In today’s briefing:
- Daiichi Sankyo Placement – Momentum Is Weak but the Deal Is Small
- Hengrui (恒瑞医药) A/H Listing: A Worthy Comparison with Hansoh Pharma
- Kestra Medical Technologies, Ltd (KMTS): Peeking at the Prospectus of the Next Medical Device IPO
- Veeda Clinical Research Ltd Pre-IPO Tearsheet
- Natco Pharma Q3 FY25 Earnings Analysis: 20% Lower Circuit Post Result
- Nektar Therapeutics: Potential Blockbuster Drug and Mispricing Amidst Re-Analyzed Data and Legal Dispute with Lilly
- Cybin, Inc.: A Cash Flow Analysis
- Canbas Co Ltd (4575 JP): 1H FY06/25 flash update
- Aethlon Medical Inc – The company expects to conduct a capital raise that
- NLS Pharmaceutics (NLSP) Core Investment Case 13022025
Daiichi Sankyo Placement – Momentum Is Weak but the Deal Is Small
- Mizuho Bank is looking to raise US$151m from selling some of its stake in Daiichi Sankyo (4568 JP).
- While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Hengrui (恒瑞医药) A/H Listing: A Worthy Comparison with Hansoh Pharma
- Jiangsu Hengrui Medicine (600276 CH) a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.
- Given its similarity to Hong Kong-listed Hansoh Pharma, we think it is worth a comparison between the two.
- Both companies are decent biopharma players and are trading at a premium to other pharmaceutical company peers. Upon comparison, we think Hengrui’s H should be at a premium to Hansoh.
Kestra Medical Technologies, Ltd (KMTS): Peeking at the Prospectus of the Next Medical Device IPO
- They are a commercial-stage, wearable medical device and digital healthcare company focused on transforming patient outcomes in cardiovascular disease.
- As of January 31, 2025, the ASSURE WCD is actively being prescribed by more than 550 hospitals and has been worn by over 17,000 patients.
- We anticipate this company to set terms (share size, price range) and debut in the last week of February or the first week of March.
Veeda Clinical Research Ltd Pre-IPO Tearsheet
- Veeda Clinical Research Ltd (3340714Z IN) (VCRL) is looking to raise about US$115m in its upcoming India IPO. The bookrunners for the deal are Axis, CLSA, IIFL, SBI.
- VCRL is a global contract research organization offering comprehensive drug development services, including non-clinical, pre-clinical, clinical trials, and studies across diverse drug types like generics, biosimilars, and medical devices.
- The company operates in key global markets, including North America, Europe, and Asia, with a presence in India.
Natco Pharma Q3 FY25 Earnings Analysis: 20% Lower Circuit Post Result
- There will be significant drop in revenue in FY26 due to the loss of exclusivity of the key product, but company is looking for acquisition & doing R&D.
- Natco is focusing on launching the oral version of Semaglutide in the Indian market and is awaiting regulatory approvals for clinical trials.
- Primary reason of fall in revenue was the absence of sales from a key product.
Nektar Therapeutics: Potential Blockbuster Drug and Mispricing Amidst Re-Analyzed Data and Legal Dispute with Lilly
- Nektar Therapeutics trades at 50% of its cash, with potential upside from its atopic dermatitis treatment and Dapirolizumab royalties.
- Rezpegaldesleukin’s re-analyzed EASI75 delta is 21%, potentially increasing to 43% due to data anomalies.
- NKTR’s litigation against Eli Lilly for data misanalysis could result in substantial compensation if settled.
Cybin, Inc.: A Cash Flow Analysis
- 3QFY25 earnings release. The most important pieces of information from the earnings release of a late clinical-stage biotech company like Cybin (NYSE: CYBN) are principally updates on upcoming clinical milestones and the state of its balance sheet.
- On this basis, we highlight the key takeaways from Cybin’s 3QFY25 earnings report that was released this week.
- Milestones update. The release hinted at slight timeline slippages in upcoming milestones, which can be considered the normal course of business in the clinical research world.
Canbas Co Ltd (4575 JP): 1H FY06/25 flash update
- CanBas reported no operating revenue and a net loss of JPY480mn, with R&D expenses increasing by 33.9% YoY.
- Total assets rose by JPY699mn due to stock acquisition rights exercise, increasing cash and deposits by JPY973mn.
- Phase 3 clinical trial preparation in Europe for CBP501 is ongoing, with anticipated costs of approximately JPY5.5bn.
Aethlon Medical Inc – The company expects to conduct a capital raise that
- The company expects to conduct a capital raise that, along with the expected (and recent) exercise of outstanding warrants, could extend its cash runway significantly.
- Additionally, AEMD has made cost reductions and also stands to benefit from the up to 43.5% cash tax rebate on clinical trial-related R&D costs in Australia and lower costs of conducting clinical trials in India.
- Separately, while the company’s near-term focus is on assessing the Hemopurifier as a potential treatment for oncology, longer-term AEMD continues to view the device as a potential tool in the treatment of viruses, organ transplants and other medical areas.
NLS Pharmaceutics (NLSP) Core Investment Case 13022025
- NLS Pharmaceutics (NLSP:NasdaqCM) is a clinical-stage Swiss foreign issuer biotech advancing the Dual Orexin Receptor Agonist (DOXA) platform, a next-generation approach to treating neurological, neurodegenerative (NDD), and metabolic disorders.
- The DOXA platform is designed to restore orexin signaling and modulate neuroinflammatory pathways, offering a possible market leading approach to sleep-wake disorders, ALS, and other NDDs. The DOXA platform presents a high-value opportunity for breakthrough therapies, in CNS, immune dysregulation and metabolic medicine.
- Following shareholder approval and SEC sign off for the merger with KDST, NLSP will divest Mazindol and other assets, to focus on the DOXA pipeline.
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