Healthcare

• Kopran Limited has approved the merger of its diagnostics arm, Kopran Laboratories, aiming to become a fully integrated pharmaceutical and healthcare solutions provider. 
• The merger diversifies Kopran’s revenue mix, enhances EBITDA margins with high-value consumables, and unlocks synergies across pharma and diagnostics distribution channels. 
• Kopran transitions from a mid-scale exporter to a multi-vertical healthcare platform, with stronger earnings visibility, improved capital efficiency, and potential for valuation re-rating.

• Bumrungrad Hospital Pub Co (BH TB) reported lower hospital revenue, down by 4% YoY to THB 6,104M in 2Q25 (down 5% in 1H25 to THB 12,125M).
• Revenue contribution from international patients stayed at 64% with price competition impacting negatively amid volumes growth from markets like Middle east.
• Maintaining stable margins with cost control would be key for the company amid revenue softness.

• The company priced 8.75 million shares at $16.00, upsized from its original filing, and opened at $16.12—a 0.8% premium at first trade.
• Amid broad biotech sector volatility and light volume, MAZE dropped to a low of $6.71 in April but has since rebounded closer to the IPO price. 
• For Maze, the next chapter will be shaped by clinical data with readouts expected later this year and in the first quarter of 2026. 

• OUR United’s business model is “high-end equipment sales + solution services”. The training system for domestically produced equipment is not yet fully mature, which limits large-scale promotion in hospitals.
• OUR United’s products haven’t been widely recognized.Hospitals generally hold a cautious attitude towards domestic equipment, especially when it comes to complex cases, relying more on technological maturity of imported equipment. 
• After the final round of financing, the valuation of OUR United was RMB5.135 billion, which is expensive due to the slow revenue growth and the uncertainties in commercialization outlook.

• Ainos’ VELDONA gets Taiwan FDA greenlight for OLE study for primary Sjogren’s.
• Ainos has announced that its investigational low-dose oral interferon-alpha drug candidate, VELDONA®, has received formal approval from Taiwan’s Food and Drug Administration (TFDA) to initiate an open-label extension (OLE) clinical study for primary Sjögren’s syndrome (pSS), a rare condition with an unmet need estimated to have a global prevalence of up to 3.1 million people.
• pSS is a chronic autoimmune condition where the body’s immune system mistakenly attacks its own moisture-producing glands, primarily the tear and saliva glands, leading to dryness in the eyes and mouth. It can also affect other parts of the body, including the lungs, kidneys, and nerves.

• Revenue increased 1.3% YoY to JPY148.2bn, while operating profit declined 34.5% YoY to JPY806mn.
• Pharmaceutical Wholesale business revenue rose 1.1% YoY, but segment profit decreased 7.3% YoY due to higher SG&A expenses.
• Pharmacy business revenue decreased 0.2% YoY, yet segment profit increased 27.3% YoY from dispensing fees.

• The results from the second quarter of 2025 for GlaxoSmithKline (GSK) reflect a balance of robust growth in specialty medicines and vaccines alongside some crucial challenges and areas for cautious monitoring.
• The company reported a 6% increase in group sales, with a notable boost from its specialty medicines division, which saw a 15% rise.
• Vaccine sales also performed well, growing by 9%.

• The company reported a 12.9% YoY decline in sales to JPY8.7bn, with an operating loss of JPY365mn.
• Pharmaceuticals Business segment sales were JPY5.9bn, including JPY3.0bn in Domestic and JPY1.9bn in Overseas Pharmaceuticals.
• R&D expenses totaled JPY1.7bn (+8.6% YoY), representing 19.4% of sales excluding royalty income.

• Revenue was JPY43.1bn (-1.4% YoY), with domestic business at JPY38.9bn (-3.1% YoY) and China business at JPY4.2bn (+18.8% YoY).
• Operating profit decreased to JPY7.7bn (-27.0% YoY), impacted by increased cost of revenue and SG&A expenses.
• Tsumura acquired a 51% stake in Shanghai Hongqiao Pharmaceutical Co., Ltd., focusing on decoction pieces business.

• Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
• In our previous note, we have examined the company’s core product namely efsubaglutide alfa, and updates in various filings.
• In this note, we will provide a valuation for the company’s core product.

• The company priced an upsized 12.0 million share offering at $17.00—above the initial range—and opened 29.4% higher at $22.00.
• In March, amid broader sector weakness across the medical device space, the stock broke below its IPO price.
• The company did report better than expected sales in its most recent quarterly report last week with guidance raised giving long term investors more confidence in its execution moving forward.

• Vigonvita is looking to raise at least US$100 million via a Hong Kong listing. The book runner is CITIC.
• The company refiled its prospectus and dropped VV116, the commercialized COVID-19 anti-viral drug, from its core asset list.
• In this note, we look at changes between filings and also further examine the prospect of LV232 and TPN171.

• Compared to competitors, the competitive advantage of Efsubaglutide Alfa is not obvious.The weight loss effect of single target mechanism could be weaker than that of competing dual and triple agonists
• Before Innogen filed for listing, some pre-IPO investors chose to transfer the Company’s equity they held at a discount, indicating that these investors lack confidence in the Company’s prospects.
• Under the double pressure of a single pipeline and lagging commercialization, pre-IPO valuation of RMB4.65bn is more like a dangerous bubble game.We shared our views on valuation and post-IPO performance.

• Key 2Q25 takeaways include: 1) CCLD’s “AI Center of Excellence” is now fully operational, with senior executives focused on incorporating proprietary AI solutions across operations, products, and services to enhance provider/patient experience, streamline claims coding, improve A/R workflows, and augment denial management efficacy 2) we view the company’s recent ONC certification as a key catalyst to increasingly penetrate a $1.5+ billion market spanning ~1,300 Critical Access Hospitals (CAHs) across rural markets needing to upgrade legacy EHR systems 3) in light of disciplined execution, rising operating leverage, and improving financial performance, CCLD maintains ample capacity to continue to reinvest for growth and capitalize on incremental M&A opportunities and 4) while senior executives remain disciplined on pricing and strategic fit, management increasingly views M&A as an attractive path to enter new markets and drive incremental growth via cross-selling services and leveraging existing infrastructure/technology post-acquisition.

• On July 31, 2025, FibroBiologics, Inc. (FBLG) announced financial results for the second quarter of 2025 and provided a business update.
• The company recently closed on the third tranche of $5M from a $25M total financing, which will be used to support the upcoming Phase 1/2 clinical trial in diabetic foot ulcers (DFUs).
• That trial is expected to initiate in the first quarter of 2026 and complete in the third quarter of 2026.

• SK Biopharmaceuticals (326030 KS) (SKBP) reported record high second quarter earnings in 2Q25 on surging U.S. sales of Xcopri, which surpassed quarterly revenue of $100M for the first time.
• During 2Q25, revenue increased 32% YoY and 22% QoQ to KRW176B, while operating profit improved at a faster pace of 138% YoY and 141% QoQ to KRW62B.
• For 2025, SKBP maintained Xcopri U.S. revenue guidance of $420–450M (~KRW570–610B), up 31–40% YoY. With 1H25 revenue of $201M, the company is expected to meet the target.

• HeartFlow is offering 12.5 million shares at a $15-$17 range which equates to a valuation of around $1.32 billion. 
• According to guidance the deal is being classified as oversubscribed with early long-only and healthcare dedicated conversions. 
• Combine durable revenues, strong underwriting and backers with a tailwind from a healthcare segment with a touch of AI, it is our opinion that this IPO will be well-received.

• Chemed Corporation’s second-quarter 2025 earnings highlight a mixed performance across its two major operating segments, VITAS and Roto-Rooter.
• For VITAS, the hospice care segment, admissions showed a 4.9% increase when adjusted for the prior year acquisition, but the overall business grappled with significant Medicare cap challenges, particularly in Florida.
• The Medicare cap billing limitations resulted in a $16.4 million hit during the quarter, attributed to a sharper than anticipated reimbursement rate hike in Florida compared to the national average.

