In today’s briefing:
- BillionToOne, Inc (BLLN): Peeking at the IPO Prospectus of a Precision Diagnostics Company
- Evommune Inc. (EVMN): Peeking at the IPO Prospectus of a Chronic Inflammatory Biotech Company
- Merit Medical Just Acquired CryoBalloon—Here’s What Wall Street Missed!
- BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy
- (Mostly) Asia-Pac M&A: Mandarin Oriental, RPMGlobal, Genting, Mayne Pharma, Iress, Kangji Medical
BillionToOne, Inc (BLLN): Peeking at the IPO Prospectus of a Precision Diagnostics Company
- Their revolutionary single molecule NGS (smNGS) platform achieves what was once thought impossible – detecting and precisely quantifying genetic targets with single-molecule sensitivity.
- For the year ended December 31, 2024, they generated revenue of $152.6 million, representing 113% year-over-year growth, with a gross margin of 53% and net loss of $41.6 million.
- BillionToOne has raised nearly $400 million in equity funding prior to its IPO, complemented by debt financing, and continues to innovate within prenatal, oncology, and rare disease testing markets.
Evommune Inc. (EVMN): Peeking at the IPO Prospectus of a Chronic Inflammatory Biotech Company
- Evommune is a clinical-stage biotechnology company focused on developing therapies for chronic inflammatory diseases.
- Their most advanced clinical-stage product candidate, EVO756, is a potent and highly selective oral small molecule antagonist of MRGPRX2, a receptor predominantly found on mast cells and peripheral sensory neurons.
- The company is backed by many well-known sector dedicated investors including RA Capital.
Merit Medical Just Acquired CryoBalloon—Here’s What Wall Street Missed!
- Merit Medical Systems has made headlines with its definitive agreement to acquire the C2 CryoBalloon technology from Pentax for $22 million—$19 million in upfront cash and up to $3 million in milestone-based contingent payments.
- This move, expected to close in Q4 2025, marks a strategic push by Merit into the gastrointestinal (GI) endoscopy space, targeting patients with Barrett’s esophagus and other GI disorders.
- This asset purchase follows a broader industry trend of tuck-in acquisitions aimed at boosting specialty portfolios while maintaining capital discipline.
BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy
- BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.
- The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.
- BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.
(Mostly) Asia-Pac M&A: Mandarin Oriental, RPMGlobal, Genting, Mayne Pharma, Iress, Kangji Medical
- I tally 43 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
- Three new deal was discussed on Smartkarma this week: Mandarin Oriental International (MAND SP), RPMGlobal Holdings Limited (RUL AU) and Genting Malaysia (GENM MK).
- Key updates/news took place on: Mayne Pharma (MYX AU), Iress Ltd (IRE AU), and Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK).
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