Healthcare

• Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK).
• Otsuka had sold the majority of its stake earlier this year.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• With the pre-cons squared away as per the 3rd September announcement, the key risk to Hangzhou Kangji Medical Instrument (9997 HK)‘s Offer is the Scheme vote. 
• The HK$9.25/share consideration price (declared final), was an uninspiring 9.9% premium to last close. But pitched around a four-year high. And peers are down 10% on average since the Offer.
• A persual of the s329 investigative reports provides a significantly clearer picture on who holds what.

• ClearPoint Neuro is uniquely positioned as a critical enabler for the high-growth neuro-therapeutics market, providing the only commercially available platform for real-time, MRI-guided, minimally invasive navigation and delivery to the brain.
• The company’s hybrid business model, combining capital equipment sales with a growing base of recurring revenue from disposable products and services for its 60+ biopharma partners, offers a scalable path to future growth.
• While demonstrating impressive and consistent revenue growth (31% in 2024), the company remains unprofitable with significant cash burn, reflecting a high-investment phase focused on R&D, market expansion, and supporting partner clinical trials.

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• uniQure is a pioneering gene therapy company with one approved product, HEMGENIX®, for Hemophilia B, which is the first and only gene therapy for this indication, commercialized by its partner CSL Behring.
• The company’s lead pipeline candidate, AMT-130 for Huntington’s disease, has shown statistically significant slowing of disease progression in a pivotal Phase I/II study and has received multiple expedited regulatory designations from the FDA, including Breakthrough Therapy and RMAT.
• While possessing a promising pipeline and validated technology, uniQure is currently unprofitable, with significant cash burn from R&D activities, making future value creation highly dependent on the clinical success and commercial uptake of its key assets, particularly AMT-130.

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• The company that describes itself as a biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system.
• Morgan Stanley, Jefferies, Leerink Partners, Stifel are the bookrunners on this IPO.
• Their lead product candidate, ML-007C-MA, is currently in a Phase II trial.

• DWTI announced before the open on 9/25 that the US FDA (Food and Drug Administration) has granted marketing approval for DW-5LBT (lidocaine patch, trade name Bondlido), as a treatment for neuropathic pain after shingles (post- herpetic neuralgia) in adults, jointly developed with MEDRx (4586 TSE Growth).
• Earlier this week on Monday 9/22, DWTI announced that the FDA had conditionally approved a change in the trade name from “Lydolyte” to “Bondlido” (the FDA had requested a name change to avoid confusion with an existing product).
• Preparations for the launch will be made, including the selection of sales partners, with sales planned to begin in the US in the first half of 2026.

• Nektar Therapeutics is a clinical-stage biopharmaceutical company at a pivotal juncture, with its future success largely dependent on its lead candidate, rezpegaldesleukin (REZPEG), for autoimmune diseases like atopic dermatitis and alopecia areata.
• The company’s proprietary PEGylation and polymer conjugate technology platform offers a potential durable competitive advantage by improving the properties of existing and novel drugs, though its historical clinical development track record has been mixed.
• Financially, Nektar is in a precarious position with significant historical net losses and a reliance on cash reserves to fund its pipeline development, making potential partnerships and successful clinical trial outcomes critical for long-term viability.

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• Pfizer Inc has announced a definitive agreement to acquire clinical-stage biopharmaceutical company Metsera Inc. for $47.50 per share in cash, a 42.5% premium to Metsera’s last closing price, with an additional $22.50 per share potentially payable through contingent value rights (CVRs) linked to key clinical milestones.
• The total deal value could reach $7.3 billion.
• This strategic move follows Pfizer’s earlier struggles in the obesity segment after the failure of its weight-loss pill and declining COVID-19 revenues.

• Cochlear Ltd (COH AU) expects to report FY26 underlying net profit of $435–460M, an 11–17% increase on FY25, up 5–11% on a comparative (cloud adjusted) basis.
• The Nucleus Nexa System has been launched in Europe and Asia Pacific in mid-June 2025 and will be launched in the U.S. by the end of Q1FY26.
• The company expects strong FY26 revenue growth in developed markets from the launch of the new Nucleus Nexa implant, with overall revenue and earnings growth weighted to the second half.

