Daily Brief Health Care: Medical Data Vision, Apiam Animal Health, Raffles Medical Group, B&K Corporation, SanBio Co Ltd, CSPC Innovation Pharmaceutical-A, ISEC Healthcare, InSilico Medicine Cayman TopCo, MetaVia and more

• Over the weekend the Nikkei reported that Nippon Life would bid ¥60bn for Medical Data Vision (3902 JP). At one price per share, that meant ¥1,585.  
• There is a deemed dividend treatment buyback for SBI at ¥1,189 which means they will end up with a capital loss (their in-price is ¥1,630) but they’ll offset that.
• This is the biggest win for minorities in a long while. Be happy.

• Back on the 22nd October, PE outfit Adamantem Capital firmed its Offer for Apiam Animal Health (AHX AU), Australia’s largest rural and regional veterinary group.
• The A$0.87/share Offer Price was a 64.5% premium to last close. This included a permitted fully franked dividend up to A$0.10/share. Mix & match options are afforded, including 100% scrip.
• The Scheme Booklet is now out, with a Scheme Meeting on the 3rd February, and expected implementation on the 23rd Feb 2026. The IE (Kroll) says “fair & reasonable“.

• Medical Data Vision (3902 JP) has recommended a tender offer from Nippon Life at JPY1,693, a 212.4% premium to the last close.
• The substantial takeover premium reflects the outcome of an auction and SBI Holdings (8473 JP) willingness to share TOB tax benefits with minority shareholders. 
• The substantial takeover premium also ensures that this is a done deal. The tender closes on 3 February, with payment commencing from 9 February. 

• Raffles Medical Group (RMG) is a leading integrated private healthcare provider in Asia, with a strong presence in Singapore and a growing footprint in China and other parts of the region.
• The company’s growth strategy is centered on expanding its hospital and clinic network, particularly in China, and capitalizing on the rising demand for quality healthcare driven by aging populations and increasing affluence.
• While facing challenges such as rising operating costs and execution risks in new markets, RMG’s established brand, integrated healthcare model, and strong balance sheet position it well for long-term growth.

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• B&K, a China-based clinical stage biotech company, launched its IPO to raise at USD 774 million via a Hong Kong listing.
• In this note, we look at its fundamentals briefly, including its core products and its management team.
• We deem the fundamentals of the deal weak and will avoid the deal.

• In cumulative Q3 FY01/26, the company reported no operating revenue and an operating loss of JPY2.7bn.
• The company forecasts a recurring loss of JPY4.5bn and a net loss of JPY4.0bn for FY01/26.
• R&D expenses increased to JPY2.8bn, reflecting sales preparation and manufacturing costs for AKUUGO® approval changes.

• CSPC Innovation Pharmaceutical-A (300765 CH) has applied for H share listing on the Hong Kong Stock Exchange, with CITIC Securities being the sole sponsor to the issue.
• The company intends to raise fund for financing biopharmaceuticals R&D, acquisitions of companies or drug assets to expand product portfolio, and commercialization of approved products and late-stage product candidates.
• CSPC Innovation shares have been listed in China since 2019. After strong run-up from September 2023 to June 2025 (shares jumped 5x), shares fell 43% over the last six months.

• ISEC Healthcare is a leading, specialized eye-care provider with a strong and growing presence in Malaysia and Singapore, well-positioned to capitalize on favorable demographic trends.
• The company demonstrates a consistent track record of revenue and net income growth, driven by both organic expansion of its centers and strategic acquisitions.
• Backed by Aier Eye Hospital Group, a major strategic shareholder, ISEC has the support to pursue further regional expansion, although it faces risks from its reliance on key medical specialists and potential regulatory changes.

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• Although Insilico’s development direction is AI-Biotech, its “genes” don’t support the continuous promotion of drug R&D into later clinical stages. It’s more realistic to sell early-stage candidates and collect cash.
• Relying solely on AI pharmaceuticals cannot quickly enter the commercialization stage of innovative drugs. In fact, capital has seen the truth and pharmaceutical companies also doubt its real value.
• Insilico in on the right path in terms of business model.If InSilico has the opportunity to develop blockbuster drugs, its future valuation can easily lead QuantumPharm by a large margin.

• In November 2025, MetaVia Inc. (MTVA) announced new positive data from the Phase 2a clinical trial of vanoglipel (DA-1241) was presented at the American Association for the Study of Liver Diseases (AASLD) The Liver Meeting 2025.
• After 16 weeks of treatment, vanoglipel showed reductions in HbA1c of 0.37%, 0.41%, and 0.54% at weeks 4, 8, and 16, from a baseline of 6.99%.
• Vanoglipel also significantly decreased plasma ALT levels in subjects with baseline ALT between 40 and 200 U/L.