In today’s briefing:
- Quiddity ASX Jun25 Results: All Expected ADDs/DELs Correct, One Extra ADD/DEL, LONGs up 5% Vs SHORTs
- China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene’s Trouble, Views on Newtrend IPO Pricing
- Bristol Myers Just Dropped $11.1 Billion on BioNTech: Is This the Pivot That Transforms Its Oncology Pipeline?
- Torrent Pharmaceuticals (TRP IN): India Business Drives 11% PAT Growth in Q4; Margin Levers at Work
Quiddity ASX Jun25 Results: All Expected ADDs/DELs Correct, One Extra ADD/DEL, LONGs up 5% Vs SHORTs
- The ADDs/DELs for the ASX index family for the June 2025 index rebal event were announced after market close on Friday 6th June 2025.
- There are 12 index changes collectively for ASX 20, ASX 50, ASX 100, and ASX 200.
- In this insight, we take a look at our final flow expectations for each of these confirmed index changes.
China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene’s Trouble, Views on Newtrend IPO Pricing
- Summit’s chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.
- The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.
- The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the “price war” and oversupply issue. Reasonable valuation should be lower than Anhui Jinhe Industrial (002597 CH).
Bristol Myers Just Dropped $11.1 Billion on BioNTech: Is This the Pivot That Transforms Its Oncology Pipeline?
- Bristol Myers Squibb (BMS) has made headlines with its recent $11.1 billion collaboration deal with German biotech BioNTech, a strategic move that underscores the company’s aggressive pivot toward growth in oncology.
- The centerpiece of this deal is BNT327, a PD-L1/VEGF-A bispecific antibody, which BMS sees as a next-generation immuno-oncology asset capable of reshaping the cancer treatment landscape.
- With an upfront payment of $1.5 billion and $2 billion guaranteed through 2028, the agreement also includes a potential $7.6 billion in milestone payments.
Torrent Pharmaceuticals (TRP IN): India Business Drives 11% PAT Growth in Q4; Margin Levers at Work
- Torrent Pharmaceuticals (TRP IN) reported a 11% YoY increase in net profit to INR5B on an 8% YoY growth in revenue to INR28B in Q4FY25. Domestic business drove overall performance.
- Revenue from domestic market increased 12% YoY to INR15.5B, led by outperformance in focus therapies, aided by strong new launch performance. Torrent continued to outperform IPM.
- The company is expanding margins by 75–100bps historically. With improving traction in U.S., double-digit growth in Brazil, and continued strong performance in India, the trend is expected to continue.
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