Daily Brief Health Care: Medline, Daihan Pharmaceutical, Genmab A/S, HEALIOS KK, Santen Pharmaceutical and more

• Medline Inc., the Northfield, Illinois–based medical products manufacturer and distributor, is advancing toward one of 2025’s largest IPOs.
• The company plans to raise $5.0 billion by offering 179 million Class A shares at a price range of $26–$30, with an expected listing on the Nasdaq Global Select Market under the ticker MDLN.
• At the midpoint valuation of $28, Medline would command a fully diluted market capitalization of approximately $37.3 billion, positioning it among the year’s most significant offerings.

• Dominant Niche Player with Strong Growth: Daihan Pharmaceutical is a leading manufacturer of intravenous (IV) solutions in South Korea, a market poised for steady growth driven by an aging population and increasing healthcare needs. The company has demonstrated a solid track record of revenue and net income growth, outpacing its negative market capitalization trend.
• Exceptional Shareholder Returns and Value Proposition: The company exhibits a robust dividend profile, with a strong yield and a 5-year dividend CAGR of over 17%. Valuation analysis reveals a significant discount compared to peers across key metrics like P/E, P/B, and EV/Sales, suggesting a potentially attractive entry point for value-oriented investors.
• Favorable Industry Tailwinds: The South Korean pharmaceutical market is projected to experience robust growth, with the intravenous solutions segment expected to expand at a CAGR of approximately 8.7% through 2030. This provides a supportive macro environment for Daihan’s core business operations.

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• Genmab A/S is making headlines again, this time by sealing the U.S. leveraged finance market’s biggest M&A funding since April with a $4.5 billion raise through junk bonds and a leveraged loan.
• The Danish biotech giant is gearing up to acquire Merus N.V., a smaller Dutch peer, in a proposed $8 billion transaction announced on September 29, 2025.
• This bold move comes amid Genmab’s rapidly scaling commercial operations and late-stage pipeline expansion, headlined by drugs like EPKINLY and Rina-S.

• HEALIOS K.K. is a clinical-stage biotechnology company at the forefront of regenerative medicine in Japan, focusing on high unmet medical needs such as ischemic stroke and Acute Respiratory Distress Syndrome (ARDS).
• The company’s lead asset, HLCM051 (MultiStem), is advancing towards late-stage clinical trials. A key potential catalyst is the planned application for conditional approval for ARDS in Japan, which could occur as early as 2025.
• Financially, the company is characterized by significant R&D investment, leading to persistent net losses and negative cash flow. Its future is heavily dependent on clinical trial outcomes, regulatory approvals, and the ability to secure ongoing funding.

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• Santen Pharmaceutical (4536 JP) witnessed revenue drop with profits also declining in H1FY26. Sequential quarterly improvement a positive. EMEA and Asia grow driving the overseas business rise.
• Company reiterated FY26 guidance where revenue is projected at ¥294B (down 2% YoY) and core operating profit at ¥54B (down 9% YoY). H2FY26 expected to be strong.
• Regular drug development, consistent approvals for new indications coupled with licensing deals and its market leadership position will help Santen to see through the sluggishness.