In today’s briefing:
- J&J’s Pursuit of Protagonist Therapeutics: A Strategic Move To Reinforce Immunology Leadership Post-Stelara!
- Cryosite Ltd – Strong trading update to start FY26
- Analyzing Active Portfolio Ideas: Mergers, SPACs, Asset Sales, and Litigation Opportunities in 2025
- Xuanzhu Biopharm (轩竹生物科技) IPO: Trading Updates
- Bristol Myers’ $1.5 Billion RNA Gamble: Could Orbital Therapeutics Rewire Its Future?
- Pre-IPO Shanghai MediTrust Health Technology Group – The Business Model and the Concerns Behind
- Boryung Pharmaceutical (003850 KS): New Drug Acquisition Fans High Oncology Aspiration
J&J’s Pursuit of Protagonist Therapeutics: A Strategic Move To Reinforce Immunology Leadership Post-Stelara!
- As Johnson & Johnson (JNJ) faces intensifying competition in the immunology landscape, recent reports indicate the healthcare behemoth is exploring the acquisition of Protagonist Therapeutics, a biotechnology firm currently collaborating with JNJ on the development of icotrokinra, a novel oral therapy targeting immune diseases like plaque psoriasis and ulcerative colitis.
- The news has driven Protagonist’s stock up nearly 30%, valuing the company at around $4.2 billion.
- JNJ already holds exclusive commercialization rights to icotrokinra, which analysts at Leerink Partners project could generate peak global sales of $9.5 billion.
Cryosite Ltd – Strong trading update to start FY26
- Cryosite Limited (ASX:CTE) is an Australian company specialising in temperature-controlled storage and logistics solutions for the life sciences and pharmaceutical industries, in particular for clinical trials and biological materials.
- CTE has released a Q1 FY26 trading update which demonstrated strong financial and operational performance for the quarter.
- The customer base seems to be increasing with existing clients expanding their work with CTE while new clients have been onboarded in recent months.
Analyzing Active Portfolio Ideas: Mergers, SPACs, Asset Sales, and Litigation Opportunities in 2025
- LakeShore Biopharma’s delisting from Nasdaq to OTC caused forced selling, impacting merger arbitrage spread, with 18% upside potential.
- Mayne Pharma’s acquisition by Cosette Pharmaceuticals faces legal challenges over a material adverse change, with a 40-50% spread.
- Currency Exchange International’s closure of Canadian business and potential US uplisting could enhance profitability and shareholder returns.
Xuanzhu Biopharm (轩竹生物科技) IPO: Trading Updates
- Xuanzhu raised HKD 781m (USD 100m) from its global offering and will list on the Hong Kong Stock Exchange on Wednesday, October 15, 2025.
- In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
- In this note, we provide an update for the IPO before trading debut.
Bristol Myers’ $1.5 Billion RNA Gamble: Could Orbital Therapeutics Rewire Its Future?
- Bristol Myers Squibb has made headlines once again—this time with its $1.5 billion all-cash agreement to acquire Orbital Therapeutics, a privately held biotechnology company pioneering nextgeneration RNA therapies.
- The deal represents a significant move by Bristol to bolster its innovation pipeline amid looming patent expirations, increased payer scrutiny, and a shifting regulatory landscape.
- Orbital Therapeutics’ platform, which integrates circular and linear RNA engineering with AI-driven design and advanced lipid nanoparticle delivery, is anchored by its lead candidate OTX-201—an RNA immunotherapy targeting autoimmune disease via B cell depletion.
Pre-IPO Shanghai MediTrust Health Technology Group – The Business Model and the Concerns Behind
- The essence of MediTrust’s business model is building an ecosystem of “Internet/AI + drugs + medical services + insurance”. The core competitiveness lies in the network effect of medical payments.
- Smart Pharma Solution overly relies on pharmaceutical companies’ promotion budgets and is susceptible to the impact of industry policies. Smart Insurance Solution is facing the industry dilemma of poor profitability.
- Post-Money valuation after Series C+ financing is RMB11.68bn. Based on 2024 revenue of RMB2.035bn, P/S is 5.7x. We think valuation of MediTrust should be lower than Ping An Good Doctor
Boryung Pharmaceutical (003850 KS): New Drug Acquisition Fans High Oncology Aspiration
- Boryung Pharmaceutical (003850 KS) is acquiring cytotoxic anti-cancer drug Taxotere (docetaxel) from Sanofi (SAN FP) for €175M (~KRW288B), inclusive of potential milestone payments worth €14M.
- Post acquisition, Boryung aims to enhance the therapeutic value of Taxotere to include formulation improvements, combination strategies, and research into new indications. Currently, oncology contributes 20%+ of total revenue.
- Over the last six months, Boryung shares remained almost flat, reflecting lack of any strong catalyst. Acquisition of Taxotere is not going to change the situation overnight.
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