Healthcare

• TaskUs privatization bid at $16.50/share faces opposition; market anticipates improved offer before September 10 shareholder vote.
• Apiam Animal Health receives A$0.88/share takeover offer; largest shareholder supports, board likely to recommend upon binding agreement.
• Banxa shareholders approve OSL Group acquisition; regulatory consents pending, closing expected Q4’25–Q1’26, spread at 21%.

• Cooper Companies recently reported its third-quarter financial results for the fiscal year 2025, showcasing a mixed performance.
• Consolidated revenues increased by 5.7% year-over-year, reaching $1.06 billion, although organic growth was slightly muted at 2%.
• Margins improved, contributing to a non-GAAP earnings growth of 15% to $1.10 per share.

Key points (machine generated)

• Pro Medicus is known for its Visage PACS software, which outperforms legacy systems from major OEMs.
• The company’s market potential is limited due to annual contract values of $1-4 million and financial pressures on hospitals.
• Strong competitors like Sectra and potential enhancements from Epic pose threats to Pro Medicus’s market position.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Veeva Systems recently concluded a noteworthy second quarter for fiscal 2026, reporting total revenue of $789 million and non-GAAP operating income reaching $353 million, reflecting the company’s strong performance and execution.
• Both analyst queries and management responses highlighted several key developments impacting Veeva’s strategic trajectory, providing insights into the opportunities and challenges facing the company.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• SIR believes DWTI has entered an exciting new phase given significant advances in pipeline development achieved over the last year.
• Key advances included: 1) publishing favorable topline results of in-house developed glaucoma treatment [H- 1337] Phase IIb US trials (strong prospects as “first choice as a second-line drug”),
• 2) commenced joint development Japan Phase II clinical trials of regenerative cell therapy [DWR-2206] with ActualEyes, and successfully completed all transplants…

• Apollo Hospitals Enterprise (APHS IN) delivered robust performance in Q1FY26, with double-digit revenue growth across all three business verticals and continuous margin expansion.
• Hospital business revenue grew 11% YoY to INR29B, driven by inpatient volume (+3%) and favorable price and case mix (+8%). Margin improvement continued, with EBITDA margin expanding 88bps to 24.5%.
• Apollo anticipates continued double digit revenue growth for FY26, underpinned by strong performance of the existing hospitals and new hospital openings.

• Agilent Technologies, Inc.’s third quarter 2025 earnings present a picture of a company experiencing robust revenue performance even as it navigates a complex global market environment.
• Agilent reported revenues of $1.74 billion for the quarter, surpassing its guidance and reflecting a core revenue growth of 6.1%.
• The earnings per share were $1.37, which was within expected ranges, showing a growth of 4% year over year.

• Kangji Medical Instrument (9997 HK) announced last night all pre-cons have been squared away. That must be some kind of record to secure SAMR approval for a Hong Kong-listed privatisation.
• Back on the 12th August, Kangji Medical announced a less-than-ideal Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.
• What next? The Scheme Doc dispatch remains the 31st October, unless announced otherwise, as the Cayman Court is still on its six week “vacation”.

• Hankyung Business Daily reported today that SK Chemicals (285130 KS) is pursuing an issuance of exchangeable bonds (EB) worth 240 billion won using its stake in SK Bioscience (302440 KS). 
• SK Chemicals has not officially announced its plans to issue such EB which is likely to have a positive impact on SK Chemicals and negative impact on SK Bioscience.
• SK Chemicals’ market cap is now 1.1 trillion won. Its 66.4% stake in SK Bioscience is worth 2.6 trillion won. 

• MannKind acquires scPharmaceuticals for $5.35/share plus a CVR up to $1.00; market values CVR at $0.17.
• SCP-111’s FDA approval is crucial for CVR value; pivotal trials complete with positive results, sNDA submission expected Q3 2025.
• Sales milestone challenging; FUROSCIX revenue below $110m threshold; MannKind’s distribution network key for growth.

• Zylox-Tonbridge Medical Technology (2190 HK) carried forward 2024 momentum, moving into 1H25. In 2024, sales had grown 48% to RMB 783M, followed by 32% rise to RMB 482M in 1H25.
• Leveraging their robust R&D expertise and integrated technology platforms, the company has made significant progress and lined up launches of several critical innovative projects in neuro and peripheral-vascular interventional device.
• China remains the main growth market for Zylox, though the company is deepening its presence overseas. Zylox stands at an inflection point from where the growth momentum will gain pace.