• Incyte Corporation’s second quarter of 2025 results reflect a strategic focus on expanding their product portfolio, particularly within the hematology-oncology and immunology sectors.
• A notable highlight includes strong financial performance, with total product revenues reaching $1.06 billion, marking a 17% increase year-over-year.
• This growth was driven by increased demand for their key products, Jakafi and Opzelura, as well as the continued launch of Niktimvo.

• Kyowa Kirin Co Ltd (4151 JP) revenue declined 1% YoY to ¥230.7B, impacted by APAC business restructuring, reduced drug prices in Japan, despite the growth in North America and EMEA.
• The company remains heavily dependent on Crysvita generating almost 43% of the total revenue of the company. Crysvita sales rose 10% YoY to ¥99.8B in 1H25.
• The next big trigger to the stock price would be the FDA decision on approval of ziftomenib, due in November.

• Penumbra’s second quarter results reflect significant execution across multiple areas, showing both strengths and challenges that contribute to the overall investment thesis for the company.
• The company’s revenue reached $339.5 million, a 13.4% increase year-over-year on a reported basis and 12.7% in constant currency, highlighting strong underlying growth.
• This growth was driven by robust performance in the U.S. thrombectomy business, especially in the venous thromboembolism (VTE) sector, which saw an impressive 42% year-over-year growth, due to adoption of innovative products like the Flash 2.0 and Bolt 12.

• Radiopharm Theranostics is advancing a portfolio of imaging and therapeutic radiopharmaceutical candidates in oncology.
• Its approach recognizes the opportunities in tumors beyond prostate, thyroid & neuroendocrine targets originated by precision oncology & validated by clinical trials & regulatory approval.
• RAD101, an 18F radioisotope developed to image brain metastases is the most advanced asset.

• Institutions were net sellers of Singapore stocks with a S$351 million outflow, reversing the prior S$334 million inflow.
• iFAST Corporation saw S$50.3 million net institutional inflow, reversing its year-to-date outflow to S$42.9 million inflow.
• Raffles Medical and Keppel led share buybacks, with Raffles purchasing 3.3 million shares and Keppel announcing a S$500 million program.

• Bausch Health Companies (NYSE:BHC) has made headlines with its definitive agreement to acquire liver-focused biotech Durect Corporation (NASDAQ:DRRX) for $1.75 per share in cash, representing a ~217% premium to DRRX’s pre-announcement closing price and valuing the deal at approximately $63 million upfront.
• In addition, contingent milestone payments linked to commercial sales could push the total consideration to $413 million.
• The acquisition, expected to close in Q3 2025, adds Durect’s lead candidate larsucosterol to Bausch’s pipeline—a drug that has demonstrated encouraging Phase 2 data for alcoholic hepatitis (AH) and is preparing for a Phase 3 registrational program.

• SK Bioscience (302440 KS) continues to report business recovery, with 2Q25 base business revenue increasing 22% YoY and IDT Biologika revenue increasing sequentially.
• The company has guided for 2025 revenue of KRW600B+, aided by IDT acquisition. Excluding IDT, base business revenue is expected at ~KRW200B for 2025, up 28% YoY.
• SKBS has built a large-scale commercial production facility which will serve as a production site for GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlight: Currently six pair trade opportunities across three markets and three sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• HeartFlow submitted its prospectus, targeting a valuation of up to US$1.32 billion in US IPO. Heartflow is seeking up to US$212.5 million by offering 12.5 million shares priced between US$15-17/share.
• HeartFlow’s moat includes a first-mover advantage, medical insurance network, and ecological cooperation with equipment manufacturers. However, the accuracy of its products is slightly inferior to that of similar Chinese products.
• Our forecast is revenue to up 35% YoY/30% YoY/25% YoY in 2025/2026/2027. HeartFlow may achieve breakeven in 2027. Comfortable valuation could be P/S of 7-9x if based on 2025E revenue.

• Sumitomo Pharma (4506 JP) reported 19% YoY (negative Fx impact of 7%) revenue growth during Q1FY26 to ¥108B, mainly driven by North America.
• Orgovyx witnessed growth in medicare patients due to reduction in out-of-pocket caps and Gemtesa on the other hand improved market share employing price focussed strategy.
• Sumitomo Pharma is well on track moving ahead of the significant losses suffered in FY23 and FY24, focusing on expanding revenue, reducing costs, and securing future business drivers.

