Healthcare

• Haw Par Corp (HPAR SP)‘s discount to NAV has narrowed to a multi-year low; and the implied stub and simple ratio (HPAR/UOB) are similarly elevated. Shares are, however, pretty illiquid. 
• Preceding my comments on Haw Par – and Singapore Land Group (SPLG SP) – are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• On 7 July, it was reported that Hyung In-Woo (second largest shareholder of Alteogen) recently raised his ownership in the company by 0.22% stake (about 39 billion won) last month.
• Mr. Hyung has requested to Alteogen to switch the company’s listing from KOSDAQ to KOSPI to improve the company’s image and attract greater capital inflow from passive funds. 
• Alteogen is currently trading at P/E of 37.7x in 2026 and 31.6x in 2027 which are reasonable, considering the company’s significant sales and profit growth in the next three years. 

• Xuanzhu Biopharm, the biotech arm of HK-listed Sihuan Pharma, is seeking to raise at least USD 100m via a Hong Kong listing. The sole sponsor is CICC.
• In previous insight, we looked at the company’s core products and key products, including XBP-3571, XZP-3287, and XZP-3621, and its management team and investor backing.
• In this note, we look at the company’s latest filing and its previous attempt to list in the A-share market.

• The company describes itself as a commercial-stage medical technology company pioneering AI-enabled personalized spine surgery solutions.
• For the years ended December 31, 2024 and 2023, they recognized revenue of $27.2 million and $13.8 million, respectively, representing year-over-year growth of 97.2%.
• The area in which this company operates in is one that is traditionally well-received by IPO investors.

• Shanghai Conant Optical (2276 HK) to utilize proceeds from its January placement for the research, development, design and manufacturing of lenses and vision solutions for smart glasses and XR headsets.
• The company will construct an automated RX resin lens production line with a focus on high-end customized lenses, at a cost of $4M, to be funded by internal accruals.
• The company declared that based on the preliminary assessments, it expects its 1H25 net profit to increase by 30% mainly due to strong volume growth and higher ASP.

• The merger is good for both parties. On the one hand, it helps boost Genor’s valuation. On the other hand, it finally makes Edding realize its desire to go public.
• The outlook of Edding Genor Group depends on the pipeline quality. Core products Vancocin/Ceclor/FPN are facing different challenges. The pipeline strength/R&D capabilities of Genor hasn’t been recognized by the market.
• Short-Term valuation is expected to reach RMB7.5 billion. Future valuation could be above RMB10 billion if pipeline R&D progress/clinical data and the commercialization performance of marketed products meet the expectation.

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 on 24-week data 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).

• Recordati has reported positive momentum in its first quarter of 2025 results, showing an 11.9% increase in net revenue compared to the previous year, reaching EUR 680 million.
• This growth is attributed to continued progress in both its specialty and primary care (SPC) and rare diseases segments.
• SPC recorded a 5% increase on a like-for-like constant exchange rate basis, while rare diseases grew by 11.5% under similar conditions.

• 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.

• On July 3, 2025, a Citizen’s Petition was filed with the U.S. Food and Drug Administration that is asking the agency to invite BrainStorm Cell Therapeutics, Inc. (BCLI) to re-file its Biologics License Application (BLA) for debamestrocel (NurOwn ) for the treatment of amyotrophic lateral sclerosis (ALS).
• In addition, the petition is requesting the FDA use its “regulatory flexibility” to grant Accelerated Approval or a new Conditional Approval for NurOwn with a Phase 4 confirmatory study.
• The petition includes data and analysis from all of NurOwn’s clinical trials along with additional data from the Expanded Access Program (EAP) that shows 10/10 participants lived greater than 5 years, compared to 20% expected five-year survival based on ALS natural history data.

• Gross SOUTHBOUND volumes up to US$17+bn a day this past 5-day week. Net buying strong at +US$700mm a day.
• Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. Again. Neither INFO TECH nor Tencent were the big sells this week.
• The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. Technical issue delayed this week’s Monitor.

• Hansoh Pharmaceutical Group (3692 HK) granted an exclusive worldwide license to develop, manufacture, and commercialize HS-20094, an investigational dual GLP-1/GIP receptor agonist.
• Globally, the only approved dual GLP-1/GIP receptor agonist is Eli Lilly’s Zepbound, which garnered revenue of $4.9B in 2024, with a potential of peak global sales of $27.2B by 2030.
• Hansoh’s mainstay drug Ameile was approved for an additional indication of treatment of adult patients with stage II to IIIB NSCLC whose tumors have EGFR mutations.

