Daily Brief Australia: Alcidion, D3 Energy, Percheron Therapeutics and more

• Broadwood Partners opposes Alcon’s $28/share offer for STAAR, citing opportunistic timing and a flawed sale process.
• Alcon seeks STAAR to fill a portfolio gap in phakic intraocular lenses, potentially enhancing US market penetration.
• STAAR’s China sales decline attributed to inventory issues, with management predicting recovery by H2 2025.

• D3 Energy Limited (ASX:D3E) represents a compelling investment case leveraged play on natural gas and helium projects in South Africa.
• The association of natural gas with globally significant helium concentrations gives the company a material point of differentiation compared to its listed upstream peers.
• D3E has delivered significantly positive results through its first stage drilling and testing activity supporting an independent certification of initial reserves and resources underpinning a Production Right Area (PRA) application that could see the company at a project sanction stage by end-2026.

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.