• Bausch Health Companies has made headlines with its definitive agreement to acquire liverfocused biotech Durect Corporation (NASDAQ:DRRX) for $1.75 per share in cash, representing a ~217% premium to DRRX’s pre-announcement closing price and valuing the deal at approximately $63 million upfront.
• In addition, contingent milestone payments linked to commercial sales could push the total consideration to $413 million.
• The acquisition, expected to close in Q3 2025, adds Durect’s lead candidate larsucosterol to Bausch’s pipeline—a drug that has demonstrated encouraging Phase 2 data for alcoholic hepatitis (AH) and is preparing for a Phase 3 registrational program.

• Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
• In this note, we look at changes to the company’s PHIP prospectus.
• While there is no major update to the asset lists, we do see that the market forecasts provided in the prospectus scaled down significantly.

• Otsuka Holdings (4578 JP) sees 7% revenue growth in 1H25, despite negative Fx impact. Mainstay pharmaceutical business (+9% YoY) drove revenue. Rexulti and Abilify franchise were strong.
• Otsuka kept 2025 revenue guidance unchanged, the company raised guidance for business, operating, and net profits for 2025 mainly due to lower than anticipated operating expenses due to Fx impact.
• Otsuka stated that pharmaceutical business has no impact by additional US tariffs. Two top selling drugs are steadily gaining traction. Going ahead, new launches should further drive growth.

• A key point of the press conference held by the NHSA is that the selection in centralized procurement of medical devices will no longer be based on the lowest price.
• Investors have high hopes for the licensing cooperation of IBI363. Our guess is a 50:50 licensing deal with MNC is expected, so as to maximize the value/potential of the drug.
• Considering Li Ge’s rich experience in capital operation, WuXi AppTec’s Placement implies its H-share is already at high level.Investors can consider taking profits, as share price adjustment may be coming.

• AbbVie’s reported discussions to acquire Gilgamesh Pharmaceuticals for approximately $1 billion mark the latest twist in the company’s aggressive M&A strategy, as it seeks new engines of growth beyond its ex-Humira platform.
• Just days after raising its 2025 guidance on the strength of Skyrizi, Rinvoq and Vyalev — and outlining an $8-year runway driven by oncology, neuroscience, immunology and aesthetics — AbbVie is doubling down on psychiatric innovation.
• Gilgamesh, a privately held developer of psychoplastogen-based therapies, has already joined forces with AbbVie on a co-development pact that could funnel up to $1.95 billion in milestone payments into novel mood-disorder treatments.

• AstraZeneca, a prominent global biopharmaceutical company, reported its financial results for the first half of 2025, showcasing continued growth and development across its portfolio.
• The company’s total revenue increased by 11%, fueled by robust demand for its innovative medicines, notably in oncology and biopharmaceuticals.
• Core Earnings Per Share (EPS) rose by 17%, reflecting the company’s focus on its pipeline investments alongside efforts to optimize operating leverage.

• Axogen reported a robust start to 2025 with a revenue increase of 17.4% in the first quarter, reaching $48.6 million.
• This growth was attributed to the continued adoption and execution of customer-focused initiatives centered around nerve repair in its key markets, including extremities, oral maxillofacial, head and neck, and breast surgery.
• The company emphasized its efforts in strategically targeting high-potential accounts, which yielded a 24% increase in average account productivity, surpassing the anticipated 21%.

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
• We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.
• $128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.

• Exelixis’ second quarter 2025 financial results highlight both significant achievements and ongoing challenges for the biotechnology company.
• Revenue growth and product development are key aspects to consider when forming an investment thesis.
• In terms of financial performance, Exelixis reported total revenue of $568 million, with the cabozantinib franchise contributing $520 million.

• HSI reversed course with four straight down days to close the week sharply lower.
• Breadth collapsed, with only a small fraction of names finishing higher; option volumes rose into the decline with Puts taking more than their usual share of activity.
• Implied vols fell on the week, erasing last week’s gains and not showing signs of stress at this point.

