Healthcare

• 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 this insight, we look at the company’s core products and key products, including XBP-3571, XZP-3287 and XZP-3621.
• While there are some interesting reads from its clinical data, we are of the view that its near-commercial products are still lacking the differentiating factors in respective competitive therapeutic areas.

• After the success of Hinge Health, Omada Health is now testing the IPO waters. 
• Omada Health set terms with the SEC on Thursday morning for its IPO and will offer 7.9mm shares at $18-$20 with a debut date of Friday, June 6th. 
• The size of the transaction is manageable and the company is backed by major VC players in the industry. 

• Elanco Animal Health reported its financial performance for the first quarter of 2025, revealing several key aspects of its operational and strategic positioning.
• The company outperformed its expectations in revenue, adjusted EBITDA, and adjusted EPS, marking a continuation of its growth trajectory.
• A significant achievement was a 4% organic constant currency revenue growth, underpinned equally by price and volume increases.

Immix Biopharma has announced a positive clinical update for the US-based Phase I/II NEXICART-2 trial, investigating lead CAR-T candidate NXC-201 as a potential treatment for relapsed/refractory (r/r) amyloid light chain amyloidosis (ALA). These interim results show that, at the data cut off of 28 January 2025, five out of seven (71%) patients had shown a complete response (CR). Furthermore, no relapses or safety concerns have been reported to date, consistent with Immix’s goal of making NXC-201 the first ‘outpatient’ CAR-T therapy. We view this latest update as encouraging for the NEXICART-2 trial, though we acknowledge that the data still correspond to a relatively small population. A more detailed presentation is due to be presented at the 2025 American Society of Clinical Oncology Annual Meeting (ASCO 2025) on 3 June. Immix is also hosting a key opinion leader (KOL) event later the same day to discuss clinical experiences with NXC-201, as well as the evolving treatment landscape for r/r ALA. Separately, Immix also announced that NEXICART-2 now has 14 active US sites (10 more than the company’s prior update) and that it anticipates completing the trial ahead of schedule.

• Aster DM Healthcare Ltd (ASTERDM IN) reported 4% revenue decline in Kerala due to festivities, lower international patient, and leadership transition. Ramadan impact caused 2.5–3.0% of the revenue hit.
• Going ahead, the company is eyeing for atleast mid-teens growth from Kerala cluster, with 7–8% will be with volumes and balance 7–8% will come from the ARPOB.  
• Aster’s base business is on a stable growth path. Margin levers are intact. With QCIL merger synergies, the company aims for EBITDA margin of 23–24% in 3–4 years.

• Telomir Pharmaceuticals is a preclinical stage company focused on the science of lengthening telomere caps, which the company believes will extend human lifespans and improve quality of life as people age.
• The company announced preclinical test results that showed Telomir-1 restored vision and retinal structure in Age-Related Macular Degeneration in an animal model-an encouraging result for millions of AMD sufferers.

• McKesson Corporation reported robust financial results for its fourth quarter and fiscal year 2025, showing considerable progress and strategic advancement.
• The company’s consolidated revenue grew significantly by 16% year-over-year, reaching a record $359 billion.
• Adjusted earnings per diluted share came in at $33.05, a 20% increase compared to the previous year, surpassing long-term growth targets of 12% to 14%.

• Bio-Techne reported its third-quarter fiscal year 2025 results, exhibiting a strong performance despite navigating a challenging macroeconomic environment.
• The company achieved 6% organic revenue growth, underscoring its resilience in the face of various uncertainties and highlighting the importance of its diversified product portfolio, including core reagents, automated analytical solutions, and cell and gene therapy offerings.
• This growth was achieved while maintaining a robust adjusted operating margin of 34.9%, facilitated by strategic investments in operational efficiencies.

• Ebos Group Ltd (EBO NZ) aims to raise around US$564m in a secondary sell-down of shares conducted by the Zuelling family through Sybos Holdings. 
• This comes on the heels of the April primary placement, whereby EBOS conducted a primary offering to finance a bolt-on acquisition.
• In this note, we comment on the deal dynamics and run the deal through our ECM framework.

