In today’s briefing:
- [Japan Activism/M&A] Hogy Medical (3593) Reportedly Up For Auction – Totally Unsurprising
- WuXi AppTec (2359.HK/603259.CH) 25H1 – The Turning Point of Performance Has Been Confirmed
- WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise
- Ab&B Bio-Tech (中慧生物) Pre-IPO: PHIP Updates Suggest Competition Intensifying
- TNXP: 2Q25 Financial Update and Deep Dive Into TNX-1500
- Kissei Pharmaceutical (4547 JP): Beova & Tavneos Still Key, Linzagolix Japan Approval Next Trigger
- TNXP: 2Q25 Financial Update and Deep Dive Into TNX-1500
[Japan Activism/M&A] Hogy Medical (3593) Reportedly Up For Auction – Totally Unsurprising
- Hogy Medical (3593 JP)‘s founder passed and there was a re-arranging of Hoki family deckchairs in 2021. In 2022 there was a BIG buyback from the family at ¥3,130/share.
- I discussed it here. I suggested that meant accretion, a family willing to sell, and an open register for a cheap company always heavily owned by value investors.
- The stock went nowhere for 18mos as activists dallied. In 2024 it ran from ¥3,500 to ¥5,000 as Dalton bought 20%. Then they got a board seat. Now takeover noise.
WuXi AppTec (2359.HK/603259.CH) 25H1 – The Turning Point of Performance Has Been Confirmed
- The trend of performance reversal of WuXi AppTec is clear. The core driving force comes from the explosive growth of TIDES business and the disposal of WuXi XDC shares.
- Based on strong performance in 25H1, WuXi AppTec expects full-year total revenue of RMB42.5-43.5 billion, up from the prior RMB41.5-43.0 billion. We shared our forecast for the next three years
- There is a “valuation discount” to reflect geopolitical risks. WuXi AppTec (A-share) is expected to have more upside as the next stage of rise may come more from A-share market
WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise
- WuXi AppTec (2359 HK) has announced better-than-expected 1H25 result, with revenue increasing 21% YoY to RMB21B and adjusted net profit jumping 44% YoY to RMB6B.
- 1H result was mainly driven by late‑stage clinical and commercial projects. Amid continuous capacity expansion, order backlog reached RMB57B as of June 30, 2025, up 37% YoY.
- With ongoing demand of the customers and solid execution demonstrated by CRDMO business model in 1H25, Wuxi AppTech raised 2025 revenue growth guidance to 13–17% from 10–15%.
Ab&B Bio-Tech (中慧生物) Pre-IPO: PHIP Updates Suggest Competition Intensifying
- China-Based vaccine biopharmaceutical company Ab&B is looking to raise at least US$100 million via a Hong Kong listing. The joint book runners are CITIC and CMBI.
- In our previous insight, we looked at the story that the company is trying to sell and the influenza vaccine market.
- In this insight, we look at the latest updates in its PHIP filing.
TNXP: 2Q25 Financial Update and Deep Dive Into TNX-1500
- Tonix Pharmaceuticals Holding Corp. (TNXP) recently announced certain preliminary financial information and selected preliminary operating results for the quarter ended June 30, 2025.
- The company exited the second quarter of 2025 with approximately $125.3 million in cash and cash equivalents and subsequently raised an additional $50.6 million in July 2025, which is sufficient to fund operations into the third quarter of 2026.
- This report also provides an in-depth look at TNX-1500, a third-generation anti-CD40 ligand (CD40L) antibody, as a therapy to prevent allograft and bone marrow transplant rejection and a treatment for autoimmune diseases.
Kissei Pharmaceutical (4547 JP): Beova & Tavneos Still Key, Linzagolix Japan Approval Next Trigger
- Kissei Pharmaceutical (4547 JP) reported 4.9% YoY jump in revenue during Q1FY26 driven by Beova and Tavneos amidst price revision pressures and generic competition.
- The company partially revised FY26 guidance down for ordinary profit and operating profit accounting for an anticipated in-licensing agreement coming their way.
- The next trigger for the stock would be Linzagolix receiving approval for treatment of uterine fibroids in Japan and new in-licensing agreement.
TNXP: 2Q25 Financial Update and Deep Dive Into TNX-1500
- Tonix Pharmaceuticals Holding Corp. (TNXP) recently announced certain preliminary financial information and selected preliminary operating results for the quarter ended June 30, 2025.
- The company exited the second quarter of 2025 with approximately $125.3 million in cash and cash equivalents and subsequently raised an additional $50.6 million in Jully 2025, which is sufficient to fund operations into the third quarter of 2026.
- This report also provides an in-depth look at TNX-1500, a third-generation anti-CD40 ligand (CD40L) antibody, as a therapy to prevent allograft and bone marrow transplant rejection and a treatment for autoimmune diseases.
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