Healthcare

• The absurd valuation the market has placed on Hong Kong-based biotech Regencell Holdings (NASDAQ: RGC), which claims to be devising Traditional Chinese Medicine (TCM) cures for ADHD, autism, and other neurocognitive disorders, has metastasized since our April 2 newsletter.
• RGC rose 12,980% (on a split-adjusted basis) from the time of our publication to the peak on June 17.
• The stock has fallen a good deal from its $78 value on June 17, but, at $22.95 as of this writing, there is still much more distance for RGC to fall.

• Natco specializes in complex generics with a catalogue of 30 Para IV filings (14 approved), demonstrating strong R&D expertise and a track record of successful high-value launches most prominently gRevlimid.
• Its current pipeline include potential blockbuster drugs like generic versions of Evrysdi, Ozempic/Wegovy (GLP-1), Kyprolis, and Imbruvica, which could drive future growth and offset concerns about declining Revlimid revenues post-FY26.
• We estimate Natco (ex-Revlimid) can generate ~2,500cr in revenues with profit of 320-350cr. Its 3,500cr cash-in-hand, Para IV optionalities and NCE investments (Gene therapy) make its current valuation attractive.

• Bone Biologics is pursuing a better and more effective way of dealing with back pain requiring surgery by developing bone regeneration in spinal fusion using the recombinant human protein known as NELL-1/DBX, or NB1.
• The company continues with human trials and is getting funding that will enable the approval process to continue.
• BBLG also filed for a patent that stands to strengthen the company’s intellectual portfolio.

• Care Cloud’s Preferred Stock ($CCLDO) represents the type of opportunities we’re pursuing in the Small Cap Absolute Growth Strategy.
• I’d written most of this post and put it on the backburner in preparation for it to be part of our quarterly letter, but a press release today made me smile and I decided to revise and inform.

• Today’s press release:“Our audit firm has informed the Company that it does not have the capacity to perform an ICFR attestation.

• Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 20th June 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
• Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
• The prospects of these profitable companies can be further transformed by State and Government project expenditure HERC Building the Future KOO California State of Mind Hercules 44.20p £35.19m (HERC.L) Last Reported in Friday Takeway, 9 May at 49.5p Financial Calander: Year End September, Reported 13 January, Interims to end March reported 17 June Top Three Shareholders: Brusk Korkmaz (CEO) 45.02% held through Hercules Real Estate Limited, Martin Tedham 12.69% (NED) held through Wasdell Packaging Limited, Premier Miton Group plc 10.09% Key Investment Points: Finding Skilled Workers, Balance Sheet Strengthened, Organic & Acquisitive Growth Hercules is a technology-enabled labour supply, recruitment, and training service provider specialising in the UK infrastructure and construction sectors.

• 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 in the September 2025 rebal.

• Clarity Pharmaceuticals Ltd (CU6 AU) initiated Phase 3 trial for its lead diagnostic candidate 64Cu-SARbisPSMA. The trial intends to gather data for filing of the product.
• The company’s cash position at the end of the March quarter was A$95M, with additional A$11M received in April for FY24 R&D tax incentive. This provides cash runway through 2H26.
• Clarity has built a robust supply of copper-64 with a wide network of product manufacturers in preparation for its two Phase 3 trials in prostate cancer and potential commercialization. 

• The CEO of Novartis, with a medical background, emphasizes the importance of focusing on breakthrough innovations and patient impact in leading the company
• Implemented changes to focus on innovative medicines by spinning off non-core businesses, leading to unlocking significant value for the company
• Novartis structures R&D differently by having a strategy and growth function, focusing on key therapeutic areas, and investing in advanced technology platforms like radio ligand therapies and cell and gene therapies

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Extra Edition of the Broker Call Report

• Grace is a clinical-stage, biotechnology company focused on rare disease.
• Its lead program, GTx-104, is a novel injectable formulation of nimodipine for the treatment of aneurysmal subarachnoid hemorrhage (aSAH).
• Other programs include GTX-102 for Ataxia Telangiectasia & GTX-101 for postherpetic neuralgia.

• Fresenius reported a robust financial performance in the first quarter of 2025 with promising momentum across its business segments.
• The company reiterated its full-year guidance, demonstrating confidence in its strategic initiatives and market positioning.
• Positives from the results include a notable double-digit growth in earnings per share (EPS), up by 12% year-over-year, indicating strong operational efficiency and disciplined capital deployment.