• Novo Nordisk A/S reported its financial results for the first quarter of 2025, showcasing strong growth across its operations, though facing certain challenges.
• The company delivered an 18% increase in sales and a 20% growth in operating profit, reflecting robust demand for its diabetes and obesity treatments.
• These positive results underscore the company’s ongoing market leadership, with approximately 46 million patients currently benefiting from its treatment solutions.

• Bangkok Dusit Medical Services (BDMS TB) posted 6% rise in revenue from hospital operations in 1Q25 as International and Thai patients revenue reported growth of 11% and 4% YoY, respectively.
• EBITDA grew at 7% YoY to THB 7.2B on higher revenues and better cost management while net profit also rose 7% to THB 4.3B on lower interest cost. Margins expand.
• Corona surge in Thailand pose short term deterrents. Stable financial performance with strong inpatient revenue growth, healthy occupancy and largely stable EBITDA margin will be key in the long-term run.

• Gen Digital Inc.’s latest earnings for the fiscal year 2025 presented a detailed view of the company’s performance, highlighting both achievements and challenges.
• The company reported a successful year with record highs in several metrics, demonstrating continued growth momentum in its Cyber Safety solutions and strategic financial discipline.
• Gen witnessed a 4% year-over-year increase in total bookings, reaching $4 billion.

• Jazz Pharmaceuticals reported its first-quarter 2025 financial results, reflecting both strategic advancements and challenges.
• The company’s total revenues reached $898 million, driven by strong performances in its neuroscience portfolio, especially with Xywav and Epidiolex, which reported year-over-year sales growth of 9% and 10%, respectively.
• Xywav continues to hold its position as the leading treatment for narcolepsy and has demonstrated significant traction in treating idiopathic hypersomnia (IH), bolstered by consumer-targeted campaigns and healthcare provider education initiatives.

• Masimo Corporation’s first quarter of 2025 results underscore a period of strategic shifts and operational restructuring, highlighted by solid financial performance and the divestiture of its consumer audio business.
• The transition reflects a recalibrated focus on its core healthcare operations, anticipated to drive future growth.
• Here’s a neutral analysis of the earnings report, focusing on both opportunities and challenges moving forward.

• On May 12, 2025, Tonix Pharmaceuticals Holding Corp. (TNXP) announced financial results for the first quarter of 2025 and provided a business update.
• The company is continuing pre-commercialization activities in preparation for the PDUFA date of August 15, 2025 for TNX-102 SL for the management of fibromyalgia.
• If approved, TNX-102 SL would be the first new treatment option for fibromyalgia in more than 15 years.

• Due to fierce competition/VBP, generic drug business has little value, whose valuation should be zero. So, the future valuation performance of Vigonvita would be mainly based on innovative drug pipeline.
• Since future demand of COVID-19 drug would decrease sharply, it’s recommended to calculate Vigonvita’s valuation by excluding COVID-19 projects. Vigonvita has to rely on other indication/candidates to support valuation outlook.
• Post-Money valuation after Series C financing reached RMB4.45 billion.Short-term valuation is about RMB3-6 billion. If LV232 can be successfully developed, there will be greater room for growth in future valuation.

• BioLineRx is a commercial stage biopharmaceutical company with a development portfolio advancing motixafortide, a platform molecule targeting indications in stem cell mobilization (SCM) & in the treatment of advanced pancreatic cancer.
• The candidate is approved in the US for SCM and is undergoing studies for use in gene therapy and in pancreatic cancer.
• Partner Gloria Biosciences is developing motixafortide in Asia & is expected to be conducting bridging studies in the near term for SCM & longer-term studies for other indications.

• Cencora Inc., a leading pharmaceutical-centric healthcare solutions provider, reported a robust fiscal 2025 second quarter performance characterized by significant revenue growth and improvement in adjusted earnings per share (EPS).
• These results are driven largely by the strategic positioning of Cencora within the healthcare market, particularly in specialty pharmaceuticals and innovative healthcare solutions.
• 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.

• Shionogi & Co (4507 JP) revenue up 1% YoY in FY25 as royalty income from HIV franchise compensates for lower sales from infectious disease drugs.
• Torii pharma and JT’s pharma division acquisition augurs well in terms of products category diversification.
• NDA for zuranolone, a treatment in development for major depressive disorder (MDD) submitted. JTE-061 (tapinarof) and TO-208 from Torii opens up opportunities in Japan market.