• Medtronic’s first quarter results for fiscal year 2026 reflect a combination of steady performance and strategic areas of opportunity.
• The company delivered mid-single-digit organic revenue growth of 4.8%, in line with prior guidance, showcasing consistency in a challenging operational environment.
• Adjusted earnings per share (EPS) surpassed expectations, coming in $0.03 above the mid-point guidance, which underscores the effectiveness of cost management and strategic investment balancing.

• The precondition for Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)’s scheme privatisation from a consortium is satisfied. The offer, which has been declared final, is at HK$9.25 per share. 
• The key condition will be approval by at least 75% disinterested shareholders (<10% of all disinterested shareholders rejection). Crucially, the blocking stake is below the substantial disclosure threshold.
• Despite the recent derating of peers, the vote risk remains medium-to-high due to a solid interim, the imminent surgical robot growth story, unfavourable AGM voting patterns, and emerging retail opposition.

• WuXi XDC Cayman (2268 HK) is placing up to 22M shares at the placing price of HK$58.85 per share to raise a maximum gross proceed of HK$1,311M under general mandate.
• The company will also issue ~24M shares to its controlling shareholder Wuxi Biologics at HK$58.85 per share for a total consideration of ~HK$1,420M, subject to independent shareholders’ approval.
• 90% of the proceeds will be used for further expansion of the company’s production capacity in relation to clinical and commercial manufacturing for bioconjugates, drug substances, and drug products.

• Myungin Pharmaceutical (MYUNGIN KS)  is looking to raise up to US$142m in its upcoming Korean IPO.
• Myungin Pharm specializes in central nervous system (CNS) therapeutics, with an extensive product line-up of over 200 CNS products. 
• In this note, we provide updates on the firm’s past performance.

• Genfleet, a China-based clinical-stage biotech, is looking to raise USD 250 million via a Hong Kong listing. The sole book runner is CITIC.
• In our previous insight, we looked at the company’s core products and its management team, as well as investor backing.
• In this note, we will provide an rNPV-based valuation for the company.

• 3SBio Inc (1530 HK) witnessed a revenue decline of 1% in 1H25. Company’s core product Tpiao’s sales decreased 4% to RMB 2.4B (54% of total) impacted by lower volume.  
• Phase III clinical trial of SSS06 (anemia in chronic renal failure), 608 (psoriasis), and 613 (acute gouty arthritis) is complete. NDAs for the same are under review by NMPA.
• 3SBio shares are trading at forward P/E of 11.5x, lower than peers. We feel that there is still upside potential left in the stock.

• Their product candidate, LB-102, is a Phase 3-ready oral, small molecule for the treatment of acute schizophrenia, defined as a sudden and severe episode of psychotic symptoms.
• The largest holder is Deep Track Biotechnology Master Fund, Ltd., controlling 16.7 million shares, or 19.6% of the company.
• There has not been a biotech IPO since Aardvark Therapeutics in mid February. This biotech may be more well-received given that its lead product candidate is in Phase III.

• FOREST CABIN holds a leading position in camellia oil segmentation, with mid-to-high end positioning and high gross profit margin. But high operating cost will put pressure on net profit margin.
• Considering the risk of recession/depression, consumption downgrade and reducing non-rigid spending will be the main theme in short term. 50% YoY revenue growth in 2024 is likely to be unsustainable.
• Valuation of FOREST CABIN could be lower than peers. Stock price performance would highly depend on market sentiment, company growth trend, and visibility of profitability at the time of listing.

• Simcere Pharmaceutical Group (2096 HK) is placing 120M shares at the price of HK$12.95 per share. The placing shares represents ~5% of the current total issued shares of the company.
• The company intends to apply 90% of the net proceeds for the R&D-related expenditures. For context, Simcere has over 60 R&D pipelines of innovative drugs.
• Considering strong growth prospect of Simcere, reasonable valuation, and upbeat investor sentiment toward Chinese pharmaceutical sector, we are bullish on the placement.   

• Molbio Diagnostics Limited (1788863D IN)  is looking to raise about US$229m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and Motilal.
• Molbio specializes in point-of-care molecular diagnostics. The company sells hardware devices such as the Polymerase Chain Reaction (PCR) analyzers and consumable test kits tailored to detect specific diseases.
• As of FY25, its revenue base remains primarily domestic, with ~80% of revenue from India and the rest from Nigeria, Bangladesh, and Indonesia. The company manufactures its products in India.

