In today’s briefing:
- Dr Agarwal’s Healthcare IPO – RHP Updates & Quick Thoughts on Peer Comp and Valuation
- Hyphens Pharma (HYP SP): ASEAN’S Leading Specialty Pharma Company
- Beta Bionic Inc (BBNX): Bullish IPO Roadshow Moves Underwriters to Amend Offering Size and Range
- GRAIL: Significant Sales Growth of Galleri Test and The Increase in 2025 Revenue Guidance
- S&P 500 Testing Prior Breakout Level; Market Dynamics Remain Healthy Despite AI-Linked Weakness
- Inside Henry Schein’s Game Plan: Will Anynam’s Shake-Up Deliver Results?
- IMNN: Gearing Up to Initiate Phase 3 Ovarian Cancer Trial in 1Q25
- LEXX: IRB Approval Clears Way for GLP-1 Study #5
Dr Agarwal’s Healthcare IPO – RHP Updates & Quick Thoughts on Peer Comp and Valuation
- Dr Agarwal’s Health Care Ltd (8140044Z IN) is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.
- Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
- Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.
Hyphens Pharma (HYP SP): ASEAN’S Leading Specialty Pharma Company
- Hyphens Pharma (HYP SP EQUITY) is Singapore’s leading specialty pharmaceutical and consumer healthcare group, leveraging on its diverse footprints in ASEAN countries. Its core business lies in three segments: Specialty Pharma Principals, Proprietary Brands, and Medical Hypermart and Digital.
- Based on its scalable business model, direct access to the five countries in the southeast Asia region enabling it to capture health expenditure growth in ASEAN countries, sustainable growth from both in-house product innovation and in-licensing cooperation, as well as realization of DocMed’s potential when rolling out the digital platform to other ASEAN markets, Hyphens Pharma will demonstrate sustainable growth momentum and optimistic investment value in the future.
- Revenue in 2024 full year is expected to show a strong rebound compared to 2023.
Beta Bionic Inc (BBNX): Bullish IPO Roadshow Moves Underwriters to Amend Offering Size and Range
- The underwriters amended the terms of this offering with a S-1/A on Tuesday morning.
- With the updated terms, the company could raise as much as $170 million at the high-end of the new range.
- We have updated our first day forecast given the bullish momentum during the roadshow.
GRAIL: Significant Sales Growth of Galleri Test and The Increase in 2025 Revenue Guidance
- I expect GRAIL shares will appreciate over time as investors gain greater conviction in one of the most meaningful opportunities in healthcare.
- A fast-growing maker of MCED screening tests reported ~46% sales growth of Galleri tests in 2024. Commercial Galleri sales surpassed 250K tests since launch.
- At ~0.5x EV/2025E revenues, GRAIL shares trade at a significant discount to Guardant Health and Tempus AI. GRAIL shares appreciated ˃100% from October 4, 2024.
S&P 500 Testing Prior Breakout Level; Market Dynamics Remain Healthy Despite AI-Linked Weakness
- DeepSeek appears to have turned the chatbot market upside-down, putting pressure on AI-linked stocks. The dust has yet to settle, but the selloff has been largely contained to AI-linked stocks.
- The rest of the market did not seem to care; the equal-weighted S&P 500 was roughly flat yesterday.
- Additionally, market dynamics remain healthy. Bottom line: as long as the S&P 500 remains above 5600-5670, our long-term outlook remains bullish.
Inside Henry Schein’s Game Plan: Will Anynam’s Shake-Up Deliver Results?
- Henry Schein, a global leader in healthcare products and services, has faced significant scrutiny following the intervention of activist investor Anynam.
- With demands for a new CEO, strategic cost cuts, and a refined approach to capital allocation, Anynam has raised concerns over Henry Schein’s performance and governance.
- The activist’s recommendations include splitting the company’s dental and medical businesses, enhancing operational efficiencies, and reassessing leadership for improved shareholder returns.
IMNN: Gearing Up to Initiate Phase 3 Ovarian Cancer Trial in 1Q25
- Imunon, Inc. (IMNN) is finishing preparations to initiate a Phase 3 clinical trial of its lead development compound, IMNN-001, in the treatment of advanced ovarian cancer.
- In support of this, the company recently announced a positive Type C Chemistry, Manufacturing, and Controls (CMC) meeting in which the agency agreed the company’s potency assay is acceptable for the Phase 3 trial and use in a commercial setting.
- This follows the company’s prior announcement in which it had reached alignment with the FDA on its proposed plan for the Phase 3 trial, including the overall trial design, the target patient population, the treatment schedule, and the primary endpoint.
LEXX: IRB Approval Clears Way for GLP-1 Study #5
- Lexaria is a biotechnology company seeking to enhance the bioavailability of multiple drug agents using DehydraTECH (DHT), its technology using oral and topical delivery.
- It combines lipophilic APIs with specific fatty acid and carrier compounds followed by dehydration.
- DHT offers several attractive features: substantial improvement in bioabsorption in terms of time to measurable plasma levels & AUC, brain permeation, taste masking & side effect reduction.
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