In today’s briefing:
- Ascentage Pharma Top-Up Placement – Past Deals Didn’t Done Well, Stock up a Lot but Sector Is Strong
- Anthem Biosciences IPO – Thoughts on Peer Comp and Valuation
- Anthem BioSciences IPO Analysis ~ The Fastest-Growing Indian CRDMO
- UnitedHealth Group’s Bold Healthcare Transformation—Is This The Future of Affordable Medicine?
- Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding
- Treasure Chest: CSL Not A One-Trick Pony
- Astellas Pharma (4503 JP): Izervay on Strong Footing, Strategic Brands Key for Future
- Glenmark’s R&D Leap: How a Large Biotech Liscensing Deal with AbbVie Could Change Its Fortune
- NanoViricides Inc –
- Cybin, Inc: Not All Psychedelic Treatments for Depression Are Created Equal
Ascentage Pharma Top-Up Placement – Past Deals Didn’t Done Well, Stock up a Lot but Sector Is Strong
- Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement.
- The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Anthem Biosciences IPO – Thoughts on Peer Comp and Valuation
- Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
- Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.
Anthem BioSciences IPO Analysis ~ The Fastest-Growing Indian CRDMO
- Anthem Biosciences (1234D IN) is launching a 3,395 crore IPO via a complete OFS, with a price band of INR 540–570 per share, open from July 14 to July 16.
- Company is a fully integrated CRDMO with capabilities across drug discovery, development, and manufacturing for both small molecules and biologics, serving 550+ customers globally.
- The company is undertaking a major capacity expansion, set to make its fermentation capacity over 6x larger than the second-largest Indian CRDMO player post-expansion.
UnitedHealth Group’s Bold Healthcare Transformation—Is This The Future of Affordable Medicine?
- UnitedHealth Group’s first quarter 2025 results reveal a number of positive developments alongside several challenges that have led to a downward revision of the company’s adjusted earnings per share outlook.
- The company now expects an adjusted earnings per share range of $26 to $26.50, down from previous estimates, partly attributed to higher-than-expected care activity within its Medicare Advantage business and changes in member profiles impacting revenue at Optum Health.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding
- Strong Revenue Momentum and Profitability:Anthem Biosciences (1234D IN) achieved INR 18.4bn in revenue in FY25, growing 25% CAGR over FY20–FY25,with industry-leading EBITDA margins of 36.8% and PAT margin of 23.4%
- Unique Dual Capability in Biologics and Small Molecules:Among the few Indian CRDMOs with end-to-end capabilities across both small and large molecules, and technology-driven portfolio including ADCs, RNAi, peptides, and oligonucleotides
- Peer-Leading Returns and Robust Pipeline: Anthem boasts the highest ROCE (26.9%) among Indian peers, with significant IP-backed revenue streams and global molecule commercialization. It is a BUY for long term.
Treasure Chest: CSL Not A One-Trick Pony
- FNArena’s Treasure Chest reports on money making ideas from stockbrokers and other experts.
- Today’s idea is on CSL
Astellas Pharma (4503 JP): Izervay on Strong Footing, Strategic Brands Key for Future
- Astellas Pharma (4503 JP) announced that in Q1FY26 the sales of their drug Izervay (avacincaptad pegol intravitreal solution) in the U.S. market will be ¥15.9B (~$110M, up 25% YoY).
- Strategic brands (Padcev, Izervay, Veozah, Vyloy, and Xospata) revenue expanded to ¥336B (+¥176B or +110% YoY) in FY25, representing 18% of the total revenue.
- Astellas agreement with Evopoint Biosciences for a novel investigational clinical-stage antibody-drug conjugate (ADC) targeting CLDN18.2, will help expand its pipeline and augurs well given its expertise in similar therapies (Vyloy).
Glenmark’s R&D Leap: How a Large Biotech Liscensing Deal with AbbVie Could Change Its Fortune
- Glenmark Pharmaceuticals (GNP IN) signed the world’s fourth-largest biotech licensing deal by upfront value, receiving $700 million from AbbVie for its cancer drug ISB 2001.
- The agreement grants AbbVie global rights for key markets while Glenmark retains Emerging Market access, unlocking $1.9 billion in total potential proceeds.
- This transforms Glenmark into a net-cash company, funds IGI’s R&D pipeline, delays IPO needs, and positions India as a serious biotech innovation hub.
NanoViricides Inc –
- Zacks Small-Cap Research Note for NanoViricides, Inc. (NNVC)
Cybin, Inc: Not All Psychedelic Treatments for Depression Are Created Equal
- Compass Pathways’ Phase 3 COMP360 study readout lays down its first marker.
- Compass Pathways’ (NASDAQ:CMPS) much anticipated top-line Part A readout of its COMP005 pivotal two-arm trial for its lead psilocybin-based monotherapy candidate for treatment-resistant depression (TRD), COMP360, has produced a statistically significant (p-value of <0.001) and clinically meaningful -3.6 mean difference in the MADRS scale comparing a one-time administered 25mg dose of COMP360 with placebo at six weeks in a 258-participant study.
- Based on a statement from the independent Data and Safety Monitoring Board (DSMB), the Part A study resulted in no new or unexpected safety findings.
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