In today’s briefing:
- Japan Activism Briefs | Noritake, Square Enix, Eiken Chemical
- 3SBio (1530 HK): Global Index Inclusion as Stock Soars
- Markets in Motion: Turnover Gains Spark Sharper Spreads
- CSL Limited: Initiation of Coverage- Powering Global Growth with Solid Immunoglobulin & Albumin Wins!
- News Flash: D. Western Therapeutics Institute (4576 JP) – July 17, 2025
- Carlsmed, Inc. (CARL): Spinal Fusion Surgery Focused Company Looking to Be Next MedTech IPO Winner
- ImmVira (亦诺微) Pre-IPO: Niche Product, but the Indication Is Limited
- Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain
- LGVN: Company Adds to Heart Treatment Technologies
- Merck’s $10 Billion Verona Buyout: Smart Bet or Scramble Before the Keytruda Cliff?
Japan Activism Briefs | Noritake, Square Enix, Eiken Chemical
- Noritake – Despite strong profits from semiconductor ceramics, lack of strategy for underperforming segments and idle assets invites activist pressure for structural reform.
- Square Enix – New turnaround plan lacks clear KPIs and capital discipline, prompting activists to demand sharper execution and improved shareholder returns.
- Eiken Chemical – Activists gained board influence through compromise, advancing governance reform and signaling momentum toward a potential buyout.
3SBio (1530 HK): Global Index Inclusion as Stock Soars
- 3SBio Inc (1530 HK)‘s stock price has soared over the last couple of months, and the higher market cap should result in global index inclusion in August.
- 3SBio Inc (1530 HK) has gone from middle/bottom of the pack to best performer among its peer group over the last two months.
- There will be a lot of positioning in the stock, but we see a similar trend across stocks in the industry.
Markets in Motion: Turnover Gains Spark Sharper Spreads
- Sanli Environmental and mDR saw significant increases in average daily trading turnover, with returns of 98.9% and 137.5% respectively.
- Q&M Dental led net institutional inflows with S$7.68 million, alongside increased CEO ownership and active share buybacks.
- OKP Holdings secured a S$258 million contract, boosting its order book to S$736 million, with visibility to 2031.
CSL Limited: Initiation of Coverage- Powering Global Growth with Solid Immunoglobulin & Albumin Wins!
- CSL Limited, an Australian multinational specialty biotechnology company, reported its financial performance for the first half of fiscal year 2025, presenting a nuanced picture of its current business landscape.
- From an investor’s standpoint, analyzing both the positive aspects and the challenges noted in the earnings call gives a clearer sense of CSL Limited’s operational and strategic trajectory.
- Starting with the positives, the company reported solid financial results, with group revenues reaching $8.5 billion, reflecting a 5% increase at constant currency.
News Flash: D. Western Therapeutics Institute (4576 JP) – July 17, 2025
- DWTI announced after the close on July 15 that it has decided to add H-1129, an in-house discovered candidate compound, to its pipeline and develop it as a treatment for corneal and conjunctival diseases caused by immune disorders.
- ‘Corneal and conjunctival diseases’ refers to a general term for conditions characterized by inflammation or damage to the cornea and conjunctiva.
- The cornea is the dome- shaped transparent layer covering the iris, pupil and anterior chamber, which focuses and refracts light onto the retina.
Carlsmed, Inc. (CARL): Spinal Fusion Surgery Focused Company Looking to Be Next MedTech IPO Winner
- AI-Enabled personalized spine surgery solutions is set to debut on Wednesday, July 23rd.
- Channel checks just completed, are currently revealing, according to guidance, multiple-times oversubscribed with continued long-only conversions.
- Based on the flash numbers released in the prospectus of $12.0m in Q2 revenue, the growth for the year would be roughly 77% which are highly-attractive figures.
ImmVira (亦诺微) Pre-IPO: Niche Product, but the Indication Is Limited
- ImmVira, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are CITI and CICC.
- In this insight, we look at the company’s core product, MVR-T3011, including its mechanism and clinical data.
- We also look at the company’s pre-IPO investors and management team.
Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain
- Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.
- Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.
- Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.
LGVN: Company Adds to Heart Treatment Technologies
- Longeveron is focusing on using its primary treatment, Lomecel-B, to fight a rare pediatric heart birth defect that devastates families but continues to receive good FDA news regarding its treatment for Alzheimer’s Disease.
- The company announced that it has licensed a US patent from the University of Miami that has widespread therapeutic indications for heart diseases.
- This acquisition fits in perfectly with the existing lineup and should prove beneficial to patients and shareholders.
Merck’s $10 Billion Verona Buyout: Smart Bet or Scramble Before the Keytruda Cliff?
- Merck’s $10 billion acquisition of Verona Pharma marks another pivotal move in its broader strategy to offset the looming revenue hit from Keytruda’s patent expiration in late 2028.
- The company is navigating an era of transformation, with nearly 20 launches planned over the next few years, including key assets in cardiometabolic, immunology, HIV, and oncology.
- While Keytruda generated $29.5 billion in 2024 revenue and remains Merck’s crown jewel, its approaching loss of exclusivity is expected to erode annual revenues by $18 billion, prompting Merck to aggressively expand and diversify its pipeline.
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