Daily Brief Health Care: Medline, Corona Remedies, Lumexa Imaging Holdings, Genesis Healthcare, InxMed, Frencken, Mettler Toledo International Inc, Natera Inc, Newron Pharmaceuticals, Park Medi World and more

• Medline targets up to $5.4B in its IPO, the largest potential cash-raise since Rivian in 2021.
• Strong anchor and cornerstone commitments signal deep institutional support ahead of one of the year’s most anticipated offerings.
• Medline’s resilient, high-margin med-surg platform delivers consistent organic growth, reinforcing its profile as a mature, scaled issuer.

• CRL is a fast-growing domestic-focused Indian pharma company that focuses on chronic therapies related to Women’s healthcare and cardio-diabetics. It has a diversified portfolio of 550+ products across 71 brands
• It follows a roll-up growth model, acquiring brands from global MNCs that are complementary to its existing infrastructure. It has successfully scaled 7 brands  from ~1-2cr to 50+ crores
• We estimate the company to deliver high teens earnings growth in the medium term and hence find the IPO attractive at ~30x FY27 earnings relative to peers trading at 25-40x

• Lumexa Imaging (LMRI US) targets fragmented $140B diagnostic imaging market, leveraging 184 centers and 20 acquisitions since 2018 for disciplined growth.
• $1.003B revenue, $220.7M adjusted EBITDA (22% margin), outperforming peer RadNet on revenue per center and EBITDA margin.
• IPO is sponsor-backed, well-oversubscribed with long-only investor interest; valuation attractive at 11.5x 2026 EBITDA, though cautious outlook maintained pre-debut.

• Gen Digital Inc. delivered a solid performance in the second quarter of fiscal year 2026, surpassing expectations.
• The company reported record revenue of over $1.2 billion, reflecting a 25% year-over-year increase.
• The growth was broad-based, with significant contributions from its consumer segments, including Cyber Safety and Trust-Based Solutions.

• InxMed, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC and CCBI are the joint book runners.
• In this note, we look at the company’s core product, ifebemtinib, and assess the selling point around the core product.
• We also look at the company’s pre-IPO investors and management team.

• Institutions were net sellers of Singapore stocks from Nov 28 to Dec 4, with a net outflow of S$78 million.
• Singtel led share buybacks with 9,072,500 shares repurchased for S$61.2 million, under the Singtel Performance Share Plan 2012.
• MetaOptics plans to raise S$4.85 million through a placement of 6.69 million shares at S$0.7255 each.

• Mettler-Toledo International, a provider of precision instruments and services, reported its financial outcomes for the third quarter of 2025, showcasing a blend of robust performance and ongoing challenges.
• The company’s sales reached $1.03 billion, marking an increase of 6% in local currency terms and 8% on a U.S. dollar reported basis.
• This performance was bolstered by several acquisitions, which contributed 1% to overall sales growth.

• Natera’s third-quarter performance in 2025 reflects a strong operational and financial progression, with key highlights, opportunities, and challenges to consider from an investment perspective.
• The company’s revenue for the quarter was reported at $592 million, reflecting a significant 35% year-over-year growth.
• This substantial revenue increase is attributed primarily to strong demand for Natera’s core products and breakthrough growth in Signatera, their minimal residual disease (MRD) test, which saw a record number of processed clinical tests.

Newron Pharmaceuticals has announced the launch of its Phase III ENIGMA-TRS 2 trial in the US, marking an important step for the registrational programme for lead candidate evenamide in treatment-resistant schizophrenia (TRS). ENIGMA-TRS 2 is a global, randomised, double-blind, placebo-controlled, 12-week pivotal study designed to enrol c 400 TRS patients. Topline results are anticipated by Q426, at a similar time to the ENIGMA-TRS 1 trial, representing a highly important inflection point for Newron. Additional US sites for ENIGMA-TRS 2 are due to initiate shortly and regulatory submissions are being made to other countries expected to participate in this trial.

• Park Medi World has filed for IPO to raise up to INR 9,200M. The company plans to sell 56.8M shares at between INR 154 and INR 162 per share.
• Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
• Valuation reasonable considering the fact that it lags behind on many fronts compared to its peers. Bullish on Indian hospital players, but we think investors can comfortably skip this issue.