Healthcare

• The Hang Seng Biotech Index (HSHKBIO) will represent the 30 largest biotech companies listed in Hong Kong (HKEX) from September 2025.
• Due to a methodology change for HSHKBIO announced in late-June 2025, 20 index constituents could face deletion in September 2025.
• In this insight, we take a look at our final expectations for index changes and capping flows for HSHKBIO index rebal event in September 2025.

• Leads Biolabs, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$144m via a Hong Kong listing.
• We look at the deal dynamics and compare the listing with the Duality listing.
• The deal values the companies fairly but we see strong sentiment towards quality biotech names.

• The United Laboratories International Holdings Limited (3933 HK) is looking to raise up to US$262m from a primary placement. 
• The company intends to use about 60% of the proceeds to build production capacity and expand its international business, with the rest to be used for R&D purposes.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• We are bullish on the long-term growth of the hospital sector in India.
• Like in the case of Apollo Hospitals, Max Healthcare will have tough competition from both listed and unlisted players.
• A 65 FPE does not factor in the high cost of expansion and potential challenges.

• Ascentage Pharma Group Corp (6855 HK) announced the placement of 22M shares for subscription at HK$68.6 per share, representing 8% discount to last trading price before announcement.
• The company intends to use the net proceeds for commercialization efforts, global clinical development to advance the core pipeline candidates and for infrastructure and working capital to strengthen global operations.
• The launch of lisaftoclax in China followed by eventual approval olverembatinib in US would be the near-term triggers for the company.

• Waters Corporation has officially entered a new phase of its growth journey with the $17.5 billion acquisition of Becton Dickinson’s biosciences and diagnostic-solutions business.
• The deal, announced in July 2025, is structured as a merger but effectively represents a strategic divestiture by Becton Dickinson, which has opted to focus more intensively on its core medtech operations.
• Waters, best known for its laboratory instrumentation and software, will issue 39% of its shares to BD shareholders and assume $4 billion in debt.

• Nanjing Leads Biolabs has launched HK$1.1B IPO to fund its ongoing and planned clinical development and regulatory affairs of pipeline assets. The company has fetched cornerstone investment of ~HK$ 542M.
• Lead product candidate, LBL-024 is being evaluated for extra-pulmonary neuroendocrine carcinoma. Leads Biolabs expects to file the first BLA for LBL-024 by 3Q26 and anticipate obtaining conditional approval by 2Q27.
• Positive investor sentiment toward Chinese biotech companies and near-term catalyst being Phase 3 data readout for LBL-024 in early 2026 are the main reasons to subscribe.

• OraSure Technologies, Inc. outlined its financial results for the first quarter of 2025, revealing a nuanced performance in the face of ongoing industry challenges.
• The quarter saw the company reporting total revenues of $29.9 million, with core revenue—which excludes COVID-19 products and exited businesses—at $29.5 million.
• Although this reflects a slight 2% decrease from the previous year, it marks stability after adjusting for prior business divestitures.

• In FY03/25, the company reported revenue of JPY38.7bn (+10.3% YoY), operating profit of JPY5.4bn (+14.5% YoY), recurring profit of JPY5.5bn (+7.9% YoY), and net income attributable to owners of the parent of JPY4.6bn (+18.1% YoY).
• Domestic revenue rose 7.5% YoY to JPY16.0bn, while overseas revenue increased 12.4% YoY to JPY22.7bn.
• The overseas revenue growth was driven by sales expansion in China and other Asian markets (excluding forex impact, overseas revenue grew 7.1%).

• Zacks Small-Cap Research Note for NanoViricides, Inc. (NNVC)

• Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). 
• These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.
• A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.

• Ensysce Biosciences is committed to finding a solution to the opioid crisis plaguing the US and other developed countries around the world.
• Through its proprietary TAAP technology Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid.
• The company announced that it has initiated its pivotal Phase 3 study of PF614.

• Fresenius Medical Care reported its first quarter 2025 results, showcasing a mixed performance across various segments and geographies.
• The company achieved a strong organic revenue growth of 5%, driven by improvements in both Care Delivery and Care Enablement segments.
• However, challenges such as a severe flu season and one fewer dialysis day in the quarter impacted overall volume growth in the U.S. 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.