• Heartflow is offering 12.5 million shares at a $15-$17 range which equates to a valuation of around $1.32 billion.
• They expect revenue for the three months ended June 30, 2025 to be approximately $42.9 million to $43.4 million, as compared to $31.1 million for the same period in 2024.
• Heartflow is scheduled to debut on Friday, August 8th. We anticipate the offering to be “well-received”. 

• HK inno.N (195940 KS) reported 2Q25 result, with double-digit revenue growth and decline in operating and net profit. Continued strong sales of prescription drug business remained the key driver.
• During 2Q25, domestic outpatient prescription sales of K-CAB increased 14% YoY to KRW53B. Next major trigger for K-CAB will be the U.S. filing for both EE and NERD in 4Q25.
• Recently, the company’s investigational new drug IN-115314 advances to Phase 3 trial for the treatment of atopic dermatitis in dogs. If approved, IN-115314 has blockbuster revenue potential.

• Jcr Pharmaceuticals (4552 JP) revenue increased 5% to ¥8.6B in Q1FY26, mainly driven by Izcargo, marred to an extent by NHI price revision impact on Growject.
• Higher SG&A expenses (up 9%) on increased commission payments and increased R&D expenses (up 5% as clinical development activities progressed) resulted in operating loss of ¥606M.
• JCR’s two pipeline drugs are under Phase III trials: pabinafusp alfa (JR-141) for Hunter syndrome and JR-142, for growth hormone deficiency. Approvals not expected before late FY27 or FY28.

• Sales dropped 49.7% YoY to JPY647mn, with a gross profit margin of 76.3%, down 1.3pp YoY.
• Operating loss reached JPY2.2bn, recurring loss JPY2.3bn, and net loss JPY2.4bn, all increased from 1H FY12/24.
• SG&A expenses declined 2.5% YoY to JPY2.6bn, with R&D expenses increasing 3.3% YoY to JPY1.6bn.

• Takeda Pharmaceutical (4502 JP) reported 1QFY26 revenue of ¥1,107B, down 8%, primarily attributable to unfavorable foreign exchange and lower sales of Vyvanse.
• Takeda reiterated its FY26 guidance of lower sales and higher margins, reflecting near term headwinds amid cost control.
• Positive Phase 3 data read outs for rusfertide (for Polycythemia Vera) and oveporexton (for narcolepsy type 1) is a step ahead towards filing in FY26 and likely approval thereafter.

• The stock priced a full-size deal of five million shares at $15.00 ($4 below the prevailing $19-$21 range) and opened at $15.60. 
• According to our sources, the deal was reportedly multiple-times oversubscribed with several anchor orders from mutual fund and sector-dedicated funds.
• We think this deal was placed and priced well. Furthermore, the small deal size assisted in getting this company a small premium at first trade.

• Lexaria is a biotechnology company seeking to enhance the bioavailability of multiple drug agents using DehydraTECH (DHT), its technology using oral and topical delivery.
• It combines lipophilic APIs with specific fatty acid and carrier compounds followed by dehydration.
• DHT offers several attractive features: substantial improvement in bioabsorption in terms of time to measurable plasma levels & AUC, brain permeation, taste masking & side effect reduction.

Oryzon Genomics has reported its Q225 results, summarising an active period. Its programme focused on vafidemstat in borderline personality disorder (BPD) remains a strategic priority, with the Phase III protocol submitted to the FDA in June. Clearance is anticipated in Q325, most likely in September, and could represent the most significant upcoming inflection point for the company. Trials relating to Orzyon’s lead oncology candidate, iadademstat, continue to progress, with the next FRIDA update in acute myeloid leukaemia (AML) expected in December 2025. Oryzon has also expanded iadademstat’s potential application to new non-malignant haematological indications; a clinical trial application (CTA) for a Phase Ib study in sickle cell disease (SCD) has been submitted to the EMA. Following the Q225 results update, our valuation adjusts to €887.2m or €11.3 per share (from €862.4m or €11.0 per share previously).

