In today’s briefing:
- Hogy Medical (3593 JP): After Months of Speculation, Carlyle Lobs a Tender Offer at JPY6,700
- Medline Inc. (MDLN): Blockbuster Debut Caps 2025 With a Statement Win
- STAAR Surgical Acquisition Saga, Merger Closures, and Strategic Moves in BELFA, GBIO, YEXT, CURN, NCC:L
- The Beat Ideas: Sequent Scientific Merger – CDMO Optionality with Margin Upside
- Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term
- Veeva Systems: A Unified Cloud Stack Strategy Linking Safety, Development, & Commercial Execution!
Hogy Medical (3593 JP): After Months of Speculation, Carlyle Lobs a Tender Offer at JPY6,700
- Hogy Medical (3593 JP) has recommended a tender offer from Carlyle at JPY6,700, a 2.1% premium to the last close and a 69.2% premium to the undisturbed price.
- The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range.
- Dalton (27.58% ownership ratio) has provided an irrevocable and will reinvest to take a 20% stake in the relevant Carlyle Fund. This is a done deal.
Medline Inc. (MDLN): Blockbuster Debut Caps 2025 With a Statement Win
- Medline delivered a blockbuster debut, surging over 40% from issue to close, marking the largest and strongest IPO performance of 2025.
- An upsized, heavily oversubscribed offering and powerful aftermarket trading signal deep institutional conviction and durable demand.
- The deal positions Medline as a flagship IPO and a momentum-setting springboard for investor confidence heading into 2026.
STAAR Surgical Acquisition Saga, Merger Closures, and Strategic Moves in BELFA, GBIO, YEXT, CURN, NCC:L
- Alcon’s acquisition of STAAR Surgical faces opposition from major shareholders; shareholder vote scheduled this week amid improved risk/reward.
- Emeren Group merger completed with a 13% return; Tile Shop Holdings’ reverse stock split yielded $720 per odd-lot account.
- Bel Fuse’s dual-class share structure proposal by Gabelli narrows spread; Generation Bio’s takeover by XOMA includes cash and CVR.
The Beat Ideas: Sequent Scientific Merger – CDMO Optionality with Margin Upside
- The NCLT has approved the Sequent-Viyash merger. The 56:100 swap ratio consolidates two Carlyle-backed entities into an INR 8,000 Cr+ Life Sciences platform.
- The injection of Viyash’s 9 USFDA facilities and 28% EBITDA margin profile structurally repairs Sequent’s historical profitability issues, creating a diversified CDMO + Animal Health entity.
- With pro-forma EBITDA running at INR 760 Cr (Annualized) and a management upgrade via Dr. Hari Babu (Ex-Mylan COO), the stock is primed for a re-rating if execution holds.
Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term
- Shenzhen Mindray Bio-Medical Electronics (300760 CH) filed for a Hongkong IPO. The company’s A shares are already listed on the Shenzhen Stock Exchange. The IPO will consist of fresh issue.
- Mindray intends to use the proceeds for funding global R&D efforts, to further enhance global sales network and supply chain capabilities and, for working capital and general corporate purposes.
- The long-term growth scenario looks largely subdued with the overseas market (revenue achieved a CAGR of over 18% from 2022-24) compensating for the sales lost in the domestic market.
Veeva Systems: A Unified Cloud Stack Strategy Linking Safety, Development, & Commercial Execution!
- Veeva Systems reported strong fiscal third-quarter results for 2026, exceeding guidance with total revenue reaching $811 million and non-GAAP operating income of $365 million.
- The company is making substantial progress with Veeva AI and is introducing significant innovations across its product lines, including Vault CRM, Crossix, Clinical, and Safety.
- On the CRM front, Veeva stated that 14 of its top 20 customers indicate a migration to Vault CRM, while six are considering other solutions.
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