• In a fairly common pattern, the founding family (38% ownership) of Paramount Bed Holdings Co Lt (7817 JP) have launched an MBO. 
• It is too cheap at 4.2x adjusted EV/EBITDA (one could argue it is 5.0x but they also have net receivables) for such a ubiquitous brand and growth. 
• Soft99 Corp (4464 JP) may have been a one-off. Maybe not. People may look at this situation through that lens. It deserves that look. 

• Paramount Bed Holdings Co Lt (7817 JP) has recommended an MBO at JPY3,530, a 32.2% premium to the last close price. The offer represents a ten-year high. 
• The offer is below the midpoint of the special committee IFA’s DCF valuation range and its requested price. Hibiki has previously suggested an intrinsic value of JPY4,929.  
• The setup shares several traits with the Mandom MBO, and has the potential for a bump, particularly if an activist emerges as a substantial shareholder or agitates for better terms.   

• Nanosonics is poised for significant growth with the upcoming US launch of its new Coris® endoscope cleaning system in Q1 FY26, targeting a substantial new market segment beyond its established Trophon® franchise.
• The company operates a highly attractive ‘razor and blade’ business model, with a large installed base of its Trophon® ultrasound probe disinfection units driving recurring high-margin consumable sales.
• While the growth outlook is strong, the stock trades at premium valuation multiples, and faces key risks including competition, execution on the Coris® launch, and potential reliance on partners for new product success.

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• Laurus Labs is shifting from ARV APIs to high-growth areas like CDMO and biotech, diversifying its revenue base for long-term stability.
• Heavy investments in complex, high-margin businesses reduce dependence on volatile ARV markets, ensuring sustainable and more profitable future growth.
• Though returns dipped initially, strong CDMO performance shows the strategy is working, making Laurus Labs a model of successful pharma transformation.

• Allergy prevention and treatment products are core business. Although proportion of allergic children is increasing, it’s not enough to offset the decline in demand caused by the decrease in newborns.
• Due to fierce market competition and inadequate adult FSMP education, the non-infant FSMP market is not easy to operate. The acceleration of registration for FSMP will lead to fierce competition.
• Our 2025 forecast is revenue could be up 20% YoY, reaching RMB1 billion.Valuation of Sainte Nutritional should be higher than peers due to higher profit margin and performance growth rate.

• Celltrion Inc (068270 KS) is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. It also plans to expand capacity of the plant, with an additional investment of KRW700B.  
• With this acquisition, Celltrion has completely eliminated U.S. tariff risks and secured a unified local supply chain encompassing production and sales of its flagship products.
• Celltrion has signed a CMO agreement with Eli Lilly, which will secure additional revenue stream for the company and accelerate the return on investment.

• 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 PHIP updates.

• Newly Independent Company with Strong Market Positions: Solventum, a recent spin-off from 3M, is a global healthcare leader with established brands and significant market share in MedSurg, Dental Solutions, Health Information Systems, and Purification and Filtration. The company is poised to benefit from increased focus and tailored capital allocation strategies.
• Financial Profile Presents Both Opportunities and Challenges: The company generates strong cash flow but is also saddled with a significant debt burden from the spin-off, making debt reduction a near-term priority. This could temper shareholder returns and strategic flexibility in the short term.
• Path to Value Creation Hinges on Execution: Solventum‘s success will depend on its ability to accelerate organic growth, expand margins, and innovate in its core markets. The recent divestiture of the Purification & Filtration business is a key step in streamlining the portfolio and focusing on higher-growth areas.

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• LakeShore Biopharma received a non-binding privatization offer of $0.86/share from a consortium including its controlling shareholder.
• Crystal Peak Investments acquired a 51% stake at $0.71/share and seeks to buy remaining shares at $0.86/share.
• Oceanpine Capital, a consortium member, has historical ties to LSBCF, with its managing director previously serving as chairman.

