Daily Brief Health Care: Acadia Healthcare Co, Ganzhou Hemay Pharmaceutical, Halozyme Therapeutics and more

In today’s briefing:

Acadia Healthcare’s Survival Strategy? Activist Investor Khrom Capital Pushes For Full-Scale Sale!
Pre-IPO Ganzhou Hemay Pharmaceutical – The Concerns on the Pipelines
Halozyme’s $900M Hypercon Bet: Will Elektrofi Redefine SubQ Drug Delivery?

Acadia Healthcare’s Survival Strategy? Activist Investor Khrom Capital Pushes For Full-Scale Sale!

Acadia Healthcare faces mounting pressure from Khrom Capital Management LLC, a 5.5% shareholder, which has launched an activist campaign urging the company to explore strategic alternatives, including a potential sale.
This comes amid prolonged underperformance, a burdensome debt profile, and investor dissatisfaction.
In a strongly worded letter to Acadia’s board, Khrom pointed to a 71% stock price decline over the past three years and echoed calls from another activist, Engine Capital, which recently took a 3% stake.

Mufemilast will face fierce competition and price reduction due to NRDL negotiation for related indications. For autoimmune disease drugs, overseas market space and ceiling are much higher than in China.
Hemay022’s market space is narrower than pan HER2 inhibitors and HER2 ADC. There is still uncertainty in efficacy/safety profile. Hemay022 will face challenges in terms of commercialization after market launch.
The current valuation logic for innovative drugs in China has changed. Without decent licensing cooperation, Hemay’s valuation will be discounted. Valuation of Hemay should be lower than peers.

In a bold strategic step, Halozyme Therapeutics announced its agreement to acquire Boston-based drug delivery innovator Elektrofi for $750 million in cash, with up to $150 million more in milestone payments tied to three product approvals.
The acquisition is expected to close in Q4 2025 and is being financed through a mix of cash reserves and debt, raising Halozyme’s net leverage to approximately 2x net debt-to-EBITDA.
The move complements Halozyme’s existing ENHANZE platform with Elektrofi’s Hypercon technology, which enables ultra-high biologic concentrations of 400–500 mg/mL—4–5x above current industry norms—allowing for subcutaneous administration of large-molecule drugs in smaller volumes.

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