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

• On May 15, 2025, Cocrystal Pharma, Inc. (COCP) announced financial results for the first quarter of 2025 and provided a business update.
• Following the release of favorable safety and tolerability results for CDI-988, the company’s novel, broad-spectrum protease inhibitor being developed for the treatment of noroviruses and coronaviruses, we anticipate topline results from the high-dose healthy volunteer cohort in the second quarter of 2025 and for a human challenge study as a norovirus treatment and prophylaxis later in 2025.
• Cocyrstal’s Phase 2a influenza human challenge study of CC-42344, the company’s development candidate for the treatment of pandemic and seasonal influenza A infections, is continuing after the company reported a lower than expected influenza infection rates among study participants.

• 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 1Q2025 financial results and highlighted many of the advances made in recent months.

• On May 19, 2025, BrainStorm Cell Therapeutics, Inc. (BCLI) announced that the U.S. Food and Drug Administration (FDA) has cleared the company to initiate the Phase 3b clinical trial of NurOwn for the treatment of amyotrophic lateral sclerosis (ALS).
• This final regulatory clearance comes after the company submitted an amendment to the Investigational New Drug (IND) application regarding certain technical aspects of the Chemistry, Manufacturing, and Controls (CMC).
• The trial design was previously agreed upon with the FDA under a Special Protocol Assessment (SPA).

• Newtrend’s revenue growth/profit margin showed a downward trend, mainly due to the sluggish export sales, Sucralose Price War and oversupply issue. Newtrend is currently in a period of performance recovery.
• As product development is more inclined towards sugar free and healthy directions, the biggest challenge for Newtrend is the changes in customers’ demand/market trend, which will make business outlook uncertain.
• Our forecast for 2025 performance is revenue could be RMB683 million, up 20% YoY, and net profit could be RMB54.3 million, up 25% YoY. Valuation would be lower than peers.  

• 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 its 1Q2025 financial results that reflected good corporate discipline and previewed the preparation for human trials.

• Japan Lifeline [hereinafter JLL] produced record earnings in FY24 with full-year OP of ¥12,326mil (+13.2% YoY) on sales of ¥56,610mil (+10.2% YoY), landing largely in line with the full-year guidance for OP of ¥12,600mil (+15.7% YoY) on sales of ¥56,800mil (+10.5% YoY), and is aiming for record earnings again in FY25, with 1H OP of ¥6,300mil (+0.6% YoY) on sales of ¥29,300mil (4.7% YoY), and full-year OP of ¥12,900mil (+4.7% YoY) on sales of ¥59,300mil (+4.8% YoY).
• The firm revised up its medium-term targets with the release of its FY25 earnings, and is now guiding for FY27 sales of ¥70,000mil, up from ¥63,000mil.
• JLL’s base shareholders’ return is the higher of a base dividend of 40% of net income or a DOE 5%, plus extra dividends or share buybacks, depending on circumstances.

• PegBio raised HKD 300.8m (USD 38m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, May 27th.
• In our previous note, we looked at the company’s GLP-1 product and its valuation.
• In this note, we provide an update for the IPO before trading debut. The free float shares are mostly at the hands of retail investors.

• Jiangsu Hengrui Pharmaceuticals (1276 HK) debuted on the HKEX on 23 May, closing the first day 25% above its offer price, resulting in a market cap of ~$47bn.
• The security is expected to be assigned to Global-M Standard. Uncertainty for inclusion arises due to relatively low float cap even after the lock-up expiry.
• The security is forecasted to be added to Global-F All-World in December 2025 and receive an upweight in March 2025 following the lock-up expiry.

• Elevation Oncology (ELEV) is undergoing a strategic review after discontinuing its lead program, with potential 14–42% upside.
• Mayne Pharma (MYX:AX) faces merger arbitrage challenges due to Cosette Pharmaceuticals’ Material Adverse Change claims, trading at a 35% discount.
• Air Canada (AC:TO) offers a tender with odd-lot provision, repurchasing shares at C$18.50 – C$21.00, with potential upside.

• IQVIA’s recent financial performance and strategic direction provide a nuanced picture of its current position within the life sciences sector.
• In the first quarter of 2025, IQVIA reported strong financial results, achieving revenue growth at the high end of its expectations despite facing a challenging environment in Research & Development Solutions (R&DS).
• The company recorded total revenue of $3.829 billion, marking a 2.5% increase on a reported basis and a 3.5% rise at constant currency.