• Summit Therapeutics is a clinical-stage biopharmaceutical company singularly focused on its lead asset, ivonescimab (SMT112), a novel, potentially first-in-class bispecific antibody targeting PD-1 and VEGF for the treatment of non-small cell lung cancer (NSCLC).
• The company’s strategy is heavily reliant on the success of its licensing partnership with Akeso Inc., which is responsible for the discovery and initial development of ivonescimab. Summit holds the rights for development and commercialization in the US, Canada, Europe, and Japan.
• Financially, Summit is a pre-revenue entity with significant net losses driven by substantial R&D and clinical trial expenses. Its future is contingent on positive readouts from pivotal Phase III trials (HARMONi, HARMONi-3) and subsequent regulatory approvals, which face a highly competitive oncology market.

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• Three Core Products need to face fierce competition, and there’re other similar products being included in NRDL reimbursement or VBP. So, we’re not optimistic about the commercialization performance of Xuanzhu.
• The A-share listing committee had doubts about Xuanzhu’s pipeline strength and future commercialization outlook. So, Xuanzhu’s A-share IPO failed. The peak sales of three core products could be just RMB800mn-1bn. 
• Considering Xuanzhu’s unsatisfactory growth outlook, market value is just RMB2.4-3 billion. This means that Xuanzhu is overvalued, and reasonable valuation could be even lower than that after Series B Financing.

• Strong Brand Equity and Market Leadership: Yunnan Baiyao is a household name in China with a dominant position in the Traditional Chinese Medicine (TCM) sector, particularly with its core Yunnan Baiyao product line. The company has successfully leveraged its brand to diversify into high-growth consumer health products, such as toothpaste, where it holds a leading market share.
• Diversified Business Model with Growth Potential: The company operates a vertically integrated model and has expanded from its core pharmaceutical business into health products, personal care, and TCM resources. This diversification provides multiple revenue streams and opportunities for future growth, with a strategic focus on innovation and expansion into new areas like medical aesthetics.
• Solid Financial Performance and Shareholder Returns: Yunnan Baiyao has demonstrated consistent revenue growth and strong profitability. The company maintains a healthy financial position and has a track record of returning value to shareholders through dividends.

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• Regeneron’s growth is propelled by the strong performance of its blockbuster drugs, Eylea and Dupixent, alongside a promising and extensive late-stage pipeline, particularly in oncology and immunology.
• The company’s proprietary VelociSuite® technology platform serves as a significant competitive advantage, enabling the rapid and efficient discovery and development of novel, fully human antibody-based therapies.
• Key challenges include heavy revenue concentration on Eylea and Dupixent, and the looming threat of biosimilar competition for Eylea, which could impact future revenue streams despite recent legal victories delaying entry.

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• Medtronic stands as a global leader in medical technology, with a highly diversified portfolio across Cardiovascular, Neuroscience, Medical Surgical, and Diabetes segments, which provides resilience and broad market reach.
• The company is focused on driving growth through innovation in high-margin areas, including cardiac ablation, structural heart, surgical robotics (Hugo™ RAS system), and diabetes care (MiniMed™ 780G system), supported by a robust R&D pipeline.
• While facing challenges such as intense competition, stringent regulatory hurdles, and supply chain complexities, Medtronic’s strong financial health, consistent dividend growth, and strategic focus on emerging markets position it for long-term value creation.

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• Bristol-Myers Squibb is a global biopharmaceutical company facing a significant patent cliff for key revenue drivers like Eliquis and Opdivo, creating near-term revenue headwinds.
• The company’s strategy to mitigate these losses centers on its growing portfolio of new products, a robust R&D pipeline focused on oncology, immunology, and cardiovascular diseases, and strategic acquisitions to replenish its drug pipeline.
• While navigating a challenging period of patent expirations and increasing competition, the company’s strong cash flow, commitment to its dividend, and investments in innovative platforms like cell therapy and radiopharmaceuticals present a long-term growth thesis.