• For the upcoming 11th national VBP, we think some core and big varieties could be included, involving companies such as Sunshine Lake Pharma, Huadong Medicine, Hansoh Pharmaceutical (3692 HK), etc.
• Anjoy’s IPO is fairly priced. Reasonable valuation range is 10-15x P/E.However, unfavorable factors have led us to take a conservative attitude towards the upside potential of stock price after IPO.
• For Sunshine Lake Pharma’s privatization of HEC Pharma, Composite Document was despatched. However, if investors truly understand “the essence” of HEC Pharma, they will be calm/rational about this absorption merger.

• Infinitt Healthcare is a leading Korean healthcare IT solutions specializing in medical imaging and enterprise imaging platforms. It is the number one provider of PACS system in Korea. 
• Five major investment highlights include strong export growth, solid growth in sales and operating profits, number one player in PACS system in Korea, strong balance sheet, and attractive valuations. 
• The company has a strong balance sheet. Net cash was 150 billion won at the end of 1Q 2025, representing 95% of its market cap.

• 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.

• Lepu Biopharma (2157 HK) is placing 93.8M shares at the placing price of HK$5.02 per H Share. The net proceeds from the placing are expected to be approximately HK$463M.
• The company intends to use the proceeds for conducting clinical trial, commercialization, and marketing of the core products, and to fund R&D of new products.
• Lepu ended 2024 with a cash balance of RMB401M, which has been augmented by the upfront payment from recent BD deal. The company need not raise fund in near-term.

• Top Glove Corp (TOPG MK) revenue grew 30% YoY to RM 830M in 3QFY25. Revenue dropped 6% QoQ despite sales volume increasing 4%, due to lower ASP and weaker USD.
• The revenue in Europe (contributes 37% of total revenue) softened further in 3QFY25 due to heightened competition. North America region (26% of revenue) witnessed 24% QoQ sales growth in 3QFY25.
• Decline in raw material prices in 3QFY25 coupled with competitive pressure led to the ASPs being adjusted downwards.

• Leads Biolabs, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are MS and CITIC.
• In our previous insight, we looked at the company’s core products and its management team, as well as investor backing, as well as PHIP updates.
• In this note we will provide an rNPV-based valuation for the company.

• Apollo Hospitals Enterprise (APHS IN) is demerging its omni-channel pharmacy and digital health business into a new entity, later merging with Keimed ltd, the wholesale pharmacy distribution arm.
• The reorganisation aims to unlock shareholder value, enhance operational focus, and create a transparent, comprehensive pharmacy and digital healthcare platform.
• The NewCo(AHL) targets INR 25,000 crore revenue(50%+) by FY27 from digital health and pharmacy scale-up, while core hospitals expand with new beds and high-value therapies.

• QIAGEN’s recent earnings call highlighted several points of interest for investors.
• The company reported betterthan-expected results for Q1 2025, with net sales of $483 million, marking a 7% rise at constant exchange rates (CER) year-over-year.
• Adjusted diluted earnings per share reached $0.50 at CER, surpassing initial forecasts.

AFT Pharmaceuticals has provided an investor update for Q2 CY25 (Q1 FY26), summarising material progress made across its global expansion and R&D-driven growth strategy. The highlight of the period was the launch of Maxigesic IV/Combogesic IV in Canada, marking the beginning of direct sales in North America. This, along with the expanded licensing and profit-share agreement with Hikma in May 2025 (to include distribution of Combogesic Rapid in the US), provides AFT with a solid foundation to expand its footprint in these key global markets. The period also saw notable R&D progress including a pre-investigational new drug (IND) filing with the FDA for AFT’s antibiotic eyedrop targeting resistant ocular infections (eg MRSA), and preparations for filings related to its strawberry birthmarks topical (pre-IND) treatment and the Phase-III ready novel injectable iron therapy. A paediatric study of Maxigesic IV is also planned, which could expand the addressable patient populations.

• 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.

• Achieve Life Sciences is developing cytisinicline for use as a smoking cessation treatment in the United States and rest of world.
• Topline results from ORCA-2 were reported in April 2022 and for ORCA-3 in May 2023.
• Results exceeded expectations on safety & efficacy parameters.