• Dentsply Sirona delivered mixed results for Q1 2025, highlighting both progress and challenges across its operations.
• The company faced a 7.7% decline in total revenue compared to the previous year, with organic sales down by 4.4%.
• This decline included a significant negative impact from Byte, which was responsible for a 4% drop, illustrating ongoing challenges in the Company’s orthodontics segment.

• Daiichi Sankyo (4568 JP) has received FDA approval for Datroway for the treatment of adult patients with locally advanced or metastatic EGFR-mutated non-small cell lung cancer.
• Following the approval, Daiichi Sankyo is eligible for milestone payment of $45M from partner AstraZeneca.
• For FY26, Daiichi Sankyo sees Datroway revenue of ¥3.8B, mainly driven by the U.S. (¥3.3B, up 197% YoY).

• Merck & Co., Inc. reported its first-quarter 2025 financial results with a mix of strengths and challenges.
• Overall, the company maintained solidity in several aspects of its business, driven by strong performances in oncology, animal health, and emerging products, but faced external pressures and certain regional challenges.
• Revenue for Merck in Q1 2025 was reported at $15.5 billion, meeting the company’s expectations and showing robust contributions from newer drugs like WINREVAIR and CAPVAXIVE.

• Certara’s performance in the first quarter of 2025 shows a blend of favorable developments and continuing challenges, reflecting its position in the dynamic pharmaceutical and biosimulation market.
• The company reported revenue of $106 million, which marks a 10% growth compared to the previous year.
• This growth is complemented by a 12% increase in bookings, amounting to $118.2 million, with notable contributions from software bookings, which grew by 23%.

• Couple of days ago, I published my index change expectations for the ASX index family in the run up to the September 2025 index review (link).
• After market close yesterday, the index provider announced a market consultation on potential changes to the index methodology which could become effective during the September review if it gets approved.
• This is a short insight with our revised ranks for the potential ADDs and DELs assuming the market consultation gets approved.

• Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&D and marketing.
• The company has undertaken a number of deals in the past, with the overall results being mixed but recent deals have done well.
• In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

• This insight provides an updated progress on the tender offer and delisting of VIOL (335890 KS). The tender offer period lasts from 18 June to 7 July 2025.
• Through this tender offer, VIG Partners plans to acquire full management rights of Viol and also take it private.
• If the number of shares offered for the tender offer reaches the maximum target, SPC will secure a 98.84% stake in Viol.

• Much of UnitedHealth’s business is just freeriding the US healthcare system.

• To some extent it could even be called parasitic. 40% of its revenues come from government programs.

• The most important one is Medicare Advantage (MA), which was originally designed to lower costs through the use of private carriers and their competition.

• EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.
• The company has two streams of possible revenue: from the treatments themselves and from the licensing of AI technology.
• The company announced its AI technology has identified a new novel vaccine target to combat a major bacterial infection impacting hundreds of millions of people around the world.

• Acadia Healthcare Company, Inc. reported its first quarter financial results for 2025, demonstrating a balanced mix of strategic growth and operational challenges.
• The company’s revenue for the quarter reached $770.5 million, aligning well with their expectations.
• Adjusted EBITDA was $134.2 million, reaching the higher end of the forecasted range.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• Even if the first indication of LBL-024 is approved, it wouldn’t bring significant performance growth due to small market size for EP-NEC. Commercialization prospects of LBL-007 are also not optimistic.
• Leads Biolabs’ CD3 pipelines would have higher hope to be successful. However, early-stage investors transferred their equity at a discount before IPO, which may reflect their concerns about the prospects.
• Comfortable valuation is RMB3-4bn, which provides investors with a greater margin of safety.Especially in the context of current bull market of innovative drugs, biotech valuation has been full of bubble 

• QuidelOrtho’s latest earnings provides insight into the company’s performance and strategic direction.
• For the first quarter of 2025, QuidelOrtho achieved total reported revenue of $693 million, experiencing a decline from $711 million in the previous year.
• This decline is primarily attributed to reduced revenue from COVID-19 testing and the planned wind-down of the Donor Screening business.

• Bayer AG has reported its first quarter results for 2025, revealing a mixed performance across its business divisions amidst challenging geopolitical and economic conditions.
• The company’s overall sales remained flat year-over-year, in line with its guidance range of -3% to +1%.
• In the Crop Science division, sales declined by 3%, primarily due to regulatory impacts affecting high-margin sales, leading to a lower EBITDA margin compared to the previous year.

• Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.
• Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine
• In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.

• On June 21, 2025, MetaVia Inc. (MTVA) announced the presentation of preclinical data for DA-1241, the company’s novel GPR119 agonist, that showed hepatoprotective effects when administered in combination with Efruxifermin, a fibroblast growth factor 21 (FGF21) analogue, in a mouse model of metabolic dysfunction-associated steatohepatitis (MASH).
• The results were presented in a poster session at the American Diabetes Association 85th Scientific Sessions.
• The data showed that 94% of mice receiving the combination therapy achieved a =2-point improvement in the non-alcoholic fatty liver disease (NAFLD) activity score and immunohistochemistry revealed significantly reduced inflammatory and fibrotic gene expression in the liver.

• AS ONE Corporation (7476 JP)‘s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).  
• E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.
• For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.

• 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.
• In this insight, we look at the updates of the prospectus spanning six months’ time. We have also read through from the competing products’ disclosures.

Oryzon Genomics has submitted the Phase III clinical trial protocol to the FDA for its lysine-specific demethylase 1 (LSD1) inhibitor, vafidemstat, in borderline personality disorder (BPD), marking a major step towards developing its lead programme as a potential first-in-class therapy for aggression in BPD. The primary endpoint will be the previously defined STAXI-2 Trait Anger score, where vafidemstat had demonstrated statistically significant improvement in the previous Phase IIb study. The key secondary endpoint will be the score on the clinician-rated Modified Overt Aggression Scale (OAS-M). The study design incorporates guidance from the FDA and input from US psychiatric key opinion leaders (KOLs), which we believe significantly derisks the Phase III programme. We expect FDA clearance in Q325, with Phase III to commence in 2026, potentially under a partnering agreement. Our valuation remains unchanged following the announcement.

• 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 it has completed enrollment for the Phase 2b trial evaluating laromestrocel for the treatment of HLHS.
• The rare nature of the condition makes this a major milestone for the company.

• Since diagnosis/treatment rate of pterygium is low, it’s uncertain how many patients will be willing to pay high price for CBT-001. CBT-009 may lose first-mover advantage in front of Ryjunea.
• Due to pressure on cash flow, the development progress of CBT-006 and CBT-004 could be slower-than-expected. CBT-004’s sales may be squeezed due to the off-label use of anti VEGF drugs. 
• Valuation could be lower than peers considering that CLOUDBREAK has out-licensed commercialization rights of core product and has to face fierce competition and uncertain market demand after the product launch.

• HCG  continues to scale up well with the emerging centers reporting 32% YoY revenue growth in Q4FY25. Q4FY25 revenue from established centers also grew strong at 22% YoY.
• International footfalls have resumed strong, led by which the revenue in the South Mumbai center grew 38% YoY. Revenue in Kolkata center also grew well at 22% YoY.
• HCG has been in consolidation phase over the last four years. Now, the next two years should witness strong growth in profitability, led by margin expansion and continued volume growth.

• Cloudbreak re-filed for a Hong Kong listing to raise at least USD 100 million.
• In this note, we look at updates to the prospectus. We noted delays in its products and downward revisions of prospects.
• We checked peer performance and have a negative readthrough for the company.

• Roivant Sciences, in its most recent fiscal year-end earnings, reported a period of significant activity and progress across several fronts.
• The company emphasized advancements in its late-stage pipeline, particularly in its anti-FcRn franchise and developments in brepocitinib.
• The fiscal year was marked by the generation of critical data from studies involving batoclimab in Myasthenia Gravis and CIDP, as well as anticipation for pivotal data from brepocitinib in dermatomyositis, which could lead to novel treatments with significant lead-time advantages.

• Siemens Healthineers presented a mixed report for the second quarter of fiscal 2025, underscoring both favorable growth trajectories and certain market headwinds.
• The company reported nearly 7% revenue growth, outpacing its full-year guidance.
• This top-line expansion was combined with margin improvements, leading to an increase in adjusted EPS.

• Gerresheimer trades at a steep discount to peers despite premium drug delivery exposure.
• A €70/share offer aligns with DCF fair value and the upper end of SOTP estimates.
• Divesting glass, lowering leverage, and PE-led reform could unlock 50–80% upside.

• Institutions recorded a net outflow of S$42 million from Singapore stocks from June 13 to June 18, 2025.
• Singapore Telecommunications led 2Q25 net institutional inflows with S$1.6 billion, increasing its Straits Times Index weight.
• DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$58.9 million.