• On September 2, 2025, Arrowhead Pharmaceuticals, Inc. (ARWR) announced a global license and collaboration agreement with Novartis for ARO-SNCA, the preclinical siRNA therapy targeting alpha-synuclein for the treatment of various synucleinopathies (e.g., Parkinson’s Disease), along with additional collaboration targets that will utilize Arrowhead’s TRiM platform.
• Arrowhead will receive an upfront payment of $200 million and is eligible to receive up to $2 billion in potential milestone payments plus royalties on commercial sales.
• In addition, on September 3, 2025, Ionis Pharmaceuticals, Inc. (IONS) announced positive topline results from the Phase 3 CORE and CORE2 studies of olezarsen in patients with severe hypertriglyceridemia (sHTG), in which reductions of fasting triglycerides of up to 72% and an 85% reduction in acute pancreatitis events were seen.

• Asahi Intecc (7747 JP) reported 12% YoY revenue growth in FY25, driven by the continued strong trajectory of medical division. FY25 gross profit margin improved to 67.7% (FY24: 64.2%).
• The company expects 9% YoY revenue growth to ¥131B in FY26, while gross profit margin is expected to contract 140bps to 66.3% due to the impact of the U.S. tariffs.
• The company has set a goal of achieving revenue of ¥180B and operating profit margin of 28% in FY30. Strengthening profitability of existing businesses will help to meet this target.

• GenFleet’s R&D strategy is to layout around the RAS signaling pathway to construct a “RAS therapy matrix” covering multiple RAS mutation types.However, there’re barriers to the development of RAS-targeted therapies.
• The factors that suppress valuation include intense competition and potential patent risks. GenFleet’s independent commercialization capability has not been verified. So, a valuation of RMB3-4 billion is a reasonable range.
• Considering the sustained popularity of innovative drug IPOs in the Hong Kong stock market, post-IPO valuation of GenFleet depends more on market sentiment, not fundamentals.  

• On 29 August, Mayne Pharma (MYX AU) reported its FY25 results with underlying EBITDA of A$47 million, which is at the lower end of its guidance range. 
• At first glance, FY25 results are positive for Mayne as they suggest that the weak 3Q was an aberration and its performance is on an upward trajectory. 
• However, my analysis suggests that the results provide Cosette with several angles to pursue to bolster its case of a MAC breach. This remains a high-risk/high-reward set-up. 

• Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement.
• This is the first primary raising by the company since its listing. There have been a few secondary deals, with mixed results.
• In this note, we talk about the deal dynamics and run the deal through our ECM framework.

• Apiam Animal Health received a takeover offer at A$0.88/share with an 11% spread, supported by founder Dr. Chris Richards.
• Plymouth Industrial REIT has a $24.10/share bid from Sixth Street Capital, with a 14-15% spread and board review ongoing.
• DallasNews has two takeover offers: $15/share from Hearst and $18.5/share from Alden, requiring two-thirds shareholder approval.

• HUGE, rampaging, “Beautiful Skew”… is flat. Big swings in H/A ratios continue, this time on average with 2.1% H underperformance vs As which is -4.4% on average over two weeks.
• Last week’s short reco on Fuyao Glass Industry Group (3606 HK) was up 2.3% on the week in Hs but Hs underperformed the As by 1.86%.
• AH premia are in a widening phase. This may continue. New reco this week.

• Apiam Animal Health received a takeover offer from Adamantem Capital at A$0.88/share, with a current spread of 11%.
• YORK announced a merger with CRO token issuance, with each YORK share representing approximately 47 CRO tokens.
• Pacific Current Group’s FY25 results show a 28% discount to NAV, with potential capital allocation concerns.

• Apiam Animal Health received a takeover offer from Adamantem Capital at A$0.88/share, representing a 60% premium.
• Adamantem has 30 days of exclusivity for due diligence, with support from AHX’s largest shareholder and founder.
• AHX’s enterprise value is A$220m, aligning with Adamantem’s typical transaction size and strategic acquisition interests.

• Akums secured a €200m European supply contract, marking its first large entry into regulated markets and validating its compliance and scale capabilities.
• This shifts Akums from a domestic CDMO leader to a credible global player, with exports positioned to become a material earnings contributor from FY27.
• While near-term growth remains muted, Akums’ medium-term profile looks stronger, with greater diversification and reduced dependence on India’s CDMO cycle.