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• Biogen is in a pivotal transition phase, shifting from its declining, legacy multiple sclerosis (MS) franchise to a new portfolio focused on high-unmet-need neurological and rare diseases.
• Future growth hinges on the successful commercialization of its new products, primarily Leqembi for Alzheimer’s disease, Skyclarys for Friedreich’s ataxia, and Zurzuvae for postpartum depression. The uptake of these drugs has been gradual but is accelerating.
• Under the leadership of CEO Christopher Viehbacher, the company is executing a significant cost-saving program, “Fit for Growth,”to improve profitability and fund strategic initiatives, including external collaborations and potential acquisitions to bolster its pipeline.

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• 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 six ADDs and six DELs for the CSI Medical Service index during this index review event based on the latest available data.

• The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
• Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. However, such disclosures are by no means an absolute.
• These insights also flag those companies where shares have been pledged, both recently and ongoing.

• Butong Group (BUTONG HK) raised around US$100m in its Hong Kong IPO.
• Butong focuses on the mid to high-end segment of China’s nursery product market.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• FDA has cleared Merck’s Keytruda subcutaneous injection, which has been developed using Alteogen Inc (196170 KS)’s human hyaluronidase ALT-B4. EMA’s CHMP also recommended approval of subcutaneous Keytruda.
• Merck expects 30–40% of Keytruda IV sales to be converted to SC by 2028. Accordingly, Alteogen is expected to secure over KRW1T in annual royalties in the long term.
• Keytruda SC launch in the U.S. and EU, additional deals for ALT-B4, and Enhertu SC Phase 1 trial update are the key upcoming catalysts for Alteogen.

• News agency Kyodo News notes that “a rising number of wealthy Chinese tourists visit Japan primarily for medical services,” and the company’s CEO notes that “the Japanese medical sector has two viable paths for growth: we must either attract more international patients or bring Japanese medical expertise abroad,” & SBC is pursuing both strategies, using a disciplined financial approach.
• SBC recently appointed Dr. Ewen Chee, founder of AHH, President of AHH and Lead Doctor for Asia Strategy to support its global strategy.

• Achieve Life Sciences is developing cytisinicline for use as a smoking cessation treatment in the United States and rest of world.
• Pivotal studies have been completed with safety & efficacy results exceeding expectations.
• Achieve is now awaiting its target action date of June 20th 2026 and preparing for commercialization.

• On August 15, 2025, Tonix Pharmaceuticals Holding Corp. (TNXP) announced that the U.S. Food and Drug Administration (FDA) approved Tonmya (cyclobenzaprine HCl sublingual tablet) for the treatment of fibromyalgia.
• Tonmya is the first FDA approved therapy for fibromyalgia in over 15 years.
• The approval was based in part on data from two double blind, placebo controlled Phase 3 trials of nearly 1,000 patients in total that showed Tonmya significantly reduced daily pain scores compared to placebo at 14 weeks, the primary endpoint.

• Laboratory Corporation of America Holdings (Labcorp) reported strong financial results for the second quarter of 2025.
• The company delivered double-digit top-line growth, with total revenue reaching $3.5 billion, representing a 10% increase compared to the previous year.
• This growth was driven by both its Diagnostic Laboratories and Biopharma Laboratory Services (BLS) segments.

• SanBio Co Ltd (4592 JP) incurred ¥1.3B R&D expenses (+31% YoY) in H1FY26 related to receiving approval of partial changes to the items approved for manufacture and marketing for Akuugo.
• Operating loss went up to ¥1.9B in H1FY26 from ¥1.6B in H1FY25. SanBio revised FY26 guidance of operating loss to ¥3.9B (vs ¥3.5B) and net loss to ¥4.0B (vs ¥3.6B).
• Partial change application already filed and the approval is expected in H2FY26. Plans to negotiate with regulatory authorities in Japan and US toward new clinical trials for chronic ischemic stroke.

