Daily Brief Health Care: Biogen Inc, D.Western Therapeutics Institute Inc., InxMed, Eisai Co Ltd, Organigram Holdings and more

• Biogen Inc. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator specializing in macrocyclic peptides.
• This move signals Biogen’s intensified push into the immunology space, a significant pivot from its traditional focus on neuroscience.
• The deal gives Biogen early access to a platform designed to develop oral treatments for autoimmune and inflammatory conditions—categories currently dominated by injectable therapies.

• SIR believes DWTI has entered an exciting new phase given significant advances in pipeline development achieved over the last year.
• Key advances included: 1) publishing favorable topline results of in-house developed glaucoma treatment [H- 1337] Phase IIb US trials (strong prospects as “first choice as a second-line drug”)
• 2) commenced joint development Japan Phase II clinical trials of regenerative cell therapy [DWR-2206] with ActualEyes, and successfully completed all transplants

• FAK inhibitors’ R&D is not smooth.The breakthrough in FAK clinical protocol lies in the possibility of finding new application scenarios, such as the potential for combination with various anticancer drugs.
• If ifebemtinib can be successfully approved for 2-3 core indications (e.g. PROC, NSCLC) and enter medical insurance smoothly, its sales peak in the China market may reach RMB2-3 billion.
• Post-Money valuation after Series C Financing was USD306 million. The issuance valuation of InxMed may be given a certain premium on top of Series C valuation, such as US$350-500 million.

• Eisai Co Ltd (4523 JP) recorded153% YoY revenue growth to ¥41B for Leqembi during H1FY26, driven by significant growth in Japan (+177% YoY) and Americas (+84% YoY).
• For FY26, Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY.  H1FY26 Leqembi revenue represents progress rate of more than 50%, thereby raising conviction of meeting full-year guidance.
• Recent clinical trial setbacks suffered by two large players, Johnson & Johnson and Novo Nordisk should act in favor of Leqembi.  

• Organigram is a leading Canadian licensed cannabis producer well-positioned to capitalize on the growing legal cannabis market, with a strong focus on product innovation and expanding its international footprint.
• The company has demonstrated significant revenue growth and has a strategic partnership with British American Tobacco (BAT), providing substantial capital for research and development and global expansion efforts.
• Despite a challenging Canadian market characterized by intense competition and price compression, Organigram’s focus on operational efficiency and cost management is driving it towards sustained profitability.

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