Daily Brief Health Care: Mayne Pharma, Thyrocare Technologies, Eccogene, Rubicon Research Limited, NewGenIVF Group Ltd, Rubicon Organics , Telix Pharmaceuticals, J Frontier Co Ltd, Ekf Diagnostics Holdings and more

• The NSW court has dismissed all Cosette claims relating to terminating its scheme implementation deed with Mayne Pharma (MYX AU).  
• While Cosette can appeal, the chances that the judgment will be overturned are low due to the comprehensive judgment. 
• The ruling will provide more certainty regarding the interpretation of MACs. The scheme is subject to FIRB approval, which should be forthcoming. At the last close, the spread was 30.7%.

• In a watershed decision, the Supreme Court of NSW ruled Cosette cannot terminate its Scheme for Mayne Pharma (MYX AU).
• The hearings were the first time a material adverse change clause had been considered by an Australian court under such circumstances.
• The transaction still requires FIRB signing off. Concerns linger over whether Cosette intends to close a South Australian plant. Mayne has previously dispelled these concerns. 

• Company marks explosive profitability in Q2 FY26 as revenue surged 22%, translating to an 82% EPS growth and strong 34.8% EBITDA margins.
• Volume grew 21% supported by a 20% franchise jump. Radiology margin improved by 800bp, signaling a turnaround.
• Company maximizes shareholder reward by declaring a massive 2:1 Bonus Share issuance and a generous Rs. 7 Interim Dividend, underscoring confidence.

• Eccogene, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and CICC are the joint sponsors.
• In this note, we look at the company’s core products, ECC4703, and key products ECC5004 and ECC0509.
• We also look at the company’s pre-IPO investors and management team.

• Rubicon Research Limited (1453591D IN) raised about US$155m in its India IPO.
• Rubicon Research has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&D intensity.
• In this note, we will talk about the trading dynamics.

• NewGenIVF (NIVF) provides Assisted Reproductive Services (ARS) to couples and individuals across Asia.
• Core businesses include In Vitro Fertilization (IVF) treatments and surrogacy services.
• More recently, the company acquired proprietary technology and related assets to facilitate family balancing/gender selection.

• Rubicon has grown revenue at a 44% CAGR since 2020, while outpacing industry growth and limiting dilution.
• We expect growth to accelerate in 2026 as ROMJ brings online its new Cascadia facility.
• Rubicon has posted positive adjusted EBITDA since 2022, with margins expected to reach 10% in 2025 and 14% in 2026.

• Telix Pharmaceuticals (TLX AU) reported 3Q25 revenue of $206M, up 53% YoY and 1% QoQ.  Mainstay PSMA imaging revenue increased 17% YoY and 1% QoQ to $155M, driven by Illuccix.
• Telix has raised 2025 revenue guidance to $800–820M from $770–800M. During 9M25, the company recorded revenue of $512M, indicating 4Q25 revenue of $288–308M, up 45% QoQ.
• We are positive on the long-term growth prospect. With strong commercialization of existing products, rich pipeline, and localized manufacturing prowess, Telix is well-positioned to become a global radiopharmaceutical powerhouse.

• In Q3 FY05/25, revenue was JPY5.0bn (-7.9% YoY) with an EBITDA of JPY125mn (+5.6% YoY).
• Medical Care Sales revenue was JPY1.3bn (-19.7% YoY) with operating profit at JPY66mn (-21.8% YoY).
• Healthcare Marketing business revenue was JPY2.3bn (+3.5% YoY) with operating profit at JPY5mn (-71.8% YoY).

• EKF Diagnostics is pivoting its business model towards higher-margin products within its core Point-of-Care and Life Sciences segments, following a period of revenue decline as COVID-19 related sales ceased. This strategic shift is beginning to yield improved gross margins and earnings growth.
• The company is pursuing a five-year strategic plan targeting revenue of over £80 million and adjusted EBITDA exceeding £20 million by 2029, driven by organic growth in key areas like Hematology and β-HB (ketone testing), operational efficiencies, and new product development.
• Financial performance has stabilized after a post-pandemic reset, with revenue flattening but profitability and cash generation improving. The balance sheet remains strong with low debt, supporting investments in growth and a share buyback program aimed at enhancing shareholder returns.

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