• SK Bioscience (302440 KS) has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.
• IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.
• 1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.

• A further two contracts worth a combined £111,000 were announced this morning by the Company, as the total revenue pipeline continues to build.
• These contracts with a new UK-based biopharmaceutical client have been won by the recently established Biometrics services division.
• The Physiomics team have delivered over 100 commercial projects for drug development clients, including but not limited to, Merck KGaA, Astellas, Bicycle Therapeutics, Numab Therapeutics and Cancer Research UK.

• In FY25, Sysmex Corp (6869 JP) revenue rose 10% YoY to ¥509B. Operating profit margin expanded 20bps to 17.2%. Amid rising costs, favorable Fx impact of ¥8.6B drove the margin.
• Sales grew across regions as instrument installed increased and use of reagents multiplied. America’s volatile margin is a concern, amid the fact that Japan remains the major margin contributor.
• For FY26, Sysmex has guided for revenue of ¥535B (+5% YoY). The company has factored in the impact of tariff estimating annual cost of sales impact of approximately ¥3B-4B.

• Abbott Laboratories recently shared its first quarter 2025 earnings results, revealing a strong performance amidst a challenging global environment influenced by new tariff policies and ongoing economic uncertainties.
• Abbott’s diversified model and strategic framework contribute to the company’s operational resilience, as evidenced by its ability to meet growth objectives and deliver high single-digit sales growth alongside double-digit earnings per share (EPS) growth.
• 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.

• Boston Scientific Corporation reported strong first quarter 2025 results, exhibiting significant growth in both revenue and earnings.
• The company’s total operational sales increased by 22% while organic sales grew by 18%, surpassing the upper range of guidance of 14% to 16%.
• In terms of earnings, the first quarter adjusted EPS reached $0.75, a 34% growth over the previous year, exceeding the projected range of $0.66 to $0.68.

• Bausch Health Companies Inc. showed positive momentum in its Q1 2025 financial results.
• The company, which excludes Bausch & Lomb from this discussion, reported notable year-over-year revenue growth of 6% on a reported basis and 7% on an organic basis, alongside a 14% increase in adjusted EBITDA, reflecting a consistent upward trend as they celebrate their eighth consecutive quarter of year-over-year growth.
• The refinancing of $7.9 billion to extend near- and medium-term debts is a significant highlight, providing financial flexibility by extending maturities, which optimizes Bausch Health’s capital structure.

• Johnson & Johnson’s first quarter 2025 results present a multifaceted picture of a robust yet intricately challenged healthcare company.
• The operational sales growth stood at 4.2%, even as they faced significant pressure due to the loss of exclusivity for STELARA, a multibillion-dollar pharmaceutical product.
• Despite an 810 basis point headwind from STELARA, the Innovative Medicine sector showed resilience with an equal 4.2% growth, supported by strength in other key pharmaceuticals such as DARZALEX, which achieved a notable growth of over 20%.

• United Therapeutics Corporation (United Therapeutics) reported a strong performance in the first quarter of 2025 with record revenue of $794 million, marking a 17% increase compared to the same period in 2024.
• The company’s commercial success continues to be driven by its key products: Tyvaso, Orenitram, Remodulin, and Unituxin, all of which have demonstrated consistent growth due to robust patient demand and increased prescriber engagement.
• Tyvaso products, both the DPI (dry powder inhaler) and nebulizer forms, have shown significant market penetration, effectively contributing to the company’s revenue and hinting at an optimistic future outlook.

• Medtide, a Chinese headquartered CDMO company, launched its IPO to raise up to US$66m via a Hong Kong listing.
• We have previously covered the company’s fundamentals. We highlighted potential corporate governance issues despite its superior financials compared to peers.
• In this note, we look at the deal term. We think the valuation and broker guidance is aggressive.

• CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
• We expect up to four ADDs and four DELs for the CSI Medical Service index during this index review event based on the latest available data.

• CSL Ltd (CSL AU) received FDA approval of Andemry, for prophylactic use to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients aged 12 years and older.
• CSL will launch Andemry in the U.S. immediately, with availability before the end of June. Thus far, Andemry has been approved in Australia, the UK, EU, Japan, Switzerland, and UAE. 
• With FDA approval, Andembry is now set to compete with Takeda’s blockbuster drug Takhzyro and BioCryst Pharmaceuticals’ oral HAE drug Orladeyo. Andembry has a convenience and efficacy edge over Takhzyro.