• 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 this insight, we look at the company’s two products with the most advanced stage of clinical trial, LBL-024 and LBL-007.
• We also look at the company’s pre-IPO investors and management team.

• Tempus’ first-quarter financial results for 2025 reveal a complex yet promising outlook.
• The company saw a significant increase in quarterly revenue, which rose by 75.4% year-over-year to $255.7 million.
• Genomics emerged as a key driver, growing by 89% year-over-year to $193.8 million.

• Waters Corporation’s first quarter of 2025 showcased a mixed performance with notable strengths and specific challenges.
• The company marked a promising start to the year with robust instrument growth driven by expansive demand in pharma and industrial markets.
• Sales grew 4% as reported, and 7% on a constant currency basis, hitting the higher end of the company’s guidance.

• Zoetis Inc. recently held its first-quarter 2025 financial results presentation, where senior executives highlighted the company’s performance amidst a challenging economic landscape marked by geopolitical and regulatory uncertainties.
• Zoetis reported a strong 9% growth in organic operational revenue, driven largely by the International segment, which grew by 11%, while the U.S. segment grew by 6% when excluding its Medicated Feed Additives (MFA) divestiture.
• 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.

• The whole KRAS field just crossed the threshold of druggablility but hasn’t met previous expectations. KRAS monotherapy on NSCLC/CRC is not good. It also progresses slowly when combined with PD-1.
• If GFH925 cannot at least demonstrate the same level of strong efficacy as other existing targeted inhibitors/combination therapies and also with favorable safety profile, there’s little chance in afterwards commercialization
• Pre-IPO valuation has already reached RMB3.1 billion. In our view, valuation of GenFleet could be similar to that of Jacobio if the sales performance of GFH925 fails to meet expectations.

• Institutions were net sellers of Singapore stocks with a net outflow of S$65 million, totaling S$1.73 billion for 2025.
• Financial Services and REITs saw the highest net institutional outflow, while Industrials and Real Estate (Ex-REITs) had inflow.
• Share buybacks totaled S$67.6 million, with significant transactions by Hongkong Land and ESR-REIT.

• We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Mayne Pharma (MYX AU), Insignia Financial (IFL AU), ENN Energy (2688 HK), Seven & I Holdings (3382 JP), Smartpay Holdings (SPY NZ), ZEEKR (ZK US).
• Lowest spreads: Bright Smart Securities And (1428 HK), Dada Nexus (DADA US), Amara Holdings (AMA SP), Nissin Corp (9066 JP), Avjennings Ltd (AVJ AU), SLB Development (SLB SP). 

• Will the newly listed spinco also IPO Samsung Bioepis? That’s a textbook ECO — and could spark shareholder value dilution concerns, regulatory pushback, or even a potential KRX block.
• The 8% dip looks tied to IPO fears around Bioepis. If Samsung hard-locks its no-IPO stance and FSS signs off, a near-term bounce in Biologics could be in play.
• Post-Listing, watch for Samsung C&T to shift exposure—potentially boosting the surviving company’s value while capping the spinco. Sets up a compelling relative-value trade worth positioning for.

• The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality
• The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio’s valuation may continue to rise, Akeso’s valuation could face downward revisions.
• RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.

• BioMarin Pharmaceutical reported strong first-quarter financial results for 2025, marked by a 15% increase in total revenue to $745 million compared to the prior year.
• This growth was significantly driven by VOXZOGO, which generated $214 million, a 40% year-over-year increase, demonstrating continued demand for the achondroplasia treatment.
• Additionally, the enzyme therapies business unit grew by 8%, bolstered by a 22% increase in PALYNZIQ revenues.

• Exact Sciences’ first quarter 2025 financial results reflect a blend of robust revenue growth, strategic commercial execution, and significant advancements in their product pipeline.
• The company’s financial performance this quarter includes an 11% increase in total revenue, reaching $707 million, outpacing the midpoint of their guidance.
• This growth is largely driven by their Screening segment, which saw revenue rise by 14% to $540 million, fueled by successful rescreen initiatives, improved commercial strategies, and the rollout of Cologuard Plus.