• Although high gold price helps drive revenue growth as Hipine generally adjusts selling prices, consumer sentiment and demand for purchasing non-essential items such as precious metal watch would be suppressed.
• The biggest challenge is that ceiling in gold watch industry is not high. It’s not easy to create new imagination space in a segmented market, which would affect valuation expansion.
• Due to the concerns on the future growth potential and profitability, we’e not optimistic about the outlook of Hipine. We think the valuation of Hipine could be lower than peers.

• At current valuation level, leading biotech listed in Hong Kong have generally “overdrawn” their performance for the next 1 to 3 years. So, it is time to consider taking profits.
• TransThera’s shares have been highly volatile following their inclusion in several innovative-drug ETFs. We analyzed the drivers behind this move. With valuation now diverging from fundamentals, we advise caution.
• The fluctuations of Duality’s shares were driven by the inclusion of HSCI. However, some funds chose to take profits at high stock prices, thus Duality is under pressure of correction.

• Vivani Medical has set Oct 8, 2025 as teh record date for its earlier announced spin-off of its neuromodulation subsidiary, Cortigent Inc.
• Vivani will retain its focus on its GLP-1 implant pipeline for metabolic disease. Investors get clean exposure to two very different growth narratives: neuromodulation (BCI) and drug implants.
• If executed properly, this spin-off could unlock meaningful valuation uplift particularly for Cortigent in a promising but under-served medtech space.

• Medcaptain Medical Technology (MMT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and Huatai International.
• Medcaptain Medical Technology is a global medical solution provider specializing in life support, minimally invasive intervention, and in vitro diagnostics. 
• Its products are widely used across hospitals, clinics, testing facilities, and home care scenarios, addressing the needs of critical care, surgery, and diagnostics.

• Dr Lal PathLabs Ltd (DLPL IN) started FY26 on a strong note, achieving double-digit improvement in all key parameters, mainly driven by volume resulting from expanding geographic presence.
• Steady secular rise in the number of tests as well as sample per patient is helping DLPL to deliver healthy top and bottom line growth, without indulging in price hike.
• For FY26, the company guided for 11–12% revenue growth (acceleration from 10.5% revenue growth in FY25) and expects FY26 EBITDA margin will be better than initial expectation of 27%.

Immix Biopharma has announced that its US-based NEXICART-2 trial, evaluating lead CAR-T asset NXC-201 in amyloid light chain amyloidosis (ALA), has surpassed the 50% enrolment milestone. The news provides affirmation that this key study is progressing to plan, in line with prior guided timelines. Enrolment will continue to be a strategic priority as management works toward a biologics licence application (BLA) submission, which we estimate will take place after the trial concludes in mid-2026. Should the clinical data continue to be supportive, NXC-201 could become the first CAR-T therapy for ALA, a debilitating condition that currently lacks durable treatment options.

Key points (machine generated)

• MDX Health projects $108-110 million in revenue for 2025, driven by its ConfirmMDx and GPS tests.
• The company anticipates achieving AEBITDA breakeven by 2Q25, following 16 consecutive quarters of over 20% growth.
• Despite strong performance, MDXH’s stock is undervalued at 1.3x sales, with CEO Michael McGarrity implementing strategies for improvement.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• The Oncology Institute, Inc. (TOI) is a prominent cancer care organization in the U.S. that served over 72,000 patients in 2024.
• TOI operates in 16 markets across 5 states, primarily California and Florida, managing care for about 1.9 million individuals through various treatment models.
• Revenue is generated from three segments: Patient Services (52%), Dispensary (46%), and Clinical Trials (2%), with a focus on patient health and cost management.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Genfleet raised HKD 1819m (USD 233m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, September 18th.
• 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.

