In today’s briefing:
- Everest Medicine Placement – Third Deal in the Year, Previous Ones Didn’t Do Well
- Leads Biolabs (维立志生物) Trading Update
- Fisher & Paykel Healthcare (FPH AU) Vs. ResMed (RMD AU): Dislocation in Healthcare
- Event Driven: Natco Pharma’s Strategic Acquisition of Adcock Ingram
- Shoulder Innovations, Inc. (SI): Another MedTech to Test the Market, Sets Terms for July 31 IPO
- Rudi’s View: Bega Cheese, Cettire, Harvey Norman, Sigma, SiteMinder & More
- Ainos, Inc. – Why SmellTech Platform AI Nose Is a Foundational Story in AI
- Novartis Gears Up for a Pipeline Surge—How Remibrutinib
- Samsung Biologics (207940 KS): Bumps up Full Year Guidance Amid Strong 2Q Show and Plant 4 Ramp-Up
- TELO: Treatment Indicates Better Treatment for Serious Diseases
Everest Medicine Placement – Third Deal in the Year, Previous Ones Didn’t Do Well
- Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement.
- This will be the third placement this year for the stock, the previous two deals didn’t do well. Although the stock has bounced back a lot since.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
Leads Biolabs (维立志生物) Trading Update
- Leads Biolabs raised HKD 1290m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, July 24th.
- In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
- In this note, we provide an update for the IPO before trading debut.
Fisher & Paykel Healthcare (FPH AU) Vs. ResMed (RMD AU): Dislocation in Healthcare
- Context: The Fisher & Paykel Healthcare (FPH AU) vs. ResMed (RMD AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
- Highlights: The long position is supported by higher growth aligning well with the statistical analysis. The trade faces some event risk due to an upcoming earnings announcement.
- Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.
Event Driven: Natco Pharma’s Strategic Acquisition of Adcock Ingram
- Natco Pharma acquires a 35.75% stake in South Africa’s Adcock Ingram, marking its largest overseas expansion to date.
- This move instantly gives Natco a strong foothold in Africa’s pharma market and diversifies its global revenue streams from current headwind of US market.
- Natco transitions from a primarily India/US-focused player to a serious contender in strategic emerging markets, enhancing its growth outlook.
Shoulder Innovations, Inc. (SI): Another MedTech to Test the Market, Sets Terms for July 31 IPO
- Shoulder Innovations will be offering 5.0mm shares at $19-$21 and to debut on July 31st.
- The underwriters have reserved up to 6% of the shares of common stock offered through a directed share program.
- The sector had a surprise underperformance from CarlsMed this week and will be looking to rebound with this upcoming IPO.
Rudi’s View: Bega Cheese, Cettire, Harvey Norman, Sigma, SiteMinder & More
- In today’s edition: -Ask FNArena -Review All-Weather Model Portfolio -Recent Updates On Expert Views -Best Buys & Conviction Calls
Ainos, Inc. – Why SmellTech Platform AI Nose Is a Foundational Story in AI
- AI Nose provides the missing piece of the AI sensory puzzle in industrial settings.
- Lu detailed what AI Nose and its capabilities are, emphasizing that the e-nose technology platform is not just a sensor, but a trainable AI platform designed to detect, classify, and interpret multiple scent signals like a human nose.
- AI Nose can deliver 90% accuracy in distinguishing between everyday scents, 85% accuracy in senior care settings, and 80% accuracy in distinguishing 22 types of industrial scents in semiconductor settings.
Novartis Gears Up for a Pipeline Surge—How Remibrutinib
- Novartis AG reported a strong financial performance for the second quarter of 2025, marked by double-digit sales growth, core margin expansion, and a subsequent upgrade to its full-year guidance regarding core operating income.
- The company delivered robust sales growth of 11% in constant currency, while core operating income surged by 21% in constant currency.
- This financial momentum is largely attributed to significant growth in its priority brands.
Samsung Biologics (207940 KS): Bumps up Full Year Guidance Amid Strong 2Q Show and Plant 4 Ramp-Up
- Samsung Biologics (207940 KS) maintained positive momentum in 2Q25, with consolidated revenue and operating profit rising 11% and 9%, YoY, respectively.
- Leveraging on strong 2Q result and successful ramp-up of Plant 4 providing additional momentum, the company has revised annual revenue growth guidance upward to 25–30% YoY from 20–25%.
- Going ahead, the company is planning to shed its biosimilars subsidiary, Samsung Bioepis, to “focus on strengthening its core capabilities as a pure-play CDMO.”
TELO: Treatment Indicates Better Treatment for Serious Diseases
- Telomir Pharmaceuticals is a preclinical stage company focused on reversing biological aging and degenerative diseases.
- The company announced preclinical test results that showed Telomir-1 restored mitochondrial function without triggering oxidative stress or cell proliferation in human cells.
- This sets Telomir-1 apart from many other related treatments and opens the door to treating numerous serious conditions.
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