• Neautus is facing performance headwinds. Revenue growth rate is declining and profit margin is in downward trend. Net profit growth is lower than the revenue growth, indicating the weak profitability
• VBP, increasing competition and raw materials cost are the challenges. Because of financial fraud, Neautus once failed its A-share IPO. So, there is corporate governance issue in the Company.
• We’re conservative about the outlook of Neautus. It is already good for valuation to reach the industry average.Our forecast in 2025 is revenue to reach RMB1.4-1.5 billion (up 12-15% YoY).

• On July 31, 2025, Soligenix, Inc. (SNGX) announced encouraging results from the Phase 2a clinical trial of SGX-945 (dusquetide) for the treatment of Behcet’s disease (BD) in which the compound demonstrated biological efficacy.
• This was an open-label study designed to be highly comparable to the Phase 3 trial of apremilast (Otezla ) that was the basis for marketing approval for oral ulcers in BD.
• Using the same primary endpoint as the Phase 3 apremilast study (area under the curve of the mean number of ulcers vs. time), after four weeks of treatment the SGX945 group had a 40% improvement relative to the placebo group from the Phase 3 apremilast study, while apremilast had a 37% improvement relative to placebo.

• 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 restored mitochondrial function without triggering oxidative stress or cell proliferation in human cells.
• This sets Telomir-1 apart from many other related treatments and opens the door to treating numerous serious conditions.

Basilea Pharmaceutica has commenced the second Phase III study for fosmanogepix, a key step forward for its novel broad-spectrum antifungal candidate. The trial (FORWARD-IM) will evaluate the efficacy and safety of fosmanogepix in invasive, multi-drug-resistant mould infections against the standard of care (SoC) across two cohorts (n=220). In contrast to the ongoing placebo-controlled FAST-IC trial in invasive yeast infections, FORWARD-IM is an open-label study, raising the possibility of interim data readouts, ahead of top-line results expected in 2028. Fosmanogepix, a first-in-class agent with a novel mechanism of action, has demonstrated promising safety and efficacy across three completed Phase II studies and remains one of the broadest-spectrum antifungals in development. We maintain our valuation and estimates for Basilea following this milestone.

• West Pharmaceutical Services Inc.’s second quarter (Q2) of 2025 revealed a solid performance above expectations with net sales increasing by 9.2%, and 6.8% on an organic basis.
• Driven primarily by the growth in high-value product (HVP) components, especially through strong GLP-1 elastomer uptake, the results underscore West’s position in the injectable solutions market.
• This position is strengthened by a strategic focus on areas like biologics and biosimilars.

• Daiichi Sankyo (4568 JP) started FY26 on a strong note, with 9% revenue growth to ¥475B, driven by Enhertu. The negative effect on revenue from foreign exchange was ¥19B.
• Although Daiichi Sankyo reaffirmed FY26 guidance announced in April, the company raised Datroway FY26 revenue expectation, following strong initial uptake. There is scope for further guidance raise.
• Moving ahead, Enhertu and Datroway progress (uptake, indication and geography expansion, and data readouts) will be the key drivers.

• WuXi AppTec (2359 HK) is looking to raise US$650m at a price range of HK$104.16-106.4/share, a 5-7% discount from last close.
• There will be passive buying from global index trackers around the time of settlement of the placement shares. Then there will be some Hang Seng Index buying in August.
• Short interest in WuXi AppTec (2359 HK) has spiked and some shorts could cover into the placement. The AH premium could move higher following the placement.

• WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement.
• The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• 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.
• In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.
• We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.

• Eastenova, a China-based regenerative medicine specialist, is looking to raise at least US$100 million via a Hong Kong listing. The sole bookrunner is CCBI.
• In this note, we take a look at the company’s core product, XH301.
• Our research suggests that recalibration of the company’s potential is necessary given the intense competition and market deceleration.

• Bavarian Nordic’s board recommends a DKK 233/share bid, but ATP’s 10% block and market premium pricing suggest anticipation of a higher offer or strategic alternatives.
• The offer undervalues Bavarian Nordic’s scalable platform, outbreak-response contracts, and optionality; a fair value of DKK 255–265 is justified, with a bull case up to DKK 330/share.
• Deal spread trades negative as market expects sweetening; low irrevocables and strategic buyer risk suggest asymmetry for long positions with regulatory and ATP dynamics as key catalysts.

