In today’s briefing:
- Mayne Pharma: No Precedence for a Deal Termination
- Biocon Ltd QIP – Well Flagged US$522m QIP; Largely Towards Clearing Debt
- Bayzed Health Group IPO: Shows Flare; Still a Tough Road Ahead; Can Avoid The Issue
- Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand
- TransThera Sciences (Nanjing) IPO: Uniqueness of Lead Candidate Provides Comfort for Long-Term
- Vivos Therapeutics, Inc: SCN Acquisition Closed; Key Step in Strategic Pivot
- LEXX: GLP-1-H25-5 Study Complete
- STI Banks Lead Weekly Buyback Consideration Tally
Mayne Pharma: No Precedence for a Deal Termination
- Cosette signed a binding agreement to acquire Mayne Pharma (MYX AU) for $7.40 per share.
- Cosette predictably got cold feet and is attempting to terminate the deal, invoking the deal’s material adverse clause.
- Moreover, Cosette has repeatedly failed to quantify its allegations. The extant stock price implies a less than 30% chance of deal closure in spite of having zero precedence for support.
Biocon Ltd QIP – Well Flagged US$522m QIP; Largely Towards Clearing Debt
- Biocon Ltd (BIOS IN) Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).
- The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Bayzed Health Group IPO: Shows Flare; Still a Tough Road Ahead; Can Avoid The Issue
- Bayzed Health Group (BHG HK) launched its Hongkong IPO aiming to raise up to HK$ 900 million. The company plans to sell 133 million shares at HK$4.22–6.75 per share.
- The company plans to utilize the IPO proceeds to continuously strengthening the full-cycle oncology healthcare services primarily through purchasing medical equipment and recruiting medical professionals.
- Bayzed Health is an oncology healthcare group which posted revenue of RMB 1,189 million in 2024, up by 11% YoY. Gross margins improve; net losses narrow too.
Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand
- Caris Life Sciences increased the price range on its IPO on Monday ahead of a Wednesday scheduled debut.
- According to our sources, the deal is multiple-times oversubscribed with a mix of new and existing investors. There are multiple mutual-fund anchor orders in the book.
- Given how important this company’s technology is to the cancer arena and the revenue growth that is “ramping” into the IPO, we like the risk-reward profile of this deal.
TransThera Sciences (Nanjing) IPO: Uniqueness of Lead Candidate Provides Comfort for Long-Term
- TransThera Sciences, a clinical-stage biopharma, filed to list on HK. The company aims to raise HK$200M by offering 15M shares. The offer price is set at HK$13.15 ($1.7) per share.
- The IPO opened on June 13 and closes on June 18. Allocations are expected on June 20, while trading is anticipated to commence on June 23.
- The company intends to use the IPO proceeds to fund the research and development of core product candidate, Tinengotinib for various types of solid tumors.
Vivos Therapeutics, Inc: SCN Acquisition Closed; Key Step in Strategic Pivot
- SCN acquisition closed, marking a pivotal milestone in the new marketing model.
- Vivos completed the acquisition of the Sleep Center of Nevada (SCN), paying $6.0 million in cash and $1.5 million in stock upfront.
- SCN remains eligible for an additional $1.5 million contingent stock payment if a financial milestone is achieved.
LEXX: GLP-1-H25-5 Study Complete
- Zacks Small-Cap Research Note for Lexaria Bioscience Corp. (LEXX)
STI Banks Lead Weekly Buyback Consideration Tally
- Institutions were net sellers of Singapore stocks with a net outflow of S$80 million from June 6-12.
- DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$66.8 million.
- Q & M Dental Group’s CEO increased his stake to 54.92% amid ongoing share buyback program since May 8.
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