In today’s briefing:
- IPO Review – Anthem Biosciences – Pioneering Pharma CRDMO with Advanced Capabilities – Fairly Priced
- DexCom Eyes Explosive Growth with Game-Changing Type 2 Strategy—Is This Its Biggest Pivot Yet?
- Korea Small Cap Gem #40: Meta Biomed (#1 Player Globally in Root Canal Filling Materials)
- Evotec SE: These Are The 4 Biggest Factors Making It An Attractive Acquisition Target!
- ZimVie Inc. Up For Sale But Can It Get Acquired?
IPO Review – Anthem Biosciences – Pioneering Pharma CRDMO with Advanced Capabilities – Fairly Priced
- Anthem is a CRDMO platform with 5 main modalities (RNAi, ADC, peptides, lipids and oligonucleotides) and 4 manufacturing capabilities (custom synthesis, flow chemistry, fermentation and biotransformation).
- With its aggressive focus on emerging biotech; industry tailwinds, upcoming capacities in fermentation and CSM; they are positioned for 20+% revenue growth and industry leading operating margins of 35+%.
- We estimate FY26 EPS of INR 9-11, implying IPO multiple of 50-62x earnings. Truenorth and Portsmouth holding 3.9% and 2.7% post-IPO creates a technical overhang.
DexCom Eyes Explosive Growth with Game-Changing Type 2 Strategy—Is This Its Biggest Pivot Yet?
- DexCom’s latest earnings and strategy pivot have reignited investor attention as the company recalibrates its focus on the vast, underpenetrated Type 2 diabetes market.
- After suffering a 41% stock drop in July 2024 due to poor execution in its transition away from its traditional Type 1 diabetes stronghold, the company now appears to be correcting course—not by retreating, but by accelerating into the same direction with more refined tactics.
- The first quarter of 2025 showed encouraging signs, including record-breaking new patient additions, expanded insurance coverage from all three major PBMs for non-insulin-dependent patients, and the introduction of Stelo, DexCom’s first over-the-counter CGM.
Korea Small Cap Gem #40: Meta Biomed (#1 Player Globally in Root Canal Filling Materials)
- Meta Biomed is the number one player in the world for root canal filling materials. It also produces other dental products, including bio-absorbable sutures and cosmetic medical products.
- Six major reasons why we like Meta Biomed include number one player for root canal filling materials, solid sales growth, strong export growth, improving ROE and operating margins, and valuations.
- We are introducing a new section (Major Factors of Business Operations and Valuations) for all our Korea Small Cap Gem Series from now on (see below).
Evotec SE: These Are The 4 Biggest Factors Making It An Attractive Acquisition Target!
- Evotec SE has provided a comprehensive overview of their financial and operational status for Q1 2024, reflecting mixed results influenced by the current market environment.
- The report reveals a slight revenue decrease of 2% year-over-year, totaling EUR 208.8 million, attributed to a 23% decline in the Shared R&D business, overshadowed by notable advances in the Just – Evotec Biologics segment, which reported a 400% revenue increase compared to Q1 2023.
- This growth primarily stems from collaborations like those with Sandoz and Department of Defense.
ZimVie Inc. Up For Sale But Can It Get Acquired?
- ZimVie has recently shifted its strategic focus and has shown committed actions towards becoming a streamlined organization dedicated to the dental industry.
- With the sales of its spine business yielding $375 million, including $350 million in cash and a $60 million promissary note, ZimVie has embarked on a course of debt reduction and refocusing.
- It’s notable that ZimVie used part of the sales proceeds to pay down $275 million of its existing liabilities.
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