• Novo Nordisk A/S drops 23% after the latest profit warnings
• All GLP-1gains have now been erased and it is back to 2022 price levels
• It is currently cheap, but we are not sure this is the end of the bad news

• In Q1 FY03/26, the company reported YoY declines in revenue and profit, with revenue at JPY22.3bn (-3.8% YoY).
• The company achieved 19.7% of its full-year FY03/26 revenue target, maintaining its initial forecast despite Q1 shortfall.
• Domestic revenue was JPY20.5bn (-1.8% YoY), while overseas revenue was JPY1.7bn (-23.2% YoY).

• Molina Healthcare presented its second quarter 2025 results, shedding light on its current business landscape and future expectations.
• The earnings report revealed adjusted earnings per share of $5.48 with premium revenue totaling around $10.9 billion.
• The consolidated Medical Care Ratio (MCR) was reported at 90.4%, while the adjusted pretax margin stood at 3.3%.

• Astellas Pharma (4503 JP) reported 7% revenue growth in Q1FY26. Strategic brands grew 49% and contributed 22% of revenue. Driven by cost optimization, core operating profit increased 61%.
• Astellas reiterated FY26 guidance of 1% revenue growth and 5% core operating profit increase. Q1FY26 progress enhance conviction on comfortably meet FY26 guidance.
• With no near-term new launches anticipated for Astellas, performance of the strategic brands in existing markets as well as their indication and geography expansions should be the key drivers.

• Standalone recovery in motion: With EBITDA up 12.7% and leverage falling to 4.2x net, Grifols is executing its deleveraging plan and reinstating dividends—removing the urgency for external capital or ownership change.
• Deal pressure eases: Brookfield may still see long-term strategic value, but improved financials, family control, and strong liquidity reduce the probability of a near-term offer or “rescue bid.”
• Risks remain priced in: Governance opacity, dollar exposure, and still-elevated leverage could limit rerating. M&A optionality persists—but is no longer the base case driving the investment thesis.

• Hogy Medical (3593 JP)‘s founder passed and there was a re-arranging of Hoki family deckchairs in 2021. In 2022 there was a BIG buyback from the family at ¥3,130/share.
• I discussed it here. I suggested that meant accretion, a family willing to sell, and an open register for a cheap company always heavily owned by value investors.
• The stock went nowhere for 18mos as activists dallied. In 2024 it ran from ¥3,500 to ¥5,000 as Dalton bought 20%. Then they got a board seat. Now takeover noise.

• The trend of performance reversal of WuXi AppTec is clear. The core driving force comes from the explosive growth of TIDES business and the disposal of WuXi XDC shares.
• Based on strong performance in 25H1, WuXi AppTec expects full-year total revenue of RMB42.5-43.5 billion, up from the prior RMB41.5-43.0 billion. We shared our forecast for the next three years
• There is a “valuation discount” to reflect geopolitical risks. WuXi AppTec (A-share) is expected to have more upside as the next stage of rise may come more from A-share market

• WuXi AppTec (2359 HK) has announced better-than-expected 1H25 result, with revenue increasing 21% YoY to RMB21B and adjusted net profit jumping 44% YoY to RMB6B.
• 1H result was mainly driven by late‑stage clinical and commercial projects. Amid continuous capacity expansion, order backlog reached RMB57B as of June 30, 2025, up 37% YoY.
• With ongoing demand of the customers and solid execution demonstrated by CRDMO business model in 1H25, Wuxi AppTech raised 2025 revenue growth guidance to 13–17% from 10–15%.

• China-Based vaccine biopharmaceutical company Ab&B is looking to raise at least US$100 million via a Hong Kong listing. The joint book runners are CITIC and CMBI.
• In our previous insight, we looked at the story that the company is trying to sell and the influenza vaccine market.
• In this insight, we look at the latest updates in its PHIP filing.

• Tonix Pharmaceuticals Holding Corp. (TNXP) recently announced certain preliminary financial information and selected preliminary operating results for the quarter ended June 30, 2025.
• The company exited the second quarter of 2025 with approximately $125.3 million in cash and cash equivalents and subsequently raised an additional $50.6 million in July 2025, which is sufficient to fund operations into the third quarter of 2026.
• This report also provides an in-depth look at TNX-1500, a third-generation anti-CD40 ligand (CD40L) antibody, as a therapy to prevent allograft and bone marrow transplant rejection and a treatment for autoimmune diseases.

