Daily Brief Health Care: Amvis Holdings Inc, Sinopharm Group Co Ltd H, OSE Immuno and more

• Several days ago I published a piece showing the data for TOPIX flows for April month-end.
• This is an update reflecting new data companies have reported to regulators, one large correction to a data provider’s data, and one Very Large Flow.
• I believe that the revised data is more accurate. And there is more flow. With a spreadsheet attached. 

• Sinopharm Group Co Ltd H (1099 HK) reported YoY and sequential growth in revenue and net profit in 4Q23. However, outlook for the sector remains bleak in near-term.
• Last year, Sinopharm’s distribution business was impacted by anti-corruption campaign. The momentum of the campaign continues in this year also. This lowers conviction toward improving performance in 1H24 at least.
• Despite of mid-single digit revenue growth, Sinopharm’s margin remains stagnant or is declining. Sinopharm still earns more than 70% revenue from low margin earning pharmaceutical distribution business.

Despite the challenging macroeconomic environment, OSE announced an encouraging funding win with the receipt of €8.4m in non-dilutive public funding from Bpifrance (a French public sector financing institution). Proceeds will be directed to support the upcoming registrational Phase III study of lead asset Tedopi, in second-line treatment in HLA-A2 positive non-small cell lung cancer (NSCLC) patients with secondary (acquired) resistance to anti-PD-(L)1 immunotherapy. This announcement follows the company’s $713m deal with AbbVie, reported in February, for preclinical asset OSE-230 (in chronic inflammation). Bpifrance in Q223 had granted €1.5m in non-dilutive funding to support the development of a companion diagnostic screening test to help identify HLA-A2 positive NSCLC patients, who have a higher likelihood of responding to Tedopi.