• In FY05/24, the company reported revenue of JPY21.5bn (+21.4% YoY) and net income of JPY88mn.
• The company forecasts FY05/26 revenue of JPY23.6bn (+9.7% YoY) and net income of JPY100mn (+14.2% YoY).
• The Healthcare Marketing business achieved revenue of JPY9.7bn (+53.0% YoY) with an operating profit of JPY127mn.

• Zacks Small-Cap Research Note for PolyPid Ltd. (PYPD)

• Sino Biopharmaceutical (1177 HK) is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.
• With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.
• The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.

• Stevanato Group’s first quarter of fiscal 2025 results showcase both strengths and challenges in their operational execution, highlighting the complexities of navigating a global manufacturing and business environment.
• The company’s total revenue increased by 9% to EUR 256.6 million compared to the prior year, primarily driven by the Biopharmaceutical and Diagnostics Solutions (BDS) segment, which saw an 11% revenue increase.
• The Engineering Segment experienced a 4% revenue decline, primarily due to legacy projects impacting profitability.

• Lessons learned from Lykos’ FDA blowback. Our podcast began by recalling our podcast with Drysdale about one year ago.
• At that time, the regulatory pathway for psychedelics was shrouded by uncertainty over the FDA’s concerns over the conduct of Lykos’ Phase 3 trial for its promising MDMA-AT for PTSD.
• Drysdale explained how these revelations represented perfect timing for Cybin, right ahead of a pre-planned meeting with the FDA to prepare CYB003’s transition into its Phase 3 program.

• Unisplendour Corporation Limited (000938 CH), an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing.
• UC designs and sells a diverse portfolio of ICT infrastructure products, covering the entire digital solutions industry chain.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Since mid-June, share price spreads have generally widened across the European liquid universe of ordinary and preferred shares, with 6 tightening and 13 widening.
• The premium of non-voting, less liquid Handelsbanken B shares vs. A has widened to 59.2%; the discount of Grifols B has widened (Brookfield’s approach remains tentative and non-committal).
• Recommended trades long preferred/short ords: Atlas Copco, BMW, Grifols, MFE Media-for-Europe. Recommended trades long ordinary / short preferred shares: Handelsbanken, Henkel.

• Eli Lilly has firmly positioned itself at the forefront of the global anti-obesity drug race, fueled by its blockbuster GLP-1-based injectable Zepbound and an upcoming oral pill called orforglipron that could further cement its dominance.
• While rival Novo Nordisk’s Wegovy enjoyed a first-mover advantage, Lilly’s more effective compound tirzepatide rapidly seized control of the market, capturing 60% share and 75% of new treatment starts.
• Despite facing a setback with CVS’s recent formulary switch favoring Wegovy, Lilly continues to add approximately 500,000 new Zepbound patients each month and is expanding aggressively into international markets including India, China, and Mexico.

• Our forecast is sales of olverembatinib in 2025 could reach RMB500mn. APG-2575 is better than Sonrotoclax in ORR/safety profile, but global commercialization success is not simply determined by clinical data.
• Placing price of HK$68.6/share has priced in the successful licensing deal of APG-2575 to some extent, which however is not a done deal. US$1.5-2.375bn is a more reasonable valuation range.
• The big rally in biotech sector is not based on fundamental inflection point. The driving mentality behind the valuation bubble this time has a more obvious nature of “short-term gambling”.  

• Carlsmed is offering 6.7mm shares at $14.00-$16.00 equating to a market cap of $371m-$424m and is scheduled to debut on July 23rd
• B Capital Group and U.S. Venture Partners have indicated an interest in purchasing up to approximately $20 million and $11 million, respectively.
• MedTech companies like CarlsMed are easy to digest for IPO investors as the company typically sees sales in a strong trajectory going into the IPO.

• FNArena’s Treasure Chest reports on money making ideas from stockbrokers and other experts.
• Today’s idea is on CSL

• Dong A St (170900 KS) 1Q25 revenue rose 21% YoY, which is a significant improvement as the company recorded just 6% YoY growth in revenue in 2024.
• Existing operation of Dong A St is showing strength. Stelara biosimilar to generate sales royalties from this year. Cenobamate launch is expected by next year.
• Pipeline is promising, with upcoming data readouts expected through 2026. Obesity drug candidate has best-in-class potential.

• Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via  top-up placement.
• The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.
• In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

• Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
• Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
• We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.