• Structural growth and challenges are in focus this week for In Brief’s stock snacks with those companies benefitting from longer term trends or impeded by uncertainty

• A little over a year ago, I wrote about Yichang HEC Changjiang Pharma (1558 HK)‘s overly complicated scrip Offer in Yichang HEC (1558 HK): Absorption Via Speculative Scrip. Avoid.
• In summary, Yichang HEC shareholders were being offered 0.263614 “Offeror H shares”. These consideration shares are unlisted. The Offeror being Yichang HEC’s controlling shareholder (51.41%).
• The Composite Doc and the Offeror’s Listing by Way Of Introduction Doc are out.  The independent H-shareholder vote is the 21st July. Shareholders should vote this down.

• BlissBio, a China biotech company with a focus on next-generation ADC, is seeking to raise at least USD100m via a Hong Kong listing. Sponsors are GS, Huatai, CCBI.
• In this note, we look at the company’s core product BB-1701, and briefly other three key products. We think it does have a good selling point.
• We also look at the company’s management and pre-IPO investors. We think the deal is worth following.

• Torrent Pharmaceuticals (TRP IN) is acquiring a controlling stake in J.B. Chemicals & Pharmaceuticals (JBCP IN) for INR 25,689 crore, marking the second-largest pharma deal in India’s history.
• The acquisition strengthens Torrent’s market share in India, expands its therapeutic presence, and opens entry into the growing CDMO sector, diversifying its business model.
• The merger is expected to drive revenue growth, improve margins, and provide operational synergies, with long-term gains in both domestic and international markets.

Newron Pharmaceuticals is making significant headway in progressing its drug candidate, evenamide, to become an effective treatment option for patients suffering with treatment-resistant schizophrenia (TRS). The latest update from the company confirmed that the registrational ENIGMA-TRS Phase III programme (expected n=1,000) will consist of two separate studies (versus a single trial as originally planned). The first of these commenced within H125 (according to management), and it is anticipated to report top-line results from Q426. We update our estimates to reflect the second international Phase III study and adjust our model to factor in self-commercialisation in the US. Our valuation adjusts to CHF392.4m or CHF19.7/share, from CHF385.6m or CHF19.3/share previously.

• Clinuvel Pharmaceuticals posted a strong first half result, and offers significant upside in expanding the use of its flagship drug, but investors just aren’t excited

• NetraMark expects its insights potentially could protect millions of R&D dollars, increase drug development success rates, lower costs for drug sponsors & shorten the time to commercialization of new therapies.
• Developing & commercializing a new drug takes an avg 10-15 years & costs an avg $2.6B, while failure rates are nearly 90%.
• In April 2025, NetraMark entered into a global agreement with CRO Worldwide Clinical Trials & expects additional partnerships with other CROs & pharma companies.

Despite rapid advancements in cancer treatments, effective diagnostics for early screening and disease monitoring continue to be an unmet need. This is felt acutely in lung cancer, which is the leading cause of cancer-related death worldwide, with only 20% of cases diagnosed at an early stage. VolitionRx, a diagnostics company focused on the detection of life-altering diseases, such as cancer, continues to build clinical evidence for its Nu.Q® Cancer test as a multi-pronged diagnostic tool to enhance screening, treatment selection and disease monitoring in lung cancer. By detecting circulating nucleosomes associated with tumor activity, Nu.Q Cancer offers a compelling low-cost, quick-turnaround cancer screening and monitoring alternative/complement to existing diagnostic tools, particularly complex and time-consuming biomarker-based blood tests requiring expensive next-generation sequencing (NGS).

• NetraMark expects its insights potentially could protect millions of R&D dollars, increase drug development success rates, lower costs for drug sponsors & shorten the time to commercialization of new therapies.
• Developing & commercializing a new drug takes an avg 10-15 years & costs an avg $2.6B, while failure rates are nearly 90%.
• In April 2025, NetraMark entered into a global agreement with CRO Worldwide Clinical Trials & expects additional partnerships with other CROs & pharma companies.