• Butong Group is looking to raise up to US$100m in its upcoming Hong Kong IPO.
• Butong has been able to achieve strong topline momentum of 57% CAGR from FY22 to FY24, whilst expanding its margins. 
• We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

• Completion of China DIA-BURS recall removes major earnings overhang, with ¥1.2bn FY25 profit impact now fully reflected
• US growth accelerating through MST partnership targeting 10–30% share in ophthalmic knives
• Strong balance sheet with ¥17bn cash offers capacity for strategic investment & cash allocation under new Medium-Term Plan

• ArkBio, a China-based near commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. JPM and CITIC are the joint sponsors.
• In this note, we look at the company’s core products, AK0529 and AK3280.
• We also look at the company’s pre-IPO investors and management team.

• Ascentage Pharma (6855 HK) reported revenue of RMB 233M in 1H25, down 72%, largely because of high base effect, as the company had received considerable intellectual property payments in 1H24.
• In 1H25, the revenue from olverembatinib was RMB 217M (RMB 241M in 2024), up 93% YoY. The number of hospitals where olverembatinib is on formulary increased 47% to 295 hospitals.
• In July 2025, company’s second lead asset, Lisaftoclax was approved by NMPA for the treatment of adult patients with CLL/SLL. The company has begun the commercial sales of Lisaftoclax thereafter.

H125 saw Newron Pharmaceuticals make significant clinical headway with lead asset evenamide, culminating in the initiation of the first Phase III study, ENIGMA-TRS 1 (international study excluding the US; n=600), by period end. As of August, the first patients have been enroled (following a 42-day screening period) and the 12-week results are expected in Q426. The second study, ENIGMA-TRS 2 (international study including the US; n=400), is set to begin in October, the outcome of which will be key for US regulatory registration. Partner progress in Japan (with EA Pharma) triggered a milestone payment, which, together with the upfront consideration from Myung In Pharm (South Korea), lifted H125 licensing revenue to €7.8m (nil in H124). We expect period-end cash and equivalents of €43.2m to provide a runway into Q226 (accounting for debt repayments). Our valuation upgrades modestly to CHF407.8m or CHF20.4 per share (from CHF392.4m or CHF19.7 per share previously).

• Myungin Pharm’s IPO price has been confirmed at 58,000 won, which is at the high end of the IPO price range.
• A total of 2,028 domestic and foreign institutional investors participated in the IPO demand forecast. The demand ratio was 488.9 to 1.
• Our base case valuation of Myungin Pharm is market cap of 1.2 trillion won, and target price of 80,349 won per share, which is 39% higher than the IPO price.

• China has vigorously restricted the use of antibiotics. Even for novel antibiotics, they won’t replace old antibiotics completely considering higher price/the difficulty of changing prescription habits of existing clinical guidelines.
• The NMPA’s approval standards for new antibiotics are becoming increasingly strict. So, regulatory agencies’ evaluation of the true efficacy of TNP-2198 may lead to the delay in its market launch. 
• Post-Money valuation after Series E financing reached RMB2 billion. Valuation of TenNor could be lower than peers Zai Lab and Everest Medicines who already have commercialized products on the market.

• Shanghai Fosun Pharmaceutical (Group) (2196 HK) received marketing approval for Fovinaciclib, for the treatment of HR+, HER2-negative locally advanced or metastatic breast cancer, in combination with an aromatase inhibitor.
• In 1H25, Fosun Pharma reported revenue of RMB 19.4B, down 5% YoY. Revenue from innovative drugs achieved robust growth of 14% as it garnered RMB 4.3B in sales.
• Fovinaciclib with two approved indications would boost the innovative drugs domain and given the market opportunities of the drug, this can help to somewhat compensate for the VBA related loss.

• On September 12, 2025, Cocrystal Pharma, Inc. (COCP) announced a presentation on CDI-988 at the 9th International Calicivirus Conference.
• The presentation emphasized CDI-988’s favorable safety profile along with its high exposure in the small intestine.
• In addition, results from the Phase 1 trial were shared that included the fact no serious adverse events were reported.