• The steady growth in revenue/overseas revenue proportion/gross profit indicated that Kangji’s core business was still in good shape in 25H1. Losses of Weijing increased because commercialization is in initial stage.
• The declining net profit in 25H1 may encourage some investors to support the privatization, but there are still some investors planning to oppose this privatization based on the sample screenshots.
• Risk-Takers can bet on the success of privatization to obtain arbitrage returns.But deal break also offers an excellent opportunity to buy at a low price(similar to the playbook on Henlius).

• Institutions were net buyers of Singapore stocks with a S$33 million inflow, reversing a prior S$53 million outflow.
• United Overseas Bank led share buybacks with S$54.7 million total consideration, purchasing 500,000 shares at S$35.30 each.
• iFAST Corporation’s 1HFY25 profit before tax rose 32.7% to S$50.4 million, driven by iGB’s profitability.

• In 1H25, Hygeia Healthcare Group (6078 HK) reported revenue decline of 16% YoY to RMB 1,990 million mainly dragged by 18% YoY decrease in inpatient revenues.
• Hygeia’s gross profit margin contracted 520bps YoY to 26.6%. Net profit decreased 36% on higher finance cost despite of income tax expenses being lower.
• Incremental growth advantage from inorganic expansion slowly wanes out for Hygeia. Competitive pressure limits room for incremental price realization.

• Finola Burke from RaaS Research Group interviews CleanSpace Holdings’ CEO Gabrielle O’Carroll and CFO Bree Greeff.

• CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables for powered air purifying respirators (PAPRs).
• CSX has released its FY25 results delivering an impressive set of numbers including revenue growth of 26%, a 250bps increase in gross margin to 74.8%, flat costs on the pcp despite some one-offs, a H2 FY25 EBITDA profit and positive operating cash flow.
• Inventories relative to sales declined 700bps to 11%, helping to boost cash reserves to $10.5m.

• Olympus Corp (7733 JP) witnessed revenue decline of 12% YoY to ¥206.5B (down 7% on Fx neutral) in Q1FY26 due to a high base effect coupled with delayed purchase decisions.
• The company revised full-year forecasts mainly due to the impact of the U.S. tariffs and FDA import alerts.
• Olympus entered into an agreement with Revival Healthcare Capital forming a joint venture company named Swan EndoSurgical, dedicated to developing an innovative endoluminal robotic system for less invasive therapeutic treatments.

• After excluding gains on the disposal of United Family Healthcare, profitability of main business was disappointing.The revenue decline confirms that Fosun Pharma is facing pressure. Short-term performance hasn’t truly improved.
• Fosun Pharma will continue to sell unprofitable assets to alleviate debt pressure and optimize business structure, which will be the short-term main theme. Fosun Pharma is still in adjustment period
• Whether high profit growth can be sustainable in long term is uncertain, which depends on if Henlius is able to achieve high growth to offset the negative impact of VBP.

• Sino Biopharmaceutical (1177 HK) announced 11% YoY revenue growth in 1H25, driven by 27% YoY growth in innovative products. Contribution of innovative drugs to total revenue increased to 44.4%.
• With the increasing contribution of innovative drugs to total revenue, gross profit margin expanded 40bps to 82.5%. With expanding margin and cost efficiency, net profit has more than doubled.
• The company expects to have more than 35 marketed innovative products by 2027, with revenue from innovative products accounting for over 60% of total revenue.

• Cytokinetics presented its Q2 2025 earnings and strategic updates, which highlighted significant operational milestones and challenges.
• The company’s focus remains on advancing its pipeline of muscle biology-focused therapies, particularly within cardiology.
• A key development is the ongoing regulatory process for aficamten, a treatment for obstructive hypertrophic cardiomyopathy (oHCM).

• We strongly disagree with the valuation method of “P/R”. which is calculated by dividing market value by R&D expenses. It is still necessary to view the valuation system rationally.
• Innovent surprisingly turned loss into profits for the first time in 25H1. Considering the future contribution of mazdutide and IBI363, valuation of Innovent may reach above RMB200 billion.
• The logic of Zylox is import substitution. Based on strong fundamentals, if liquidity remains strong, reasonable P/E is 40-45x. Target share price is HK$25-29/share based on 2025 net profit.

• On 29 August, Gemvax & Kael (082270 KS) (Gemvax) announced a rights offering capital raise of 249 billion won.
• Gemvax will issue 6.7 million new shares in this rights offering, representing 16% of its outstanding shares. 
• The expected rights offering price is 37,100 won which is 13.4% lower than current price. We are negative on this rights offering. 