• Anthem Biosciences (1234D IN) is launching a 3,395 crore IPO via a complete OFS, with a price band of INR 540–570 per share, open from July 14 to July 16.
• Company is a fully integrated CRDMO with capabilities across drug discovery, development, and manufacturing for both small molecules and biologics, serving 550+ customers globally.
• The company is undertaking a major capacity expansion, set to make its fermentation capacity over 6x larger than the second-largest Indian CRDMO player post-expansion.

• UnitedHealth Group’s first quarter 2025 results reveal a number of positive developments alongside several challenges that have led to a downward revision of the company’s adjusted earnings per share outlook.
• The company now expects an adjusted earnings per share range of $26 to $26.50, down from previous estimates, partly attributed to higher-than-expected care activity within its Medicare Advantage business and changes in member profiles impacting revenue at Optum Health.
• 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.

• Strong Revenue Momentum and Profitability:Anthem Biosciences (1234D IN) achieved INR 18.4bn in revenue in FY25, growing 25% CAGR over FY20–FY25,with industry-leading EBITDA margins of 36.8% and PAT margin of 23.4%
• Unique Dual Capability in Biologics and Small Molecules:Among the few Indian CRDMOs with end-to-end capabilities across both small and large molecules, and technology-driven portfolio including ADCs, RNAi, peptides, and oligonucleotides
• Peer-Leading Returns and Robust Pipeline: Anthem boasts the highest ROCE (26.9%) among Indian peers, with significant IP-backed revenue streams and global molecule commercialization. It is a BUY for long term.

• FNArena’s Treasure Chest reports on money making ideas from stockbrokers and other experts.
• Today’s idea is on CSL

• Astellas Pharma (4503 JP) announced that in Q1FY26 the sales of their drug Izervay (avacincaptad pegol intravitreal solution) in the U.S. market will be ¥15.9B (~$110M, up 25% YoY).
• Strategic brands (Padcev, Izervay, Veozah, Vyloy, and Xospata) revenue expanded to ¥336B (+¥176B or +110% YoY) in FY25, representing 18% of the total revenue.
• Astellas agreement with Evopoint Biosciences for a novel investigational clinical-stage antibody-drug conjugate (ADC) targeting CLDN18.2, will help expand its pipeline and augurs well given its expertise in similar therapies (Vyloy).

• Glenmark Pharmaceuticals (GNP IN) signed the world’s fourth-largest biotech licensing deal by upfront value, receiving $700 million from AbbVie for its cancer drug ISB 2001. 
• The agreement grants AbbVie global rights for key markets while Glenmark retains Emerging Market access, unlocking $1.9 billion in total potential proceeds. 
• This transforms Glenmark into a net-cash company, funds IGI’s R&D pipeline, delays IPO needs, and positions India as a serious biotech innovation hub.

• Zacks Small-Cap Research Note for NanoViricides, Inc. (NNVC)

• Compass Pathways’ Phase 3 COMP360 study readout lays down its first marker.
• Compass Pathways’ (NASDAQ:CMPS) much anticipated top-line Part A readout of its COMP005 pivotal two-arm trial for its lead psilocybin-based monotherapy candidate for treatment-resistant depression (TRD), COMP360, has produced a statistically significant (p-value of <0.001) and clinically meaningful -3.6 mean difference in the MADRS scale comparing a one-time administered 25mg dose of COMP360 with placebo at six weeks in a 258-participant study.
• Based on a statement from the independent Data and Safety Monitoring Board (DSMB), the Part A study resulted in no new or unexpected safety findings.

• Baige’s business model is B2B2C, connecting insurance companies/channel partners and C-end users.By mining long-tail needs of end-customers and customizing small/refined/fragmented insurance products according to personalized needs, Baige significantly boost sales.
• High customer acquisition costs (referral fees, commissions/service fees) are the pain points, putting pressure on profit margin. The trend of “disintermediation” in the industry is becoming increasingly evident.
• The post-money valuation after Series C financing reached about RMB2 billion. Due to smaller revenue scale and lower profitability, we think valuation of Baige should be lower than peers.

• Hisamitsu Pharmaceutical Co (4530 JP) Q1FY26 revenue of ¥34.7B down 3% YoY, mainly driven by subdued performance in Salonpas focused OTC pharmaceutical products.
• Rx business revenues grew 7% as Zicthoru, Apohide, Combipatch,Vivelle-Dot etc clocked healthy numbers excepting Mohrus product line.
• Hisamitsu reiterated FY26 guidance expecting revenue to be ¥165B with profits growth expected to decelerate on higher cost.

