In today’s briefing:
- Mayne Pharma (MYX AU): Got to Know when to Hold ‘em, when to Fold ’em
- Quiddity Leaderboard Hang Seng Biotech Sep25: Announcement Soon; MANY DELs Likely!
- Apiam Animal Health (AHX AU): Adamantem’s NBIO
- Waters Corporation: Microbiology & Mass Spec Expansion & Other Critical Growth Levers!
- Hims & Hers: Advancing At-home Lab Testing and Preventive Health To Up Their Game!
- ABEO: First Patient Treatment with Zevaskyn Expected in 3Q25
- Classys (214150 KS): Equipment Sale Boosts 2Q Result; New Device Approval to Drive 2H Performance
- Encompass Health: Use of Technology & Predictive Analytics…
- BioNTech SE: An Insight Into The BNT327 Combination Trials In Oncology
Mayne Pharma (MYX AU): Got to Know when to Hold ‘em, when to Fold ’em
- On 17 May, Cosette asserted that a material adverse change had occurred. Mayne Pharma (MYX AU) disputes the claim with court proceedings set to start on 22 September.
- Mayne’s FY25 results on 29 August should provide incremental clarity, but not a definite answer, on the MAC breach relating to maintainable EBITDA (decline by at least A$10.76 million).
- The outcome of the trial remains uncertain as both Mayne and Cosette have valid arguments. Risk/reward is attractive – upside (43.1% to offer) vs the downside (22.3% to deal-break price).
Quiddity Leaderboard Hang Seng Biotech Sep25: Announcement Soon; MANY DELs Likely!
- The Hang Seng Biotech Index (HSHKBIO) represents the largest biotech companies listed in Hong Kong (HKEX) from September 2025.
- We expect 20 index constituents to face deletion in September 2025 rebal due to a recent change in index selection methodology.
- The index changes will be announced after the close on Friday 22nd August 2025.
Apiam Animal Health (AHX AU): Adamantem’s NBIO
- Apiam Animal Health (AHX AU), Australia’s largest rural and regional veterinary group, has announced a non-binding indicative Offer from PE outfit Adamantem Capital.
- Adamantem is offering A$0.88/share, a 64.5% premium to last close. If terms are firmed, shareholders will also be afforded a partial scrip option into an unlisted bidco.
- Adamantem has also entered into a call option for 19.9% of shares out at A$0.88/share. An independent board committee are assessing the approach. Due diligence not yet granted.
Waters Corporation: Microbiology & Mass Spec Expansion & Other Critical Growth Levers!
- Waters Corporation reported a robust financial performance for the second quarter of 2025, showcasing strong sales growth, enhanced product innovation, and strategic expansion into high-growth areas.
- The company achieved a 9% sales increase as reported, and 8% on a constant currency basis.
- This success was fueled by growth in their LC and mass spectrometry portfolios, and double-digit growth in recurring revenue streams such as services and consumable chemistry.
Hims & Hers: Advancing At-home Lab Testing and Preventive Health To Up Their Game!
- Hims & Hers Health has delivered a robust performance in the second quarter of 2025, signaling positive momentum in its quest to democratize access to personalized, high-quality healthcare.
- The company reported a 73% increase in revenue to $545 million year-over-year, with a strong adjusted EBITDA margin of over 15%.
- This growth is underpinned by a substantial subscriber base of over 2.4 million, facilitated by offerings in areas like dermatology and weight management.
ABEO: First Patient Treatment with Zevaskyn Expected in 3Q25
- On August 14, 2025, Abeona Therapeutics, Inc. (ABEO) announced financial results for the second quarter of 2025 and provided a business update.
- The company reported that the U.S. launch of Zevaskyn (prademagene zamikeracel), which was recently approved by the U.S. Food and Drug Administration (FDA) for the treatment of wounds in adult and pediatric patients with recessive dystrophic epidermolysis bullosa (RDEB), is on track and the first patient is scheduled to be treated in the third quarter of 2025.
- Abeona indicated that approximately 50 patients have been identified thus far that would likely be good candidates for Zevaskyn treatment, and the company is planning to have capacity to treat 10-14 patients before the end of 2025 and 10 patients/month by mid-2026.
Classys (214150 KS): Equipment Sale Boosts 2Q Result; New Device Approval to Drive 2H Performance
- Classys (214150 KS) has reported strong 2Q25 result, with record high quarterly sales, gross profit, and operating profit. In fact, revenue hit sixth consecutive quarterly record high.
- During 2Q25, revenue from device increased 47% YoY and 30% QoQ to KRW46B, mainly driven by strong global sales, which increased 36% YoY and 27% QoQ to KRW33B.
- Classys reaffirmed 2025 revenue guidance of KRW340–360B, up 39–48% YoY. In 1H25, the company has achieved 46% of annual revenue target, thereby enhancing guidance visibility.
Encompass Health: Use of Technology & Predictive Analytics…
- Encompass Health Corporation reported strong financial performance for the second quarter of 2025, underpinned by a 12% increase in revenue to $1.46 billion and a 17.2% rise in adjusted EBITDA to $308.6 million.
- This robust growth was driven by a 7.2% increase in total discharges and a 4.2% rise in net revenue per discharge, notably supported by the reduced bad debt expense.
- Additionally, the quarter saw enhanced patient intake and discharge metrics, with strong growth reported in neurological conditions and stroke treatments, areas where Encompass Health holds noticeable clinical expertise.
BioNTech SE: An Insight Into The BNT327 Combination Trials In Oncology
- BioNTech SE’s recent financial results and strategic initiatives present a complex investment picture.
- The company has made significant strides in oncology, indicating a diversified approach beyond its known COVID-19 vaccine success.
- However, financial performance and potential market fluctuations warrant careful consideration.
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