• HealthEquity delivered solid financial performance for the second quarter of its fiscal year 2026, showcasing robust growth across multiple core metrics.
• The company saw revenues increase by 9% compared to the previous year.
• This growth was driven by a 15% rise in custodial revenues and an 8% increase in interchange revenues, despite a more modest 1% increase in service revenue.

• Ainos adds Topco to its list of industrial partners. Ainos has forged a distribution agreement with Taiwan’s Topco Scientific Co., recognized as a leading global semiconductor solutions provider.
• This is the fifth industrial partnership that Ainos has established in 2025, building on the ecosystem established by the ASE, ugo, Kenmec, and Solomon partnerships, with the scaling runway spanning semiconductor manufacturing, automation, smart manufacturing, and robotics.
• Topco brings scale to AI Nose in the chip industry. 

Percheron Therapeutics is an emerging immuno-oncology-focused biotech with a business case anchored on its recent in-licensing of HMBD-002, a Phase II-ready, potentially first-in-class anti-VISTA immune checkpoint inhibitor. HMBD-002’s prospects are underpinned by wide expression of VISTA on tumour cells and a mechanistically distinct IgG4 backbone, allowing for non-depleting VISTA inhibition, overcoming a key limitation of other IgG1 anti-VISTA antibodies. Supported by encouraging preclinical and Phase I data, management plans to commence Phase II trials in CY26, a key upcoming catalyst for a share price re-rating. We view Percheron as high-risk, high-reward, with potentially sizeable upside optionality from broad labelling potential. Cash reserves of A$10.2m should provide a runway into FY27. We initiate coverage with a valuation of A$66.7m or 6.1c/share.

• Butong Group (BUTONG HK) is looking to raise US$100m in its upcoming Hong Kong IPO.
• Butong has been able to achieve strong topline momentum of 57% CAGR from FY22 to FY24, whilst expanding its margins, and is on track to replicate that performance for FY25.
• In this note, we look at the company’s past performance.

Key points (machine generated)

• LNSR is analyzed under the ticker LNSRA as a merger arbitrage opportunity.
• The investment offers a favorable risk-reward scenario with a 14.5% deal spread and a viable contingent value right.
• LNSR’s stock price rose significantly before Alcon’s acquisition announcement, which was below its trading value.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Hanmi Pharm (128940 KS) recorded 6% YoY revenue growth in domestic business in 2Q25, on continued growth of Rosuzet and stable revenue from Amosartan and Esomezol family of drugs.
• The company has launched two new drugs in 2Q25. The company has co-launched Prolia biosimilar in Korea. Next-generation low dose triple antihypertensive, Amoprel has been launched in August.
• Hanmi Pharm is advancing HM17321, a first-in-class obesity therapy, into global Phase 1 trials. With the leadership dispute overhang removed, Hanmi Pharm seems to be on the path of revival.

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

Actinogen’s FY25 results highlighted the company’s progress in advancing its lead candidate, Xanamem, through its pivotal XanaMIA Phase IIb/III study in patients with biomarker-positive Alzheimer’s disease (AD). With the recruitment of the 100th patient in the study on 30 June, Actinogen remains on track to report a pre-planned interim efficacy (futility) analysis in early Q126. We expect a successful outcome would strengthen confidence in the AD programme. Financial results were in line with expectations and Actinogen reiterated that it remains funded into mid-late CY26. Our valuation is largely unchanged, at A$720.2m, or A$0.23/share.

• Key F3Q25 takeaways include: 1) ongoing retail outperformance can be tied to more potent economics, with Canna Cabana stores generated more than 2x the revenue per store average for peers, as well as best-in-class sales per square foot metrics 2) Cabana Club loyalty program memberships exceeded 2.15 million, up nearly 40% over the LTM, with 115,000+ recurring/high-margin revenue-generating ELITE members, up more 2x over the last year and 3) the company maintains ample liquidity and steady free cash flow to fund organic growth, with management guiding to the upper end of the prior 20-30 new store openings target for C2025 and reiterating the company’s long-term goal of operating 300+ locations across Canada.