• Mani Inc (7730 JP) 9MFY25 revenue increased 3% YoY to ¥22.3B mainly due to strong sales of Surgical products and Eyeless Needle products, while Dental segment sales dipped on recall.
• Operating margin deteriorated to 27.5% in 9MFY25, down 260bps. Segment wise, dental segment reported the worst operating margin decline from 19.6% to 10.4%.
• Management revised FY25 guidance downwards, now expecting revenue to be ¥29.6B (previous guidance ¥30.2B), up 3.8% YoY. Profits and margins also witnessed a downward revision.

• Anthem is a CRDMO platform with 5 main modalities (RNAi, ADC, peptides, lipids and oligonucleotides) and 4 manufacturing capabilities (custom synthesis, flow chemistry, fermentation and biotransformation).
• With its aggressive focus on emerging biotech; industry tailwinds, upcoming capacities in fermentation and CSM; they are positioned for 20+% revenue growth and industry leading operating margins of 35+%.
• We estimate FY26 EPS of INR 9-11, implying IPO multiple of 50-62x earnings. Truenorth and Portsmouth holding 3.9% and 2.7% post-IPO creates a technical overhang.

• DexCom’s latest earnings and strategy pivot have reignited investor attention as the company recalibrates its focus on the vast, underpenetrated Type 2 diabetes market.
• After suffering a 41% stock drop in July 2024 due to poor execution in its transition away from its traditional Type 1 diabetes stronghold, the company now appears to be correcting course—not by retreating, but by accelerating into the same direction with more refined tactics.
• The first quarter of 2025 showed encouraging signs, including record-breaking new patient additions, expanded insurance coverage from all three major PBMs for non-insulin-dependent patients, and the introduction of Stelo, DexCom’s first over-the-counter CGM.

• Meta Biomed is the number one player in the world for root canal filling materials. It also produces other dental products, including bio-absorbable sutures and cosmetic medical products.
• Six major reasons why we like Meta Biomed include number one player for root canal filling materials, solid sales growth, strong export growth, improving ROE and operating margins, and valuations.
• We are introducing a new section (Major Factors of Business Operations and Valuations) for all our Korea Small Cap Gem Series from now on (see below).

• Evotec SE has provided a comprehensive overview of their financial and operational status for Q1 2024, reflecting mixed results influenced by the current market environment.
• The report reveals a slight revenue decrease of 2% year-over-year, totaling EUR 208.8 million, attributed to a 23% decline in the Shared R&D business, overshadowed by notable advances in the Just – Evotec Biologics segment, which reported a 400% revenue increase compared to Q1 2023.
• This growth primarily stems from collaborations like those with Sandoz and Department of Defense.

• ZimVie has recently shifted its strategic focus and has shown committed actions towards becoming a streamlined organization dedicated to the dental industry.
• With the sales of its spine business yielding $375 million, including $350 million in cash and a $60 million promissary note, ZimVie has embarked on a course of debt reduction and refocusing.
• It’s notable that ZimVie used part of the sales proceeds to pay down $275 million of its existing liabilities.

• Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
• Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
• We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.

• Anthem Biosciences has filed RHP to raise INR34B (~$395M) through its Indian IPO consisting of only an offer for sale of equity shares. The IPO will open on July 14.
• The IPO has been priced at INR540–570 per share. Considering FY25 EPS of INR8.07, Anthem seeks P/E valuation of 66.9–70.6x, which is lower than most of the peers.
• With niche and differentiated technical capabilities (ADC, biosimilars, innovative biologics etc), large clientele, exposure to commercialized molecules, and capacity expansion, Anthem is well-positioned for long-term growth.

• Zacks Small-Cap Research Note for CareCloud, Inc. (CCLD)

• Centene Corporation recently reported its financial outcomes for the first quarter of 2025, detailing both its present achievements and future expectations.
• The highlights of their performance reveal a complex interplay of growth prospects and operational challenges within the different segments it operates.
• For the first quarter, Centene achieved an adjusted diluted EPS of $2.90, aligning with prior forecasts.

