In today’s briefing:
- Quiddity Leaderboard Hang Seng Biotech Sep25: Three Changes Likely + One Intra-Review Change
- Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted
- Sai Life Sciences IPO Lockup – US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake
- WTR Biotech Spotlight Podcast Recap Apimeds Pharmaceuticals US, Inc. (APUS)
- Sumitomo Pharma (4506 JP): Positive Momentum Persists, New Agreements Adds Steam
- Divi’s Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue
- CellSource (4880 JP): 1H FY10/25 flash update
- Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S.
Quiddity Leaderboard Hang Seng Biotech Sep25: Three Changes Likely + One Intra-Review Change
- The Hang Seng Biotech index (HSHKBIO) represents the 50 largest biotech companies listed in Hong Kong (HKEX).
- In this insight, we take a look at the potential index changes and the resultant capping flows for the HSHKBIO index rebal event in September 2025.
- Based on the latest data, we see three ADDs and three DELs.
Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted
- Everest Medicines (1952 HK) aims to raise around US$150m in a secondary sell-down of shares conducted by CBC Group.
- This comes on the heels of a similar secondary sell down in Jan 2025, whereby CBC sold ~US$100m worth of stock, priced at a 10% discount.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
Sai Life Sciences IPO Lockup – US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake
- SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
- Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
- In this note, we will talk about the lockup dynamics and possible placement.
WTR Biotech Spotlight Podcast Recap Apimeds Pharmaceuticals US, Inc. (APUS)
- Apimeds US is a clinical-stage biopharma company that is developing an intradermal bee venom-based toxin, Apitox, for pain associated with inflammatory conditions, including knee OA and multiple sclerosis (MS), for the US market.
- Apitox is licensed from Apimeds, Inc. in South Korea (Apimeds Korea), where the therapy has Korean approval as Apitoxin for treatment of OA.
- Honeybee venom has anti-inflammatory and analgesic properties.
Sumitomo Pharma (4506 JP): Positive Momentum Persists, New Agreements Adds Steam
- Sumitomo Pharma (4506 JP) and Knight Therapeutics (GUD CN) entered into exclusive license and supply agreements to commercialize Myfembree, Orgovyx, and vibegron in Canada.
- Sumitomo Pharma and Novo Nordisk A/S (NOVOB DC) have entered into a co-promotion agreement in Japan for Ozempic subcutaneous injection.
- Streamlining efforts and scouting for new revenue streams augurs well. Sumitomo stock remains in contention, up 27% in last 5 days.
Divi’s Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue
- Divi’s Laboratories (DIVI IN) ended FY25 on a strong note. Continued momentum in CS business, recovery in generic business, and significant margin improvement are the key highlights of Q4FY25 result.
- Divi’s is witnessing sustained momentum in CS, with a healthy uptick in RFPs and regular site visits. Favorable product mix, stable raw material, and logistics prices will improve overall margin.
- Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably with less than 2% revenue CAGR over the last three years.
CellSource (4880 JP): 1H FY10/25 flash update
- Revenue decreased by 18.3% YoY, with operating profit down 93.9% YoY, and net income down 96.3% YoY.
- Contract processing orders totaled 10,303, declining 8.5% YoY, impacting revenue from contract processing services by 10.6% YoY.
- SG&A expenses decreased by 12.2% YoY, with a gross profit margin decline of 7.9pp to 56.1%, raising the SG&A-to-revenue ratio.
Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S.
- Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S. but no treatment has proven effective yet.
- Aethlon collaborated with the UCSF Medical Center Long COVID clinic to evaluate plasma samples from participants with Long COVID symptoms & examine whether they could benefit from the Hemopurifier.
- We estimate, given the company’s focus on controlling costs, that expense associated with this effort was de minimis.
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