• Legend Biotech Corporation’s second quarter of 2025 was marked by significant milestones and notable financial and operational achievements, balanced by some ongoing challenges.
• On the positive side, the company reported substantial growth in CARVYKTI sales, reaching $439 million, an increase of 136% year-over-year.
• This robust growth underscores the rapid uptake of CARVYKTI, primarily driven by its expansion in second to fourthline settings for multiple myeloma treatments.

• In reviewing MannKind Corporation’s latest financial performance and strategic initiatives, the company presents a nuanced investment outlook characterized by both opportunities and challenges.
• MannKind reported a revenue increase of 6% year-over-year for the second quarter of 2025, with $77 million in total, and $155 million year-to-date, marking a 12% growth compared to the previous year.
• This growth was primarily driven by Tyvaso DPI royalties, which rose by 22%, contributing $31 million in the second quarter.

• Tempus AI’s second-quarter 2025 financial results showcased significant growth and evolution in its business segments, but also presented some challenges that investors might consider.
• The company reported a revenue increase of 89.6% to $314.6 million, with a notable growth of 115% in Genomics revenue attributed to oncology and hereditary testing.
• Data and Services revenue also rose by 35.7%, driven primarily by the company’s data licensing services.

OSE Immunotherapeutics has made tangible progress across its clinical development pipeline, creating positive momentum, in our view. In immuno-inflammation, monoclonal antibody therapy lusvertikimab showed positive results in Phase II for ulcerative colitis (UC), and in immuno-oncology, cancer vaccine Tedopi is progressing through the registrational Phase III ARTEMIA trial in non-small cell lung cancer (NSCLC). While these are the two leading proprietary candidates, we highlight that OSE also has a strong track record of establishing fruitful partnerships with key pharma players with other pipeline candidates, adding to the company’s value proposition. Overall, OSE’s activities span multiple disease areas, providing a ‘portfolio of a pipeline’, which we aim to provide an overview of in this note. Readers may refer to our April outlook note for a discussion on financials and valuation.

• Abbott Laboratories’ second quarter earnings report for 2025 highlighted a mixed performance across its diverse business segments.
• The company demonstrated solid sales growth of 7.5% year-over-year excluding COVID testing sales, with an adjusted earnings per share (EPS) of $1.26, an 11% increase from the previous year, surpassing consensus expectations.
• In its Nutrition segment, Abbott saw a 3.5% increase in sales driven largely by a robust demand for its Ensure and Glucerna brands.

• Gen Digital’s first quarter fiscal year 2026 results reflect a mix of positive growth dynamics and strategic challenges.
• The report highlights several key themes influencing the company’s performance, including product innovation, strategic acquisitions, and evolving market dynamics.
• On the positive side, Gen Digital has demonstrated impressive revenue growth, with reported bookings and revenue increasing over 30% year-over-year.

• Roivant presented its financial results for the first quarter ending June 30, 2025, reflecting a period described as relatively quiet but setting the stage for significant events in the upcoming months.
• The company is primarily focused on its diverse pipeline of biopharmaceutical endeavors, comprising significant R&D progressions and ongoing litigation matters.
• This analysis will cover these key areas of their operational focus and financial strategy.

• When EQT launched its deal for Carenet Inc (2150 JP) two weeks ago, I thought it opaque, and light, and strangely lacking in information which should be there. 
• It has not gotten clearer, though three days ago, the largest foreign shareholder as of the announcement reported they had lowered their position by 3.77% (4.22% of votes).
• Then yesterday, someone else reported they had gone above 5%. The data implied in that filing suggests this may have legs. I’d buy through terms.

• Kaname Capital reported a 5.80% ownership ratio in Carenet Inc (2150 JP). Most of the shares were purchased on August 18 and 19, i.e., after the announcement of the offer.
• Kaname has a recent history of agitating for a bump in the Proto Corp (4298 JP) tender offer. Kaname failed to prevent Proto from being privatised.
• EQT will initially take a wait-and-see approach. If Kaname acquires a 10% stake, EQT will start to worry, but it has several options to respond. 

• XtalPi Holdings (2228 HK)  is looking to raise up to US$300m in a primary placement.
• The deal is a small one in ADV terms, at 1.6 days, despite leading to a 5.7% increase in shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• OS benefit has been observed in HARMONi-A study, which however is just a small part of the PD-1/VEGF commercial landscape. The main battlefield is still the head-to-head trial against Keytruda.
• We think the current high valuation of Akeso has begun to price in the successful HARMONi-2 results to some extent, which however is not a done deal.
• Investors may need to be cautious about this placement, especially when the founders of Akeso actually chose to reduce their positions. Market cooling down may not be far off.

