In today’s briefing:
- HKBN (1310 HK): Response Doc Out. IFA Says Fair
- China Healthcare Weekly (Aug.10)-Trump Plans Drug Tariff, Biosimilar VBP, BeiGene’s Headwind in 25Q2
HKBN (1310 HK): Response Doc Out. IFA Says Fair
- After a protracted period towards securing the necessary regulatory approvals, this transaction has since accelerated.
- Just two days after the Offer Doc was issued, the Response Doc has now been dispatched.
- The IFA (Somerley) says China Mobile (941 HK)‘s terms are fair & reasonable. The First Close is the 3rd September. Expect the Offer to turn unconditional before that date.
China Healthcare Weekly (Aug.10)-Trump Plans Drug Tariff, Biosimilar VBP, BeiGene’s Headwind in 25Q2
- Trump threatened to levy tariffs on pharmaceuticals, but the BD model of Chinese innovative drugs will be less affected, because the essence is licensing-out model, not physical drug exports.
- The long-awaited national VBP of biosimilar drugs has moved from policy incubation period to substantive operation stage, which is expected to change the market structure after big price reduction.
- BeiGene’s 25Q2 results beat expectations. Reasonable market value is about US$40-42.4 billion. However, the market is reluctant to offer higher valuation due to the concerns on the outlook of BeiGene.
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