• Coloplast, a global leader in medical devices and solutions, has recently navigated a period of transition and strategic realignment as evidenced by their first half 2024-2025 results.
• The most prominent change has been leadership, with Lars Rasmussen, a familiar face, appointed as Interim CEO following Kristian Villumsen’s departure after a seven-year tenure.
• This change underscores the Board’s drive for increased decisiveness and execution efficiency, particularly in response to organic growth challenges.

• Grifols has delivered a robust performance for the first quarter of 2025, with impressive financial metrics across the board that highlight the company’s strategic resilience and operational strength despite market uncertainties.
• The revenue for the quarter reached EUR 1.786 billion, marking a 7.4% increase on a constant currency basis, and 10% when adjusted for one-off items like the IRA impact and fee-for-service reclassification.
• The key drivers of this revenue growth included progress in the immunoglobulin franchise, which grew 17.5%, along with improvements in the diagnostics business, which increased by 5.2%.

At Oryzon Genomics’ key opinion leader (KOL) event, vafidemstat’s path through Phase III in borderline personality disorder (BPD) was laid out. The significant unmet need was highlighted, as there are currently no FDA-approved drugs specifically indicated for BPD, despite a global prevalence of 1–2%, and clinicians are limited to prescribing medications (such as antipsychotics and/or mood stabilisers) off-label, often with limited durable effectiveness. Given vafidemstat’s encouraging track record in the clinic targeting agitation and aggression (A/A) in BPD, alongside its novel epigenetic mechanism of action, the KOLs spoke about their willingness to use vafidemstat with their patients, especially since this symptom domain is one of the most common (70% of patients) and debilitating components of the condition, both for the patients and people around them. Oryzon submitted the protocol for the Phase III PORTICO-2 programme to the FDA in June 2025 and management anticipates receiving regulatory feedback within Q425, potentially representing an important upcoming catalyst.

• Demant’s latest financial results for 2024 reveal a mixed performance with several key developments influencing their overall outlook.
• The company reported an overall growth in revenue of 4%, with an equal contribution from organic growth and acquisitions, amounting to DKK 22.4 billion.
• While this marks an improvement in gross profit by 5%, the company’s EBIT saw a decrease of about 2% (DKK 100 million) from the previous year, underscoring some challenges faced over the fiscal period.

• Street’s wrongly assuming only 1% of total shares can exercise appraisal rights, but under Korean law, pre-meeting dissent suffices — today’s vote tells us nothing about actual buyback risk.
• Focus is on pre-dissent size — local checks point to 20% of SO, 4x the 40B KRW cap. With stock 40% below appraisal price, merger break risk looks real.
• Market’s treating deal break as bearish, deterring some from exercising appraisal despite being in the money. With spread this wide, swap leg offers high-risk, high-reward setup worth watching.

• On the 24th June 2025, specialty pharmaceutical play China Medical System (867 HK) (CMS) announced a proposed secondary SGX listing, by way of introduction.  No equity fundraising will occur.
• The SGX has given the green light, with shares expected to commence trading on the 15th July. 
• This secondary listing is not, it would seem, a pre-cursor to an HKEx withdrawal; but to “enhance the [CMS’s] global visibility, thereby facilitating its international business expansion“. 

• Shanghai MediTrust Health Technology Group Co., Ltd. (SMHTG) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by GS, HSBC, and CICC.
• SMHTG is the largest innovative healthcare payor platform in China, according to Frost & Sullivan (F&S).
• SMHTG is transforming the healthcare payment system in China by addressing funding and payment challenges faced by patients, health insurers and pharmaceutical companies.

• CStone Pharmaceuticals (2616 HK) announced the placement of 100M shares for subscription at HK$4.72 per share. Placing shares represent approximately 7.33% of existing issued shares capital of the company.
• The company intends to use 90% of the net proceeds from the for further research and development relating to assets in the company’s “Pipeline 2.0”.
• Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets augurs well, but concerns remain.

• Soligenix, Inc. (SNGX) has a number of important catalysts ahead in the second half of 2025.
• The company is currently conducting the Phase 3 FLASH2 trial of HyBryte (SGX301) for the treatment of early-stage cutaneous T cell lymphoma (CTCL).
• We anticipate an update on enrollment in the 2H25, with topline results expected in the 2H26.

• Cigna Group reported its first quarter 2025 financial results, demonstrating robust performance amid a dynamic market environment.
• The company highlighted total revenues of $65.5 billion and adjusted earnings per share of $6.74.
• Subsequently, Cigna increased its full-year EPS guidance to at least $29.60.