• Henry Schein Inc. presented its first-quarter 2025 financial results, showcasing both positive developments and areas of concern for investors.
• The company reported total sales of $3.2 billion, a slight decline of 0.1% compared to the first quarter of 2024.
• This decrease was primarily impacted by a 1.5% negative effect due to foreign currency exchange fluctuations.

• Hologic Inc. reported its financial performance for the second quarter of fiscal 2025, showcasing a nuanced blend of strategic achievements and challenges impacting future growth.
• The company reported total revenue of $1.005 billion, a slight decrease of 0.5% in constant currency terms, yet aligning with the higher end of guidance expectations.
• Non-GAAP earnings per share remained consistent with the previous year at $1.03, buoyed by improvements in gross margin and aided by share buybacks and a lower tax rate.

• Moderna’s recent earnings revealed several significant developments affecting its financial and strategic outlook.
• First-quarter 2025 revenues stood at $0.1 billion, with a net loss of $1 billion.
• Despite this loss, it was in line with company expectations, reflecting the seasonal nature of its respiratory vaccine business.

• Teleflex Incorporated’s first-quarter 2025 earnings call highlighted several key financial outcomes, strategic initiatives, and market dynamics.
• The company reported a decline in revenue and earnings per share compared to the previous year, with first-quarter revenues amounting to $700.7 million, a 5% decline on a GAAP basis.
• This was slightly below expectations due to softness in orders from the EMEA region, though some recovery was noted in April.

• Vertex Pharmaceuticals’ latest earnings for the first quarter of 2025 reveals key insights into the company’s financial performance and strategic direction.
• The company reported total revenue of $2.77 billion, marking a 3% increase compared to the same period in 2024.
• This growth was primarily driven by strong demand in the U.S., particularly for the cystic fibrosis (CF) treatment ALYFTREK, which gained FDA approval recently.

• Zimmer Biomet’s first-quarter performance for 2025 showcased gradual growth, amidst an environment of various challenges and strategic changes.
• The company reported a 2.3% increase in constant currency sales, despite having one less selling day in the quarter.
• This growth was largely driven by specific improvements in U.S. Hips sales, which saw an almost 4% increase, and mid-single-digit growth in their S.E.T. segment.

• Bio-Rad Laboratories reported its financial performance for the first quarter of 2025, revealing mixed results influenced by both internal strategies and external economic factors.
• The company’s net sales for the quarter were approximately $585 million, representing a 4.2% decline from $611 million in the same period last year.
• On a currency-neutral basis, this reflected a 1.5% year-over-year decrease.

• Jcr Pharmaceuticals (4552 JP) revenue dropped 23% to ¥33B in FY25, mainly driven by lower contractual payments and reduced renal segment revenue.
• R&D expenses surged 37% YoY to ¥15B resulting in operating loss of ¥6.65B in FY25.
• FY26 guidance signals back in black after one-time hurdles drag performance in FY25.

• Baxter International’s Q1 2025 earnings results reflect a robust performance with notable growth across its operating segments, though not without challenges reflective of the current global economic climate.
• The company reported a 5% increase in sales from continuing operations, exceeding its initial projections of 3% to 4%.
• This performance was driven by substantial contributions from all three segments: Medical Products and Therapies (MPT), Healthcare Systems and Technologies (HST), and Pharmaceuticals.

During 2024 and early this year, the biotech sector began to show signs of a structural recovery, supported by positive clinical data, regulatory approvals, lower interest rates, commercial execution and Johnson & Johnson’s acquisition of Intra-Cellular Therapies, one of BION’s core holdings. However, more recently, the sector has been hit by uncertainties about the macroeconomic outlook, US tariffs and the regulatory policies of the new US administration. This has increased market volatility, especially in the small- and mid-cap companies that BION favours, and the company’s performance has declined accordingly, even though BION’s portfolio holdings are performing well, with several delivering regulatory and clinical milestones. BION’s peers have also struggled in this challenging environment. Yet the news is not all bad. BION’s manager has taken action to protect returns by reducing the number of holdings, increasing the focus on larger-cap names and enhancing risk management. Furthermore, lower valuations have created opportunities for BION to expand exposure to high-quality companies pursuing significant market opportunities via the development of breakthrough therapies. And, most importantly, the biotech sector still has a very positive long-term outlook, with commensurate rewards for those willing to wait out near-term volatility.