• Cybin announces largest psychedelic funding agreement to date.
• Cybin has entered an innovative funding agreement with High Trail Special Situations LLC, an investment fund managed by High Trail Capital (HT), a hedge fund known for its experience in complex and innovative financing solutions for small-cap and early- stage public companies across a broad spectrum of sectors.
• Through its arrangement with HT, Cybin effectively creates a capital reserve of up to $500 million from which it can draw funds to advance its late-stage clinical developments, CYB003 and CYB004, to potential commercialization. 

• 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.

• Nanosonics Ltd (NAN AU) is on track to launch its newly approved endoscope cleaning device, Coris in the U.S. in Q1FY26.
• FY25 performance is expected to beat revised guidance. Consensus is expecting revenue growth of 14% for FY25, matching the higher end of the revised guidance.
• Nanosonics shares have a high short interest (6.65%) in ASX. We may see some short squeeze as the company entering eventful Q1FY26 (new launch, FY25 result announcement, FY26 guidance).

• Fortrea’s financial results for the first quarter of 2025 presented a mixed picture of performance and challenges as it navigates a transformation phase post-spinoff.
• The company reported revenues of $651.3 million, a slight decline of 1.6% compared to the previous year.
• This decrease was attributed primarily to the variable nature of late-stage clinical service fee new business wins, compounded by a slowdown in the backlog burn rate.

• Neurocrine Biosciences, in its first quarter of 2025 results communication, highlighted noteworthy progress in both its product sales and promising initial uptake of new therapeutic offerings.
• Despite external market volatility, the company’s focus on execution was evident in the strong performance of its established brands and new product launches.
• On the positive side, the first quarter showcased record new patient starts for INGREZZA, a crucial treatment in their portfolio, alongside encouraging initial results from the CRENESSITY launch.

• Sartorius AG recently reported its first-quarter results for 2025.
• The results demonstrated strong performance driven primarily by their Bioprocess Solutions division, which saw a 10% increase in sales revenue, mainly from consumables despite a muted equipment business.
• The company reported a 6.5% growth in sales revenue in constant currencies, reaching EUR 883 million, with an underlying EBITDA of EUR 263 million, reflecting an overproportional growth of 12.2%.

• On the 23 Dec 2024, tertiary health care provider TalkMed (TKMED SP)  announced an Offer, by way of a Scheme, from Tamarind Health at S$0.456/share, a 20% premium to undisturbed.  
• Tamarind is a Singaporean-based, pan-Asian oncology-focused group. As part of the deal, Temasek-backed 65 Equity Partners will subscribe for new shares in Tamarind.
• The Composite Document is now out, with a Court Meeting on the 15th July, and expected payment around the 29th August. The IFA (KPMG) says “fair & reasonable“. 

• Hims & Hers Health has found itself at the center of investor turmoil after its high-profile collaboration with Novo Nordisk on FDA-approved weight loss drug Wegovy abruptly ended.
• The Danish pharmaceutical titan terminated the pact, accusing Hims & Hers of misleading marketing practices and non-compliance with regulations governing compounded drugs—actions it deemed a threat to patient safety.
• Hims & Hers CEO Andrew Dudum fired back, insisting the company’s compounding approach is legal under FDA rules and accusing Novo Nordisk of leveraging its market dominance to pressure patients toward branded Wegovy.

• 3SBio Inc (1530 HK) signed an outlicensing deal worth more than $6B with Pfizer for its PD-1/VEGF bispecific antibody, SSGJ-707. Since signing the deal, 3SBio shares rallied more than 55%.
• Considering deals signed with Chinese companies for bispecific antibody drug candidates in recent times, 3SBio seems to have secured best valuation for its asset.
• Initiation of global trial of SSGJ-707 and data readout from its ongoing China trials for additional indications, continued strong financial performance, and new approvals are upcoming catalysts.

• Wuhan Dazhong Dental Medical launched IPO aiming to raise up to HK$232 million (US$30 million). The company plans to sell 10.8 million shares at HK$20–HK$21.4 per share.
• Wuhan Dazhong Dental Medical is a private dental services provider in Central China providing dental services under the direct chain model.
• The IPO price is set at a premium (23%) to the price realized during Series B funding. Valuation looks attractive. But there are a few concerns to take into account.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• Institutions were net sellers of Singapore stocks with a S$248 million outflow, led by STI banks’ S$2.73 billion outflow.
• United Overseas Bank, DBS Group Holdings, and Oversea-Chinese Banking Corporation led share buybacks, totaling S$69.7 million in consideration.
• Q & M Dental Group CEO Ng Chin Siau increased his interest to 55.78%, acquiring 7,041,300 shares via Quan Min Holdings.

