Daily Brief Health Care: Atom Therapeutics, Molbio Diagnostics Limited, Nektar Therapeutics, Alnylam Pharmaceuticals, BillionToOne, Nanjing Leads Biolabs, Sonova Holding , Fusion Antibodies , Gossamer Bio Inc, LTR Pharma and more

• Atom Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC is the sole sponsor.
• In this note, we look at the company’s core product, ABP-671.
• We also look at the company’s pre-IPO investors and management team.

• Molbio Diagnostics Limited (1788863D IN) is looking to raise US$229m in its upcoming India IPO.
• Molbio Diagnostics is a healthcare technology company specializing in point-of-care molecular diagnostics. Its flagship product, Truenat, is a portable, battery-operated PCR testing system used for the rapid detection of infection.
• In this note, we look at the company’s past performance.

• Nektar Therapeutics is back in Wall Street’s spotlight after reports and social media speculation suggested that pharmaceutical heavyweight Eli Lilly may be exploring a potential acquisition of the biotech company.
• Shares surged roughly 8% following the chatter, extending a 294% year-to-date rally that has lifted its market capitalization to over $1 billion.
• The speculation arrives at a pivotal time for Nektar, whose lead candidate, rezpegaldesleukin (REZPEG), has produced promising results in moderate to severe atopic dermatitis and is advancing toward Phase III readiness by early 2026.

• Alnylam Pharmaceuticals (ALNY US), Monolithic Power Systems (MPWR US) and Seagate Technology Holdings (STX US) are the top 3 addition candidates with ALNY at the top.
• GLOBALFOUNDRIES (GFS US), CDW Corp (CDW US) and Biogen (BIIB US) are the top 3 deletion candidates with GFS at the bottom.
• Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.

• BillionToOne (BLLN US) set terms for its IPO on October 17th by offering 3.846 million shares at $49-$55 and to debut on November 6th.
• The underwriters have reserved up to 5% of the shares of Class A common stock through a directed share program. 
• There is a lot to like about this company including the explosive revenue growth and the narrowing losses.

• Nanjing Leads Biolabs (NLB HK) entered into an exclusive global license agreement with Dianthus Therapeutics to jointly advance LBL-047, a first and potentially best-in-class pre-clinical asset.
• Leads Biolabs will receive upfront and potential near-term milestone payments up to $38M and an additional $962M in total development and regulatory approval milestones and sales-based milestones across multiple indications.
• Promising autoimmune drug candidate and sufficient cash runway make Dianthus a suitable outlicensing partner for Leads Biolabs. Since LBL-047 is a pre-clinical asset, the upfront payment seems competitive. 

• Sonova is a global leader in the hearing care market, well-positioned to capitalize on favorable long-term demographic trends, including an aging population and increasing awareness of hearing loss solutions.
• The company’s innovation in hearing aid technology, particularly in areas like artificial intelligence and connectivity, provides a key competitive advantage and drives market share gains.
• While facing challenges from currency fluctuations and evolving regulatory landscapes, Sonova’s strong brand portfolio and broad distribution network support a resilient business model with a positive long-term outlook.

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• The technology-driven modular housing Company provided an operational market update outlining its geographic expansion strategy and technology roll-out.
• The Company has completed the computerisation and integration of the entire modular housing production process, creating fully automated, high-precision housing manufacturing platforms.
• At the heart of the system is the Company’s proprietary Vertical Panel Casting Machine combined with Glass Fibre Reinforced Gypsum wall technology, a blend of advanced materials science, precision automation, and architectural flexibility. 

• Gossamer Bio is a clinical-stage biopharmaceutical company whose value is almost entirely dependent on its lead drug candidate, seralutinib, for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).
• The pivotal Phase 3 PROSERA trial for seralutinib in PAH has completed enrollment, with topline data expected in February 2026. This is the single most significant catalyst for the company.
• Financially, the company operates at a net loss, burning cash to fund R&D. However, its current cash reserves are expected to fund operations into the first half of 2027, beyond the anticipated PROSERA data readout.

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LTR Pharma is a clinical- and commercial-stage pharmaceutical company pioneering intranasal drug delivery with lead product SPONTAN, a first-in-class nasal spray for erectile dysfunction (ED). LTR has achieved compelling clinical validation, with SPONTAN demonstrating 470% faster absorption compared to oral PDE5 inhibitors such as vardenafil (Levitra) and sildenafil (Viagra), reaching peak concentration in c 12 minutes versus 56 minutes for the more traditional oral tablets. With early access having commenced in Australia and its FDA regulatory pathway progressing, LTR is expanding the application of its intranasal platform. Strategic diversifications into ROXUS (US personalised medicine) and OROFLOW (oesophageal motility disorders) position LTR to capture further value across multiple billion-dollar markets. Management estimates that its end-FY25 cash position (A$31.8m) should provide a runway through FY26.