• Kissei Pharmaceutical (4547 JP) reported 4.9% YoY jump in revenue during Q1FY26 driven by Beova and Tavneos amidst price revision pressures and generic competition.
• The company partially revised FY26 guidance down for ordinary profit and operating profit accounting for an anticipated in-licensing agreement coming their way.
• The next trigger for the stock would be Linzagolix receiving approval for treatment of uterine fibroids in Japan and new in-licensing agreement.  

• Tonix Pharmaceuticals Holding Corp. (TNXP) recently announced certain preliminary financial information and selected preliminary operating results for the quarter ended June 30, 2025.
• The company exited the second quarter of 2025 with approximately $125.3 million in cash and cash equivalents and subsequently raised an additional $50.6 million in Jully 2025, which is sufficient to fund operations into the third quarter of 2026.
• This report also provides an in-depth look at TNX-1500, a third-generation anti-CD40 ligand (CD40L) antibody, as a therapy to prevent allograft and bone marrow transplant rejection and a treatment for autoimmune diseases.

• Dr Agarwal’s Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
• Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
• In this note, we will talk about the lockup dynamics and possible placement.

• For the three months ended June 30, 2025, they expect net revenue to be between $10.8 million and $11.2 million, compared to $8.3 million for the same period in 2024.
• Channel checks from our sources revealed that the deal is being classified as well-oversubscribed. The books are scheduled to close Tuesday at 4pm ET.  
• We like the risk-reward profile of this deal and see solid upside in this deal at this time. 

• PMV Pharmaceuticals is in a Phase 2 trial for cancer therapy, with interim results expected mid-2025, and potential value realization through strategic review due to a large net cash position.
• Yorkville Acquisition has commenced separate trading of its Class A ordinary shares and warrants, with a $10/share trust value.
• Copper Property CTL Trust extended its wind-down deadline to January 2026, with amendments allowing confidential shareholder consultations during the sale process.

• Shionogi & Co (4507 JP) achieved YoY improvement in all key parameters. Moreover, Q1FY26 result shows a significant improvement compared to Q1FY25, when all key parameters recorded double-digit YoY decline.
• During Q1FY26, revenue increased 2% YoY to ¥100B, driven by HIV franchise. Q1FY26 revenue records 19% progress, while operating and net profit advanced more than 20% of full-year target.
• Shionogi has maintained H1FY26 and FY26 guidance. This indicates Q2FY26 revenue expectation of ¥133B, up 14% YoY. Acquisition of JT Group’s pharmaceutical business and Torii Pharmaceutical is progressing.

• Heartflow seeks to deliver a more accurate and clinically effective non-invasive solution for diagnosing and managing coronary artery disease.
• As of March 31, 2025, their Heartflow Platform has been used to assess CAD in more than 400,000 patients, including 132,000 in 2024 alone.
• They had revenue of $87.2 million and $125.9 million and net loss of $95.7 million and $96.4 million in 2023 and 2024, respectively.

• Jiangsu Hengrui Pharmaceuticals (1276 HK) entered into agreements with GSK, granting an exclusive worldwide right of HRS-9821, a small molecule, PDE3/PDE4 inhibitor in clinical development for the treatment of COPD.
• The only similar products available worldwide is Verona Pharma’s Ohtuvayre (ensifentrine) which was approved for marketing by the FDA in June 2024 for maintenance therapy of COPD.
• The COPD segment has seen increased activity over the last one year in terms of drug approvals, acquisitions, and licensing agreements. This reiterates the growing potential of the COPD market.

• Among the investments ORMP has made, it provided collateralized financing to Scilex Holding and received a promissory note collateralized by most of Scilex’s assets, plus penny warrants to purchase Scilex shares.
• Last week, the company entered into a warrant repurchase agreement with Scilex, granting Scilex an option to repurchase warrants for an aggregate purchase price of $27m plus $1.5m in option payments.