Daily Brief Health Care: Haw Par Corp, Alteogen Inc, Xuanzhu Biopharmaceutical, Carlsmed, Shanghai Conant Optical, Genor Biopharma Holdings , Actinogen Medical, Recordati SpA, Earth Science Tech, BrainStorm Cell Therapeutics I and more

• Haw Par Corp (HPAR SP)‘s discount to NAV has narrowed to a multi-year low; and the implied stub and simple ratio (HPAR/UOB) are similarly elevated. Shares are, however, pretty illiquid. 
• Preceding my comments on Haw Par – and Singapore Land Group (SPLG SP) – are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• On 7 July, it was reported that Hyung In-Woo (second largest shareholder of Alteogen) recently raised his ownership in the company by 0.22% stake (about 39 billion won) last month.
• Mr. Hyung has requested to Alteogen to switch the company’s listing from KOSDAQ to KOSPI to improve the company’s image and attract greater capital inflow from passive funds. 
• Alteogen is currently trading at P/E of 37.7x in 2026 and 31.6x in 2027 which are reasonable, considering the company’s significant sales and profit growth in the next three years. 

• Xuanzhu Biopharm, the biotech arm of HK-listed Sihuan Pharma, is seeking to raise at least USD 100m via a Hong Kong listing. The sole sponsor is CICC.
• In previous insight, we looked at the company’s core products and key products, including XBP-3571, XZP-3287, and XZP-3621, and its management team and investor backing.
• In this note, we look at the company’s latest filing and its previous attempt to list in the A-share market.

• The company describes itself as a commercial-stage medical technology company pioneering AI-enabled personalized spine surgery solutions.
• For the years ended December 31, 2024 and 2023, they recognized revenue of $27.2 million and $13.8 million, respectively, representing year-over-year growth of 97.2%.
• The area in which this company operates in is one that is traditionally well-received by IPO investors.

• Shanghai Conant Optical (2276 HK) to utilize proceeds from its January placement for the research, development, design and manufacturing of lenses and vision solutions for smart glasses and XR headsets.
• The company will construct an automated RX resin lens production line with a focus on high-end customized lenses, at a cost of $4M, to be funded by internal accruals.
• The company declared that based on the preliminary assessments, it expects its 1H25 net profit to increase by 30% mainly due to strong volume growth and higher ASP.

• The merger is good for both parties. On the one hand, it helps boost Genor’s valuation. On the other hand, it finally makes Edding realize its desire to go public.
• The outlook of Edding Genor Group depends on the pipeline quality. Core products Vancocin/Ceclor/FPN are facing different challenges. The pipeline strength/R&D capabilities of Genor hasn’t been recognized by the market.
• Short-Term valuation is expected to reach RMB7.5 billion. Future valuation could be above RMB10 billion if pipeline R&D progress/clinical data and the commercialization performance of marketed products meet the expectation.

Actinogen Medical announced on 30 June that it has recruited the 100th patient for its ongoing XanaMIA Phase IIb/III study assessing lead candidate Xanamem (emestedastat) in patients with biomarker-positive Alzheimer’s disease (AD). The company is on track to report a pre-planned interim efficacy (futility) analysis on 24-week data in early Q126, which, if successful, should strengthen confidence in the AD programme. After rolling forward our estimates, we obtain a total equity valuation of A$724.6m (versus A$673.8m previously).

• Recordati has reported positive momentum in its first quarter of 2025 results, showing an 11.9% increase in net revenue compared to the previous year, reaching EUR 680 million.
• This growth is attributed to continued progress in both its specialty and primary care (SPC) and rare diseases segments.
• SPC recorded a 5% increase on a like-for-like constant exchange rate basis, while rare diseases grew by 11.5% under similar conditions.

• Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
• Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
• The firm was incorporated in 2010, with headquarters in Miami, Florida.

• On July 3, 2025, a Citizen’s Petition was filed with the U.S. Food and Drug Administration that is asking the agency to invite BrainStorm Cell Therapeutics, Inc. (BCLI) to re-file its Biologics License Application (BLA) for debamestrocel (NurOwn ) for the treatment of amyotrophic lateral sclerosis (ALS).
• In addition, the petition is requesting the FDA use its “regulatory flexibility” to grant Accelerated Approval or a new Conditional Approval for NurOwn with a Phase 4 confirmatory study.
• The petition includes data and analysis from all of NurOwn’s clinical trials along with additional data from the Expanded Access Program (EAP) that shows 10/10 participants lived greater than 5 years, compared to 20% expected five-year survival based on ALS natural history data.