Hybridan Small Cap Feast: 02/06/2025

By Hybridan

Our daily digest of news from UK Small Caps 2nd June 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) or similar announcement has been made ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: Following its demerger from Anglo American, Valterra Platinum (VALT.L) announces that its entire issued share capital has today been admitted to the Equity Shares (International Commercial Companies Secondary Listing) category of the Official List and to trading on the London Stock Exchange’s Main Market.
Delistings: Enteq Technologies has left AIM.
What’s baking in the oven?

Ongoing Share Purchases by Dr Ng in Q&M

By Geoff Howie

Institutions were net sellers of Singapore stocks with a S$32 million outflow, totaling S$1.76 billion year-to-date.
19 companies conducted share buybacks totaling S$46 million; City Developments announced a 10% preference share buyback.
Directors and CEOs filed 13 acquisitions with no disposals; substantial shareholders filed 11 acquisitions and five disposals.

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Jun 09

Daily Brief Health Care: Mayne Pharma, Sichuan Kelun-Biotech Biopharm, Apollo Hospitals Enterprise and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Merger Arb Mondays (09 June) – Mayne, Tam Jai, OneConnect, Toyota Industries, Makino, Fuji Corp
Sichuan Kelun-Biotech Biopharm (6990.HK) Placement – Thoughts The Pipeline and Valuation Outlook
Apollo Hospitals (APHS IN): Positive Outlook; Expansion on Track; Growth Momentum to Continue

Merger Arb Mondays (09 June) – Mayne, Tam Jai, OneConnect, Toyota Industries, Makino, Fuji Corp

By Arun George

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Insignia Financial (IFL AU), Fuji Corp (7605 JP), ENN Energy (2688 HK), Smartpay Holdings (SPY NZ), Seven & I Holdings (3382 JP).
Lowest spreads: Bright Smart Securities And (1428 HK), Toyota Industries (6201 JP), Dada Nexus (DADA US), Avjennings Ltd (AVJ AU), Nissin Corp (9066 JP), Torii Pharmaceutical (4551 JP).

Sichuan Kelun-Biotech Biopharm (6990.HK) Placement – Thoughts The Pipeline and Valuation Outlook

Kelun Bio announced US$250 million placement, making it the largest follow-on offering in the biopharma industry in HK market over the past 12 months, but HK$331.8/share Placing Price is expensive.
SKB264 has demonstrated the ability to compete head-to-head with the world’s best therapies in TNBC and NSCLC. It is reasonable for Kelun Bio’s valuation to be higher than Akeso.
We recommend to buy when market value falls in the range of US$2.5-5.25 billion.If SKB264 fails to deliver good clinical data in future critical clinical trials, valuation would face pullback.

Apollo Hospitals (APHS IN): Positive Outlook; Expansion on Track; Growth Momentum to Continue

Apollo Hospitals Enterprise (APHS IN) reported strong FY25 result, with 14% revenue growth and a massive 61% jump in net profit. EBITDA margin improved to 13.9% (FY24: 12.5%).
Overall margin expansion is mainly driven by AHLL (margin up 140bps YoY to 9.9%) and Apollo HealthCo (margin at 1.8% vs loss in FY24).
AHEL plans to add 4,300 beds over the next three to four years, with 2,000 beds expected to become operational in FY26.

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Jun 08

Daily Brief Health Care: Healius , Newtrend Technology, Bristol Myers Squibb Co, Torrent Pharmaceuticals and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Quiddity ASX Jun25 Results: All Expected ADDs/DELs Correct, One Extra ADD/DEL, LONGs up 5% Vs SHORTs
China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene’s Trouble, Views on Newtrend IPO Pricing
Bristol Myers Just Dropped $11.1 Billion on BioNTech: Is This the Pivot That Transforms Its Oncology Pipeline?
Torrent Pharmaceuticals (TRP IN): India Business Drives 11% PAT Growth in Q4; Margin Levers at Work

Quiddity ASX Jun25 Results: All Expected ADDs/DELs Correct, One Extra ADD/DEL, LONGs up 5% Vs SHORTs

By Janaghan Jeyakumar, CFA

The ADDs/DELs for the ASX index family for the June 2025 index rebal event were announced after market close on Friday 6th June 2025.
There are 12 index changes collectively for ASX 20, ASX 50, ASX 100, and ASX 200.
In this insight, we take a look at our final flow expectations for each of these confirmed index changes.

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene’s Trouble, Views on Newtrend IPO Pricing

Summit’s chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.
The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.
The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the “price war” and oversupply issue. Reasonable valuation should be lower than Anhui Jinhe Industrial (002597 CH).

Bristol Myers Just Dropped $11.1 Billion on BioNTech: Is This the Pivot That Transforms Its Oncology Pipeline?

By Baptista Research

Bristol Myers Squibb (BMS) has made headlines with its recent $11.1 billion collaboration deal with German biotech BioNTech, a strategic move that underscores the company’s aggressive pivot toward growth in oncology.
The centerpiece of this deal is BNT327, a PD-L1/VEGF-A bispecific antibody, which BMS sees as a next-generation immuno-oncology asset capable of reshaping the cancer treatment landscape.
With an upfront payment of $1.5 billion and $2 billion guaranteed through 2028, the agreement also includes a potential $7.6 billion in milestone payments.

Torrent Pharmaceuticals (TRP IN): India Business Drives 11% PAT Growth in Q4; Margin Levers at Work