In today’s briefing:
- EcoNavista (5585 JP) – Takeover By Eisai (4523)
- SanBio Co Ltd (4592 JP): Full-year FY01/25 flash update
- Huge Dental Pre-IPO Tearsheet
- Sun Pharma’s Acquisition of Checkpoint Therapeutics: Analyzing the CVR Payout Potential and Strategic Implications
- Anthem Biosciences Pre-IPO – The Positives – Portfolio Expansion, Increasing Capacity to Fuel Growth
- Pre-IPO Soft International Group (PHIP Updates) – Some Points Worth the Attention
- SpringWorks Therapeutics (SWTX): A Compelling Biotech Buyout Thesis with Limited Downside
- PLX: 2024 Results
- DWTX: First Patient Dosed in Phase 2b Trial of Halneuron in CINP Debt Conversion Strengthens Balance Sheet
- SanBio Co Ltd (4592 JP): Losses Narrow; AKUUGO Upbeat on Successful Commercial Runs; FY26 Key
EcoNavista (5585 JP) – Takeover By Eisai (4523)
- EcoNaviSta (5585 JP) has a couple of interesting product lines and platforms. That makes it attractive, and scalable. Synergies to a big buyer are reasonably obvious.
- Eisai Co Ltd (4523 JP) is that big buyer, having decided to be interested last summer. I could imagine others could be interested too. The tech has uses.
- For the moment, it is a high EV/Revenue bid on an interesting small company. The chairman, cross-holders, directors, and a couple of financial institutions own 66+%. But…
SanBio Co Ltd (4592 JP): Full-year FY01/25 flash update
- SanBio reported no operating revenue for FY01/25, with an operating loss of JPY3.5bn, narrowing from JPY4.5bn.
- Non-operating income was JPY628mn, primarily from foreign-exchange gains, while non-operating expenses totaled JPY134mn.
- The company expects no operating revenue for FY01/26, forecasting operating expenses of JPY3.5bn, focusing on AKUUGO® approval.
Huge Dental Pre-IPO Tearsheet
- Huge Dental (HD) is looking to raise about US$100mn in its upcoming Hong Kong IPO. The deal will be run by CICC and DBS.
- As a leading dental material company among domestic players in China, HD offers dental clinical products, dental laboratory products and dental digital products in various application scenarios.
- HD primarily sells across 6 continents, with China, Europe, U.S., and SEA being the primary markets.
Sun Pharma’s Acquisition of Checkpoint Therapeutics: Analyzing the CVR Payout Potential and Strategic Implications
- Checkpoint Therapeutics is being acquired by Sun Pharma for $4.1/share plus a non-transferable CVR worth up to $0.70/share.
- The CVR payout depends on EU approval of Unloxcyt, with four scenarios based on approval timing and dosing schedule.
- Shareholder approval is likely due to FBIO’s control and Armistice Capital’s support, with a 66% premium over pre-announcement levels.
Anthem Biosciences Pre-IPO – The Positives – Portfolio Expansion, Increasing Capacity to Fuel Growth
- Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
- Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
- In this note, we talk about the positive aspects of the deal.
Pre-IPO Soft International Group (PHIP Updates) – Some Points Worth the Attention
- The competition intensity of the industry in which Soft International’s main business operates is expected to remain high in the future. The growth rate of major markets will maintain low.
- Soft International’s performance has shown a downward trend as it enters 2024.This is not good news for capital markets that prioritize performance sustainability.P/E of 10x is a suitable valuation level
- Our forecast is that Soft International’s revenue could reach RMB750-800 million in 2025 and RMB850-950 million in 2026, with CAGR of 10%-15%.Net profit margin may remain low at single digit.
SpringWorks Therapeutics (SWTX): A Compelling Biotech Buyout Thesis with Limited Downside
- SpringWorks Therapeutics represents a highly attractive risk-reward opportunity with substantial upside potential from an imminent acquisition.
- The company is currently in play with confirmed acquisition talks and multiple signs pointing to a transaction at a significant premium to current levels.
- Current price: $50, Target price: $70-85, representing approximately 50% upside with limited downside risk.
PLX: 2024 Results
- Protalix is a clinical and commercial pharmaceutical company using its proprietary ProCellEx plant-based expression system to pro duce thera peutic proteins for global markets.
- The company has two commer cialized products, Elelyso that is marketed by Fiocruz in Brazil & Pfizer in the rest of the world for Gaucher Disease and Elfabrio which was approved in May 2023.
- Chiesi Rare Disease will commercialize Elfabrio globally.
DWTX: First Patient Dosed in Phase 2b Trial of Halneuron in CINP Debt Conversion Strengthens Balance Sheet
- On March 18, 2025, Dogwood Therapeutics, Inc. announced that the first patient was dosed in the Phase 2b HALT-CINP clinical trial of its lead asset, Halneuron .
- The goal is to recruit 100 patients and perform an interim analysis by the fourth quarter of 2025, which will enable changes to the study, if necessary, to improve trial outcomes.
- On March 12, 2025, Dogwood announced a debt conversion with its largest shareholder.
SanBio Co Ltd (4592 JP): Losses Narrow; AKUUGO Upbeat on Successful Commercial Runs; FY26 Key
- During FY25, SanBio Co Ltd (4592 JP) did not generate any revenue and incurred an operating expense of ¥3.5B, down 23% YoY.
- The company successfully completed two commercial production runs to accumulate inventories in preparation for launch of Akuugo. The earliest possible timing for shipment is assumed to be Q2FY26.
- SanBio has a cash runway through FY26. Further, in March, the company has raised funds of ¥2.1B through third party placement.
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