• As scientific progress increasingly depends on more complex equipment and precision instruments, we believe wholesaler and distributor AS ONE is well-positioned to capture demand through expanding its presence in the high-end segment.
• Demand for scientific supplies and lower-end scientific equipment remains stable, providing a resilient, recurring revenue base.
• The company’s growth has consistently outpaced and shown limited correlation with national R&D spending. 

• We are bullish on the long-term growth of the hospital sector in India.
• We are, however, concerned that Apollo will face intense competition as it expands.
• A 53 FPE does not factor in the high cost of expansion and potential challenges.

• Cytokinetics, Inc., a biotechnology company focused on muscle biology-driven therapeutics, delivered a mixed first quarter of 2025, characterized by both strategic progress and challenges primarily revolving around its lead candidate, aficamten.
• Investment considerations should weigh the developments in its regulatory and clinical endeavors against its financial performance and market readiness activities.
• From a regulatory perspective, Cytokinetics has faced a setback with the FDA’s extension of the Prescription Drug User Fee Act (PDUFA) date for aficamten, shifting the action date to December 26, 2025.

• Eli Lilly has made a bold move into the gene editing space with its announced acquisition of Verve Therapeutics for up to $1.3 billion.
• The deal includes a $1 billion upfront payment and up to $300 million in contingent milestone-based payouts, valuing Verve at $13.50 per share—a 113% premium to its 30-day average.
• Verve, a Boston-based clinical-stage biotech, is pioneering one time gene editing therapies for cardiovascular disease.

• Exelixis recently shared its financial results for the first quarter of 2025, which revealed a mix of promising developments and some areas that warrant caution.
• The company demonstrated strong financial performance, reporting significant growth in its key product, cabozantinib, which generated $513 million in net product revenue in the U.S., marking a 36% increase year-over-year.
• The global net product revenue for the cabozantinib franchise was approximately $680 million.

• Glaukos Corporation recently delivered its financial results for the first quarter of 2025, reporting a record consolidated net sales figure of $106.7 million, marking a 25% increase on a reported basis or 26% on a constant currency basis when compared to the previous year.
• The company also maintained its full-year net sales guidance range of $475 million to $485 million, even as it navigates the uncertainty of global macroeconomic conditions.
• 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.

• Halozyme’s first quarter 2025 financial and operational performance presents a mixed picture with notable strengths and some challenges.
• The company reported a strong start to the year, achieving a 35% year-over-year increase in total revenue to $265 million, driven by a 39% increase in royalty revenue, primarily from its key ENHANZE-enabled therapeutics: DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo.
• Adjusted EBITDA also rose significantly to $162 million, leading to a 54% increase in net income to $118 million.

• Saint Bella, a luxury maternity and baby care brand, has announced the fixed offer price of HK$6.58 per share for its IPO in Hong Kong.  
• The company is expected to IPO next week and initial fixed offer price implies a market cap of ~HK$3.9B. Saint Bella is set to start trading on June 26, 2025.
• Cornerstone investors have agreed to invest ~$42M in this offering. China Asset Management, JKKB and SS Morgan are among the cornerstone investors.  

• Olympus Corp (7733 JP) witnessed revenue grow 8% YoY to ¥997B (3% on Fx neutral basis) in FY25, driven by both the Endoscopic Solutions and Therapeutic Solutions divisions.
• North America sales growth continues to be favorable in warding off the decline faced in China. GI Endoscopy (55% of ESD revenue) witnessed its revenue grow 8% to ¥350B.
• Olympus guided FY26 revenue to be flat YoY at ¥999B. R&D expenses are expected to rise, scarring the margins. Adjusted operating profit margin is expected to be 17.5% (FY25: 18.9%).

• Sectra AB recently hosted its year-end financial presentation, shedding light on its performance and strategic directions.
• The company, primarily recognized for its Imaging IT segment, is undergoing a significant shift towards a Software-as-a-Service (SaaS) model.
• This transition is influencing immediate revenue recognition, with anticipation of longer-term benefits for both the business and its clients.

• To no one’s surprise, the Mayne Pharma (MYX AU) scheme vote comfortably passed. The scheme remains conditional on FIRB approval and no material adverse change (which Cosette alleges).  
• The Mayne/Cosette court case wades into uncharted territory as it brings many firsts, such as the first MAC-related dispute to be heard in Australian courts with a qualified MAC threshold.
• While Western case law burdens the buyer with establishing a MAC breach, it is unclear whether Mayne will get a favourable ruling, as Cosette could have a case. Tread carefully. 

