Daily Brief Health Care: Blue Jet Healthcare Ltd, Intellect Co Pte Ltd, Oryzon Genomics, Akeso Biopharma Inc and more

• Blue Jet Healthcare Ltd (BJHC IN)  is looking to raise about US$300m in its upcoming India IPO.
• Blue Jet Healthcare (BJH) is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted toward innovator pharmaceutical companies and multinational generic pharmaceutical companies. 
• In this note, we look at the company’s past performance.

• Intellect, a mental health startup based in Singapore, has raised a strategic funding round from IHH Healthcare.
• As part of this round, IHH will work with Intellect to develop digital mental health programs for the group’s patients, corporate clients, and staff.
• Intellect says it has already started rolling out services to Gleneagles Hospital Singapore, which is part of IHH’s network of 82 hospitals in 10 countries.

Oryzon Genomics has announced it has enrolled the first patient in its Phase Ib FRIDA study investigating iadademstat in combination with Astellas’ FDA-approved FLT3 inhibitor gilteritinib to treat FLT3+ relapsed/refractory (r/r) acute myeloid leukaemia (AML) patients. The FRIDA study is central to Oryzon’s overall strategy as management believes the second-line AML setting may represent a potentially quicker route to market for iadademstat, targeting an AML patient population with limited and sub-optimal treatment options. FRIDA will recruit up to 45 patients across 10–15 trial sites in the United States and, in our view, its initiation marks a significant clinical milestone for the company.

• Akeso reported C2H22 total sales, net revenue 41% and 67% above our estimates. Non-IFRS operating loss, however, was in-line with our estimate, thanks to higher OPEX; 
• Given Summit’s US$500mn upfront and up to US$5bn upfront payment for Ivonescimab (PD-1/VEGF) (AK112), we now forecast Akeso to achieve non-IFRS breakeven in C1H23 and all subsequent years;
• We raise TP by 18% to HK$59 and maintain BUY.