• Essentially, Genuine‘s pipeline and commercialization strategy are centered around azvudine. However, the commercialization would still rely on the indications of HIV infection and COVID-19 in the short term.
• The COVID-19 has passed, so future revenue contribution of this indication will gradually shrink. Considering the unsustainability of its future performance, we suggest excluding COVID-19 projects when considering long-term valuation.
• The post-investment valuation after Series B financing was RMB3.56 billion. However, we are conservative about Genuine’s outlook, and we think reasonable valuation could be below RMB2 billion.

• Apellis Pharmaceuticals, Inc., a biopharmaceutical company focused on C3 targeting therapies, reported a mixed set of results for the first quarter of 2025.
• The quarter was marked by both achievements and challenges across their product portfolio.
• Key products include SYFOVRE for geographic atrophy (GA) and EMPAVELI, targeting rare nephrology indications like C3G and IC-MPGN, the latter advancing toward possible FDA approval with a PDUFA date set for July 28.

• Saint Bella, a leading postpartum care and recovery group in China, priced its upsized IPO at fixed offer price of HK$6.58 per share.
• The offer size adjustment option has been fully exercised. The company issued and allotted 14,313,000 additional offer shares. 
• Saint Bella sold 109,733,000 shares and raised net proceeds of ~HK$630M or ~$80M. The stock jumped ~49% on first day as a public company and peaked at HK$11.00 per share.

• The precondition for Sunshine Lake Pharma’s privatisation of HEC Pharma was satisfied on 27 June. The offer is 0.263614 new offeror H Share per HEC share and HK$1.50 special dividend.
• The vote on 21 July is low-risk as no independent H Shareholder comes close to the blocking stake, which is 4.61% of the outstanding shares (6.20% of H Shares).
• The appraised value is HK$19.36, but this is a finger-in-the-sky valuation as it marginally increased from HK$19.30 despite the offeror’s weak 2024 results and limited progress on commercialising its pipeline.

• Medtide raised HKD 514m (USD 65.5m) from its global offering and will list on the Hong Kong Stock Exchange on Monday, June 30th.
• In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
• In this note, we provide an update for the IPO before trading debut. 

• VIG Partners, a PE-outfit, is seeking to delist VIOL (335890 KS), an aesthetic medical devices manufacturer, whose major shareholder, DMS (068790 KS), faces allegations of unfair internal transactions.
• VIG first acquired 7% of DMS (068790 KS)’s 34.76% controlling stake in VIOL, following which, DMS contributed the remaining 27.76% in-kind to VIG’s SPV at a valuation of ₩12,500/share.
• VIG’s SPV’s tender offer launched on 18th June, also at ₩12,500/share, and runs until the 7th July 7. The Offer is conditional on a minimum acceptance threshold of 20.76%.

• Monash IVF (MVF AU) announced that an incident occurred at its Brisbane clinic, where embryo of one patient was incorrectly transferred to another patient resulting in birth of a child.
• The company revised the guidance of FY25 underlying NPAT to be A$27.5M from previous A$30M–31M, announced post H1FY25 results.
• Consensus estimates predict the company’s FY26 revenue to grow marginally by 1% to A$272M and net profit to decline nearly 5%.

• CMS announced proposed secondary listing on the SGX-ST. The Company is undergoing pipeline adjustments and strategic transformation. Its growth logic is shifting from “dependence on generic drugs” to “innovation-driven drugs”.
• However, the valuation logic has changed. The capital market will give high valuations to companies that achieve overseas licensing-out deals, rather than the attractive DCF model based on traditional business.
• After 2023/2024 performance downturn, revenue growth is expected to return to positive in 2025. But in essence, CMS’s current business model is license-in, which will affect the future valuation performance. 

• The valuation bubble of innovative drug companies is about to burst as some founders/shareholders have started to reduce their holdings and cash out. We recommend investors to be rational.
• Domestic innovative drugs market size would be about RMB600 billion by 2035. It is estimated the whole innovative drug industry’s CAGR would be about 15% for the next decade.
• Innovent announced Placement with the Placing price of HK$78.36/share. However, valuation is clearly at a high level. A more suitable option is to take profits rather than buy.