• I have no clue. Given this is unchartered territory, in Australia, I don’t believe anyone has a perfect handle on the situation
• What do we know? The Second Court meeting has been pushed out to the 18th September from 20th June initially, to “enable the dispute with Cosette“. 
• This date may be further delayed as a court hearing will commence on the 9th September to hear the validity of Cosette’s termination notice.

• Zydus Lifesciences Ltd (ZYDUSLIF IN) is a leading global healthcare company specializing in generic drugs, biosimilars, and innovative therapies across multiple therapeutic areas.
• While the Revlimid slowdown risk looms, Zydus aims to offset this with a strong pipeline of new product launches and R&D innovations.
• Its secondary sales have consistently outpaced market growth, driven by strong performances in chronic and specialty products.

• Telix Pharmaceuticals (TLX AU) has launched next-generation prostate cancer imaging agent, Gozellix in the U.S. With two FDA-approved commercial products, current U.S. addressable market opportunity is $2.5B+.
• The FDA is expected to communicate its decision regarding the approval of Zircaix, kidney cancer imaging candidate, on August 27. Telix estimates initial U.S. market opportunity for Zircaix is $500M+.
• Illuccix continued its momentum through gaining market share and maintaining price stability in a competitive landscape. In 1Q25, Illuccix revenue increased 35% YoY and 9% QoQ to $151M.

• Medtide, a Chinese headquartered CDMO company, is seeking to raise at least USD 100m via a Hong Kong listing. The deal sponsors are MS and CITIC.
• In this note, we take a quick look at the company’s fundamentals.
• We highlighted its corporate governance risk despite its decent financials as compared to larger players.

• The next-generation AI TechBio company priced a full size deal of 23.5mm shares at $21.00  and opened at $27.00 for a gain of 28.6% at first trade. 
• It was easy for IPO investors to wrap their heads around this company. Caris generates billions of data points and uses AI to customize immunotherapy for individuals.
• Looking ahead, it is our opinion that this “could” be a company that investors tuck away in their portfolio for a long time.

• The mismatch between supply and demand in the postpartum center market has become apparent, coupled with consumption downgrades in high-end market, which has limited the growth potential of SAINT BELLA.
• The gross margin of SAINT BELLA that focuses on high-end postpartum services is surprisingly lower than that of traditional general hospital business, indicating that the Company’s profitability is disappointing.
• SAINT BELLA attempts to attract capital through the story of “high-end services+overseas expansion”,but its model has contradictions.The essence of IPO is “a last ditch effort” for capital to cash out.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• Mid-year progress report and remaining milestones for 2025.
• Ainos provided a mid-year update, reviewing 1H25 achievements and laying out the 2H25 roadmap to deliver continued progress in multiple AI Nose programs and Veldona clinical development.
• AI Nose has partnered projects in healthcare, robotics, and industrials, all ready for pilot launches in 2H25. 

• Swedish Orphan Biovitrum AB (Sobi), a pharmaceutical company specializing in the treatment of rare diseases, presented its Q1 2025 results.
• The financial metrics and qualitative insights from the earnings call offer a nuanced view of the company’s operations and strategic direction.
• The first quarter of 2025 demonstrated a mixed performance for Sobi.

• We see 21 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
• There have been some big listings in the last couple of months and those stocks should be added to the index in September. That increases the number of potential deletions.
• There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.

• Last week, PharmaResearch announced that it has approved a corporate spin-off, to separate the existing company into two distinct entities including PharmaResearch Holdings (surviving entity) and PharmaResearch (newly created entity).
• PharmaResearch spin-off is a textbook case study of destroying shareholder value. Minority shareholders should oppose this deal. 
• The spin-off ratio is based on a pure net asset basis, not taking into consideration the future earnings and cash flow streams of the company’s most important product line Rejuran.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics, Tata Motors, ReNew Energy
• US treasury yields rose for a second day, with the curve steepening despite good overall demand for an auction of 20Y notes. The yield on the 2Y UST rose 2 bps to 3.97%, while that on the 10Y UST was up 5 bps at 4.45%.
• Equities advanced on news that Iran was asking Gulf states to mediate a ceasefire with Israel. The S&P 500 increased 0.9% to 6,033, while the Nasdaq climbed 1.5% to 19,701.

• Pharma-Bio Serv(PBSV) Company Sponsored Research Report