Daily Brief Health Care: Haw Par Corp, HealthCare Global Enterprises, Solara Active Pharma Sciences, Krsnaa Diagnostics, Sage Therapeutics, Guangzhou Innogen Pharmaceutical Group, Dexcom Inc, Tonix Pharmaceuticals Holding, BioStem Technologies , Blueprint Medicines and more

• After releasing its FY24 results last Friday, Haw Par Corp (HPAR SP) declared a S$1.00/share special dividend, in addition to a final dividend of S$0.20/share.
• 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%.

• KKR has signed definitive agreements to acquire up to 54% of HCG from CVC Asia V, positioning itself as the largest shareholder and assuming sole operational control.
• This will trigger an open offer to buy an additional 26% stake at a price of INR 504.41 per share. 
• Now, HCG will be seen as a transformed healthcare leader with a robust growth trajectory, driven by global expertise and strategic restructuring for long-term value creation.

• Refocusing on the core business with the promoter stepping back on the board & demerger. Also focusing on value-added products and reducing debt from rights issues & internal accruals.
• Solara Active Pharma Sciences (SOLARA IN) had issues in getting US FDA approvals for the Visakhapatnam facility & pricing pressure on the key product Ibuprofen.
• The CRAMS and high-potent API segments have the potential to generate significant value over the next 4-5 years through the addition of new customers.

• Krsnaa Diagnostics (KRSNAA IN) Q3 FY25 Revenue increased by 10% YoY, with PAT up by 50%, driven by strong performance in radiology and pathology, and expansion in retail and collection centers.
• Robust financial and operational improvements, despite some project delays, highlight the company’s effective cost management and strategic expansion, positioning it well for future market growth.
• The company aims to expand its retail network to 500 touchpoints and target to expand partnerships with hospitals, nursing homes, and laboratories to 1,000 by FY26.

• Full House Resorts (FL) and Sage Therapeutics (SAGE) are discussed as potential investment opportunities
• Passive investing is overtaking active investing, raising questions about price discovery and corporate governance
• Passive managers take a formulaic approach to corporate governance, focusing on best practices rather than active engagement

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• Innogen’s business, financial condition, operation results and prospects for the next couple of years are substantially dependent on the successful approval and commercialization of Efsubaglutide Alfa, indicating single product risk. 
• Due to slower R&D progress and fierce competition brought by first movers and generic drugs, commercialization prospects of Efsubaglutide Alfa is highly uncertain, leading to potential lower-than-expected sales performance.
• After Series B+ financing, the post-investment valuation of Innogen is already RMB4.65 billion. However, share price of peers has not done well, which makes us cautious about Innogen’s IPO prospects.

• DexCom Inc.’s latest earnings for the fourth quarter of 2024 reports a period of strategic growth and investment, aligning with the company’s guidance and expectations.
• The company achieved an 8% organic revenue growth in the fourth quarter year-over-year, with full-year organic growth at 12%.
• An increase in the customer base by approximately 25% to over 2.8 million globally was a critical driver of this growth.

• On December 23, 2024, Tonix Pharmaceuticals Holding Corp. (TNXP) announced that the FDA has assigned a Prescription Drug User Fee Act (PDUFA) goal date of August 15, 2025 for a decision on the NDA for TNX-102 SL for fibromyalgia.
• TNX-102 SL has the potential to become the first new treatment for fibromyalgia in more than 15 years.
• The company also recently announced that it had approximately $98.9 million in cash and cash equivalents as of Dec.

• BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies.
• The company continues to advance its therapies, with the company’s BioRetain product receiving approval for a clinical study for the treatment of venous leg ulcers.

• Blueprint Medicines’ latest earnings report presents a comprehensive look into its financial health and future prospects.
• The company reported a significant increase in product revenue, particularly from AYVAKIT, a treatment for systemic mastocytosis (SM), marking an annual growth of 135% with revenues hitting $479 million in 2024.
• The forecast for 2025 includes an anticipated rise in AYVAKIT revenue to between $680 million and $710 million, reflecting a 45% growth rate at the midpoint.