• Biogen Inc. provided a mixed set of results in its first quarter of 2025, revealing both opportunities for its growing portfolio and challenges with its traditional business lines.
• Starting with the positives, the company has made significant strides with its newer products, contrasting its historically dominant but declining multiple sclerosis (MS) portfolio.
• The newer products, including rare disease drugs like ZURZUVAE, LEQEMBI, and VUMERITY, now account for approximately 45% of Biogen’s product revenue.

• Cardinal Health, Incorporated reported robust third-quarter fiscal year 2025 results, demonstrating resilience and growth across its business segments.
• The company’s performance was particularly driven by strong utilization trends and execution in its Pharmaceutical and Specialty Solutions segment, as well as growth from three other businesses grouped under “Other.” The positive financial outcomes led Cardinal Health to raise its fiscal year 2025 EPS guidance.
• 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.

• DexCom, Inc. reported its first-quarter 2025 earnings, demonstrating a commendable 14% organic revenue growth from the previous year.
• The U.S. market drove much of this growth, achieving a 15% increase in revenue, fueled by robust demand and broader access to their continuous glucose monitoring (CGM) systems.
• DexCom’s strategic focus on expanding their prescriber base and enhancing commercial reach has begun to manifest in increased customer acquisition, particularly in the type 2 diabetes sector, where their coverage has expanded significantly.

• Enlivex Therapeutics is a clinical-stage biotech company developing Allocetra, an allogeneic cell therapy for inflammatory diseases.
• Allocetra is manufactured from donor- derived mononuclear cells induced to an apoptotic state, which reprogram proinflammatory macrophages back to a homeostatic state.
• Enlivex has clinical studies in sepsis, knee OA, basal thumb OA, TMJ OA, and psoriatic arthritis.

• IDEXX Laboratories reported its first-quarter 2025 financial results, revealing a mixed performance with notable areas of strength as well as challenges.
• Overall, IDEXX achieved a 5% organic revenue growth, a figure backed by a 4.5% increase in CAG Diagnostics recurring revenues despite facing a 1.5% headwind from fewer equivalent days.
• The company’s veterinary software and diagnostic imaging revenues were particularly strong, showing a 9% organic gain, highlighting robust demand in this segment.

• Mettler-Toledo International Inc. reported its first quarter 2025 financial results, revealing both challenges and opportunities for investors considering this precision instrument and service provider.
• The company’s performance was characterized by diverse regional trends, product line variability, and external economic influences, such as global trade uncertainties and tariffs.
• Positive aspects highlighted in the earnings call include solid growth in the Laboratory segment, with Mettler Toledo benefiting from recent innovations in products like balances, titrators, and thermal analysis instruments.

• Alnylam Pharmaceuticals recently reported its first-quarter 2025 earnings, providing a comprehensive overview of the company’s financial performance, strategic initiatives, and future outlook.
• Here is a neutral analysis of the company’s investment case and key results.
• During the quarter, Alnylam achieved $469 million in net product revenues, a significant 28% growth year-over-year.

• Jiangsu Hengrui Pharmaceuticals (1276 HK) priced its H Share at HK$44.05 to raise HK$9,890.1 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.
• The timing of the H Share listing is fortuitous, as the peers have materially re-rated since the prospectus was released on 15 May.
• Hengrui had the highest oversubscription rates among recent large AH listings. The AH discount implied by the offer is attractive.

• Samsung C&T’s holding ratio mainly hinges on its Samsung Biologics stake; Samsung Electronics’ 5% isn’t counted, and Samsung SDS is excluded since Samsung Electronics is its largest shareholder.
• This ties to calls for Samsung’s governance overhaul, aiming for C&T to avoid forced conversion while boosting control over Samsung Electronics via bold, more aggressive moves than expected.
• Samsung C&T will likely sell some Biologics shares around its in-kind contribution to Epis, timing sales based on post-listing price action.

• On 22 May, Samsung Biologics (207940 KS) announced that that it plans to establish a new holding company called Samsung Bioepis Holdings through a spin-off.
• Samsung Bioepis Holdings will fully incorporate Samsung Bioepis as a wholly owned subsidiary. Samsung Bioepis will focus on the biosimilars business. Samsung Biologics will focus on the CDMO business. 
• There is likely to be mixed reactions to Samsung Biologics’ announcement to create a holding company structure to split the CDMO and biosimilar businesses.

