In today’s briefing:
- Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out
- Shoulder Innovations, Inc. (SI): Small MedTech Implant Company Gaining IPO Interest
- SSI Newsletter: PMVP Trial Catalyst, YORKU Trading Split, CPPTL Extension, GLXZ Merger, LUNA Updates
- Shionogi & Co (4507 JP): High on HIV Royalty; FY Guidance Reaffirmed; New Launches to Drive Growth
- HeartFlow Inc. (HTFL): Peeking at the IPO Prospectus of Coronary Artery Disease Patient Care Company
- Jiangsu Hengrui Pharmaceuticals (1276 HK): Is HRS-9821 Licensing Deal with GSK Good Enough?
- ORMP: With Substantial Liquidity, ORMP Has Generated Gains & Income From Investment Portfolio
Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out
- Dr Agarwal’s Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
- 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.
- In this note, we will talk about the lockup dynamics and possible placement.
Shoulder Innovations, Inc. (SI): Small MedTech Implant Company Gaining IPO Interest
- For the three months ended June 30, 2025, they expect net revenue to be between $10.8 million and $11.2 million, compared to $8.3 million for the same period in 2024.
- Channel checks from our sources revealed that the deal is being classified as well-oversubscribed. The books are scheduled to close Tuesday at 4pm ET.
- We like the risk-reward profile of this deal and see solid upside in this deal at this time.
SSI Newsletter: PMVP Trial Catalyst, YORKU Trading Split, CPPTL Extension, GLXZ Merger, LUNA Updates
- PMV Pharmaceuticals is in a Phase 2 trial for cancer therapy, with interim results expected mid-2025, and potential value realization through strategic review due to a large net cash position.
- Yorkville Acquisition has commenced separate trading of its Class A ordinary shares and warrants, with a $10/share trust value.
- Copper Property CTL Trust extended its wind-down deadline to January 2026, with amendments allowing confidential shareholder consultations during the sale process.
Shionogi & Co (4507 JP): High on HIV Royalty; FY Guidance Reaffirmed; New Launches to Drive Growth
- Shionogi & Co (4507 JP) achieved YoY improvement in all key parameters. Moreover, Q1FY26 result shows a significant improvement compared to Q1FY25, when all key parameters recorded double-digit YoY decline.
- During Q1FY26, revenue increased 2% YoY to ¥100B, driven by HIV franchise. Q1FY26 revenue records 19% progress, while operating and net profit advanced more than 20% of full-year target.
- Shionogi has maintained H1FY26 and FY26 guidance. This indicates Q2FY26 revenue expectation of ¥133B, up 14% YoY. Acquisition of JT Group’s pharmaceutical business and Torii Pharmaceutical is progressing.
HeartFlow Inc. (HTFL): Peeking at the IPO Prospectus of Coronary Artery Disease Patient Care Company
- Heartflow seeks to deliver a more accurate and clinically effective non-invasive solution for diagnosing and managing coronary artery disease.
- As of March 31, 2025, their Heartflow Platform has been used to assess CAD in more than 400,000 patients, including 132,000 in 2024 alone.
- They had revenue of $87.2 million and $125.9 million and net loss of $95.7 million and $96.4 million in 2023 and 2024, respectively.
Jiangsu Hengrui Pharmaceuticals (1276 HK): Is HRS-9821 Licensing Deal with GSK Good Enough?
- Jiangsu Hengrui Pharmaceuticals (1276 HK) entered into agreements with GSK, granting an exclusive worldwide right of HRS-9821, a small molecule, PDE3/PDE4 inhibitor in clinical development for the treatment of COPD.
- The only similar products available worldwide is Verona Pharma’s Ohtuvayre (ensifentrine) which was approved for marketing by the FDA in June 2024 for maintenance therapy of COPD.
- The COPD segment has seen increased activity over the last one year in terms of drug approvals, acquisitions, and licensing agreements. This reiterates the growing potential of the COPD market.
ORMP: With Substantial Liquidity, ORMP Has Generated Gains & Income From Investment Portfolio
- Among the investments ORMP has made, it provided collateralized financing to Scilex Holding and received a promissory note collateralized by most of Scilex’s assets, plus penny warrants to purchase Scilex shares.
- Last week, the company entered into a warrant repurchase agreement with Scilex, granting Scilex an option to repurchase warrants for an aggregate purchase price of $27m plus $1.5m in option payments.
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