• Elevance Health, formerly known as Anthem, outlined its first quarter results for 2025, reflecting consistent progress in strategic initiatives and financial performance.
• Elevance Health emphasized its mission of advancing human health, underpinning its operations and strategic direction.
• The company highlighted important strategic moves, particularly in patient advocacy solutions and enhancements to the HealthOS platform, which have been key in simplifying healthcare experiences and streamlining provider workflows.

• Ainos expands its AI-powered digital olfaction platform. Ainos has established several new/expanded partnerships since the company provided its mid-year update.
• The three partnerships announced in the past two weeks point to a significant strategic pivot toward expanding Ainos as a critical SmellTech provider in verticals beyond healthcare to multiple industrial sectors, adding significant growth potential.
• The integration of AI Nose with these partners’ platforms will provide smell, the missing link in factory sensing.

• The big gap between the revenue proportion of the two business lines indicates that there’s little synergistic effect, thus further delaying the formation of the “medicine and makeup complementary ecosystem”.
• The weakness in R&D has led to a low overlap in the demands of existing products among the customer groups,making it impossible to match the medical demand through self R&D.
• The business model of Dermavon is sales-driven rather than R&D-driven. There are concerns on the Company’s pipeline quality. Dermavon has not proved its sustainable profitability. Valuation should be lower peers.

• Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
• Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
• The firm was incorporated in 2010, with headquarters in Miami, Florida.

• NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.
• The technology involved also has the potential to more efficiently get other treatments to the needed area.
• The company announced results from preclinical testing that showed higher doses of ExoPTEN resulted in subjects regaining mobility after a spinal cord injury.

• Revelation Biosciences is a life sciences company whose development of immunologic-based therapies is based on the well-established biology of phosphorylated hexaacyl disaccharide (PHAD) and its effect on the innate immune system.
• The company announced that enrollment in the Phase 1b study of Gemini in CKD patients will be completed this month and top line results will follow shortly.
• Investors should take a look at REVB before the positive results start coming in.

• Sandoz Group (SDZNY US) shares rallied more than 40% from lows in early April, backed by strong topline performance in 1Q25 and 2025 guidance confirmation.
• Anticipated biosimilar launches primarily weighted to second half of year. Upcoming launches include Wyost/Jubbonti (denosumab) in Europe, Afqlir (aflibercept) in Europe, and Tyruko (natalizumab) in the U.S.
• Sandoz is poised for accelerated growth in the later half of the year and in medium-term as more biosimilars are launched. The company will announce 1H25 result on August 7.

• WeiMai Inc. (WM) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by DB and CMS.
• WM is China’s top three whole-course healthcare management service provider and the largest patient-focused AI-empowered whole-course healthcare management service provider in China in terms of 2024 revenue.
• As of the Latest Practicable Date, WM partnered with 157 hospitals, where it had dedicated healthcare management team and medical team onsite in WeiMai exclusive in-hospital healthcare management centers.

• Longeveron is focusing on using its primary treatment, Lomecel-B, to fight a rare pediatric heart birth defect that devastates families but continues to receive good FDA news regarding its treatment for Alzheimer’s Disease.
• The company announced that its primary drug, laromestrocel, has been approved for a Phase 2 trial for the treatment of Pediatric Dilated Cardiomyopathy.
• This expands the potential market for treatment and provides hope for thousands of patients.

• Narayana Hrudayalaya Ltd (NARH IN) reported revenue growth of 12% over the last two years, which is on the lower side compared to the peers.
• Capacity constraint is the major setback. Until the company adds new greenfield capacity, there will be no significant change in volume. Near-term growth expectation is subdued.
• Compared to peers, NHL is a late mover in capacity expansion. Significant greenfield expansion is scheduled to complete in FY28, through which nearly 1,100 beds will be added.

Actinogen Medical announced on 30 June that it has recruited the 100th patient for its ongoing XanaMIA Phase IIb/III study assessing lead candidate Xanamem (emestedastat) in patients with biomarker-positive Alzheimer’s disease (AD). The company is on track to report a pre-planned interim efficacy (futility) analysis in early Q126, which, if successful, should strengthen confidence in the AD programme. After rolling forward our estimates, we obtain a total equity valuation of A$724.6m (versus A$673.8m previously).

• Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
• Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
• The firm was incorporated in 2010, with headquarters in Miami, Florida.