• Jiangsu Hengrui Pharmaceuticals (1276 HK) (JHP, 600276 CH ), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing.
• JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
• We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about trading dynamics.

• Mirxes raised HKD 1086m (USD 140m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 23rd.
• In our previous note, we looked at the company’s core gastric cancer early detection products and brief analysis of its valuation.
• In this note, we provide an update for the IPO before trading debut. The free float shares are highly concentrated.

OSE Immunotherapeutics has announced a new strategic collaboration with Inside Therapeutics and MiNT Laboratory (University of Angers) to develop mRNA therapies and accelerate nanodrug development. OSE has received €1.3m in non-dilutive funding to lead the 36-month programme, titled ‘HexARN’, from Bpifrance (a French public sector investment bank) as part of the ‘France 2030’ investment plan. We note that OSE has previously received similar funding as part of this initiative for other projects. Since there is no immediate read-across to near-term catalysts or OSE’s clinical-stage programmes, we do not plan to make any adjustments to our estimates. However, the collaboration is consistent with the company’s approach of leveraging academic and industrial partnerships to expand its long-term optionality, in our view, and we believe the funding serves as encouraging external recognition of OSE’s R&D capabilities.

• Reviva is a research and development pharmaceutical company with two portfolio compounds targeting nine indications.
• The candidates address multiple related mental disorders, rare diseases & other categories of un met need.
• Reviva’s lead indication in schizophrenia with brilaroxazine completed its 1st Phase III trial & is set to begin its 2nd in 2025.

• On May 14, 2025, MetaVia Inc. (MTVA) announced financial results for the first quarter and provided a business update.
• The company recently announced positive topline results from the Phase 1 MAD trial of DA-1726 in obesity that showed statistically significant weight loss and potential best-in-class results for glucose control, waist reduction, and tolerability.
• MetaVia will be adding additional cohorts to the study to determine a maximum tolerated dose.

• Hinge Health priced a full-size deal of 13.666mm shares at the high-end of the range, $32.00 and opened for trading at $39.25 for a gain of 21.9% at first trade.
• According to our sources, the deal finished north of 15-times oversubscribed.  We are told that the deal was made more “exclusive” with one-third of the book being completely shut-out.
• Another virtual healthcare provider, Omada Health, recently filed for its IPO. If the valuation of Omada Health is more aggressive, it could provide a boost to Hinge Health’s price.

• Stryker Corporation reported a strong first quarter, reflecting continued robust demand and effective commercial execution across its diverse product portfolio.
• The company’s financial outcomes underscore balanced growth and strategic maneuvering, driven by both organic growth and strategic acquisitions.
• Stryker demonstrated vigorous organic sales growth at 10.1% year-over-year, notably achieving double-digit growth in its MedSurg and Neurotechnology divisions.

• Mayne Pharma (MYX AU) disclosed that Cosette asserts that a material adverse change has occurred due to its trading performance, litigation and FDA untitled letter. 
• Cosette has not quantified the impact, and Mayne disputes the assertion. Mayne’s trading performance is likely the largest contributor to Cosette’s MAC-related claims. 
• Precedent schemes suggest a lower offer is the best-case scenario. An unwilling bidder looking for angles, contractually, to exit suggests the likely outcome is a scheme termination.

• The review period ended on 30 April, the changes should be announced on 30 May and will be effective after the close of trading on 13 June.
• There could be 5 changes in June where passive trackers will need to trade between 0.7-2x ADV in the forecast adds and sell between 1-4x ADV in the forecast deletes.
• A long adds/ short deletes trade has gone nowhere in the last 6-7 months, and the volatility of the trade has reduced even further in the last couple of months.

• Strong results reflect progress of existing approved drugs including key oncology drugs.
• Mazdutide is set to be released in 2025, and the company is currently making plans for the release.
• Innovent Biologics continues to add to its drug development portfolio.

• CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
• The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners during cardiac surgery.
• Based on the results of its pivotal U.S. and Canadian STAR-T trial, the company submitted for FDA De Novo approval on September 27, 2024, and Health Canada on November 1, 2024, with final regulatory decisions expected in 2025.

