Daily Brief Health Care: Butong Group, LENSAR , Hanmi Pharm, Pharma-Bio Serv , Actinogen Medical, High Tide and more

• Butong Group (BUTONG HK) is looking to raise US$100m in its upcoming Hong Kong IPO.
• Butong has been able to achieve strong topline momentum of 57% CAGR from FY22 to FY24, whilst expanding its margins, and is on track to replicate that performance for FY25.
• In this note, we look at the company’s past performance.

Key points (machine generated)

• LNSR is analyzed under the ticker LNSRA as a merger arbitrage opportunity.
• The investment offers a favorable risk-reward scenario with a 14.5% deal spread and a viable contingent value right.
• LNSR’s stock price rose significantly before Alcon’s acquisition announcement, which was below its trading value.

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• Hanmi Pharm (128940 KS) recorded 6% YoY revenue growth in domestic business in 2Q25, on continued growth of Rosuzet and stable revenue from Amosartan and Esomezol family of drugs.
• The company has launched two new drugs in 2Q25. The company has co-launched Prolia biosimilar in Korea. Next-generation low dose triple antihypertensive, Amoprel has been launched in August.
• Hanmi Pharm is advancing HM17321, a first-in-class obesity therapy, into global Phase 1 trials. With the leadership dispute overhang removed, Hanmi Pharm seems to be on the path of revival.

• Pharma-Bio Serv(PBSV) Company Sponsored Research Report

Actinogen’s FY25 results highlighted the company’s progress in advancing its lead candidate, Xanamem, through its pivotal XanaMIA Phase IIb/III study in patients with biomarker-positive Alzheimer’s disease (AD). With the recruitment of the 100th patient in the study on 30 June, Actinogen remains on track to report a pre-planned interim efficacy (futility) analysis in early Q126. We expect a successful outcome would strengthen confidence in the AD programme. Financial results were in line with expectations and Actinogen reiterated that it remains funded into mid-late CY26. Our valuation is largely unchanged, at A$720.2m, or A$0.23/share.

• Key F3Q25 takeaways include: 1) ongoing retail outperformance can be tied to more potent economics, with Canna Cabana stores generated more than 2x the revenue per store average for peers, as well as best-in-class sales per square foot metrics 2) Cabana Club loyalty program memberships exceeded 2.15 million, up nearly 40% over the LTM, with 115,000+ recurring/high-margin revenue-generating ELITE members, up more 2x over the last year and 3) the company maintains ample liquidity and steady free cash flow to fund organic growth, with management guiding to the upper end of the prior 20-30 new store openings target for C2025 and reiterating the company’s long-term goal of operating 300+ locations across Canada.