• Innovent Biologics published strong results that were ahead of expectations.
• Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.
• Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.

• GenFleet, a China-based near-commercial stage biotech company, is looking to raise around USD 250 million via a Hong Kong listing. CITIC Securities is the sole sponsor.
• In this note, we look at the company’s core products, GFH925 and GFH375.
• We also look at the company’s pre-IPO investors and management team.

• Akeso Biopharma Inc (9926 HK) announced the placement of 23.6M shares for subscription at HK$149.54 per share.
• The company intends to use most of the placement proceeds for R&D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.  
• Expanded indications of cadonilimab and ivonescimab, the successive positive data readouts, approvals, and continuous commercialization expansion efforts into global markets augur well.

• Viatris delivered a strong second quarter for 2025, despite some notable challenges.
• The company achieved 3% divestiture-adjusted operational revenue growth, propelled by strong performance in Europe and Greater China.
• Viatris’s diversified global business allowed it to overcome disruptions such as the impact from its Indore manufacturing facility, which negatively affected revenues.

• Globus Medical’s recent earnings report presents a complex landscape shaped by its strategic acquisitions and ongoing efforts to streamline and integrate its expansive portfolio.
• The company reported second-quarter sales of $745 million, marking an 18.4% increase over the previous year.
• This growth was partly attributable to the recent acquisition of Nevro, which contributed $94.6 million in revenue.

• Elanco Animal Health’s earnings for the second quarter of 2025 reveal a nuanced landscape of growth and challenges.
• On the positive side, Elanco experienced strong growth in its organic constant currency, posting an 8% increase and exceeding guidance across revenue, adjusted EBITDA, and adjusted EPS.
• This growth was largely fueled by the success in the U.S. Pet Health sector, which surged by 11%, marking the eighth consecutive quarter of underlying growth.

• Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders.
• Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.
• In this note, we talk about the deal dynamics and run the deal through our ECM framework.

• The mature and complete upstream to downstream industrial chain of nuclear medicine has high barriers. It is unknown whether the entire nuclear drug market can reach the scale of ADC.
• There’re uncertainties in commercialization of Sinotau’s pipeline, which faces the pressure of lowering price, NRDL negotiation, challenge from generic drugs. Uneven distribution of nuclear resources constrains the application of products.
• Short-Term performance mainly relies on the commercialization breakthrough of XTR008 and XTR005. Our forecast is revenue could reach RMB300-500 million in 2026. Pre-IPO valuation of RMB5.188 billion is not cheap.

• AbbVie goes all in for Gilgamesh’s lead depression drug candidate.
• On August 25, AbbVie (NYSE: ABBV) announced that it will acquire outright Gilgamesh’s lead novel pipeline drug program, bretisilocin, targeting the treatment of major depressive disorder (MDD) for up to $1.2 billion, inclusive of an upfront payment (yet to be disclosed) and development milestones.
• This builds on a collaboration and option-to-license agreement established by the two parties last year whereby AbbVie paid Gilgamesh an upfront payment of $65 million, with an option to license future assets with potential milestone payments of up to $1.95 billion as well as tiered royalties from mid-single to low double digits on net sales should these developments move to commercialization. 

• FY25 1H results summary Medical Data Vision [MDV] reported FY25 1H (Dec year-end) results with sales coming in largely in line with the firm’s guidance while reporting an operating loss in Q2, on higher costs [COGS and personnel] incurred to boost sales in 2H.
• MDV produced 1H gross profit [GP] of ¥2,126mil (+3.2% YoY) and an operating loss of -¥5mil (vs FY24 1H OP of ¥26mil) on sales of ¥3,034mil (+9.1% YoY).
• The topline increase was achieved thanks to improved sales in the Data Utilisation segment.

• Shanghai Junshi Biosciences (1877 HK) reported 49% revenue growth on the back of toripalimab during 1H25 in China. 10 indications of total 12 approved, included in China’s NRDL.
• Toripalimab (branded as Loqtorzi) in U.S reported ~$17.3M revenue in 1H25 vs $5.8M in 1H24. Approvals received in new geographies like UAE and Kuwait.
• With solid R&D focus and Tuoyi’s prospects going ahead, given the regular geographical and indication expansions, it surely offers a long-term growth prospect.