• Hugel Inc (145020 KS) reported strong 1Q25 result, with all key parameters recording double-digit growth. The robust growth was driven by balanced gains across all product portfolios.
• In March, Hugel has fully commercialized Letybo in the U.S. through the partnership with Benev. The company aims to capture 10% market share in the U.S. within three years.
• Earlier this month, Hugel has officially launched Botulax in UAE. This marked the second official launch in the Middle East, following the product’s debut in Kuwait.

• Krsnaa Diagnostics (KRSNAA IN) reported robust margin expansion in FY25 driven by operational efficiency and a favourable business mix. Retail footprint expanded significantly, quadrupling touchpoints in focus states.
• Enhanced profitability highlights the effectiveness of cost control and operational leverage. Retail growth diversifies revenue beyond the core PPP model.
• Reinforces management’s commitment to profitable and disciplined growth over aggressive top-line targets alone. Acknowledges execution hurdles like site delays but underscores confidence in receivables and future growth.

• The investment logic of vaccine companies is different from that of biotech. Generally speaking, vaccine companies cannot develop to large scale without successfully betting on blockbuster vaccine varieties.
• Commercialization of Ab&B’s vaccines could face uncertainties due to fierce competition/price war/slower R&D progress. Some Class II vaccines could be converted to Class I vaccines. Breakthrough point lies in internationalization. 
• After Series B financing, post-money valuation reached RMB4.2 billion. Since CanSino’s pipelines are either global innovative, or potential best-in-class or first-in-class in China, Ab&B’s valuation should be lower than CanSino.

• Product revenue growth modest, as Rebis Health (Rebis) contribution not yet material.
• Vivos reported 1Q25 product revenue of $1.8 million, up 8% Y/Y, with 3,736 oral appliance arches sold, an 87% increase over the 1,996 sold in 1Q24.
• The higher volume growth was mostly driven by the lower priced guide sales. 

• Azitra is developing genetically engineered bacteria for therapeutic use in dermatology.
• The company possesses a microbial library of 1,500 unique bacterial strains that are candidates for a variety of indications.
• Azitra’s lead candidate is ATR-12 for the rare disease Netherton syndrome (NS).

Basilea Pharmaceutica has announced the launch of Zevtera, its lead anti-bacterial treatment, in the US by partner Innoviva Specialty Therapeutics (IST), marking a key strategic milestone for the company. Zevtera, an advanced generation IV cephalosporin antibiotic, was approved by the FDA in April 2024 for three separate indications, including the highly aggressive Staphylococcus aureus bloodstream (SAB) infection. IST was signed as the US licensing partner in December on attractive deal terms, including an upfront payment of US$4m, up to US$223m in sales-related milestone payments as well as tiered royalties (high-teens to mid-20s percent of sales). The US is the most important market for Zevtera, accounting for c 85% of the drug’s commercial opportunity, and we expect this launch to boost top-line performance over the coming years. Zevtera holds 10-year market exclusivity in the US and we project peak sales potential of c US$300m in SAB infections in the US.

• As widely speculated, Cosette asserted to Mayne Pharma (MYX AU) on the 17th May a Material Adverse Change (MAC) has occurred.
• Mayne disagrees, and views the pre-requisites for a MAC, as defined in the SID, have not been established. 
• What now? The Scheme is not terminated. Both parties remain in consultation. If those talks are not satisfactory (say, a price reduction [my guess]), Cosette said it will walk. 

• Asahi Intecc (7747 JP) announced 9MFY25 result, with double-digit growth across all key parameters. Revenue increased 14% YoY to ¥91.8B, driven by 16% growth in medical division.
• The company has raised guidance for FY25 revenue and operating profit and reduced net profit guidance to reflect better-than-expected performance of medical division and booking of impairment loss.
• Asahi will buy back up to 8.8M shares (representing 3.2% of issued shares) for ¥15B. Buyback will be conducted from May 16, 2025 to October 31, 2025.

• Innova Captab (1605221D IN) achieved strong Q4 FY25 revenue growth of nearly 20%, though profitability felt impact from new Jammu plant’s depreciation and finance costs.
• The new manufacturing facility in Jammu was commercialized in Q4 FY25, contributing INR  36 crores revenue and expanding production capabilities.
• The company expects strong FY26 growth, with Jammu plant adding INR 400 crores, projecting a 25% revenue CAGR long-term and improving margins.