In today’s briefing:
- Medtide (泰德医药) IPO: Aggressive Valuation
- Quiddity Leaderboard CSI Medical Dec25: 1x-3x ADV for Most Names; Couple of Pair Trade Ideas
- CSL Ltd (CSL AU): First In-House Antibody Drug Gets US Approval; Has Blockbuster Potential
- AS ONE (7476 JP) – A Royalty on Japan’s Scientific Advancement
- Apollo Hospitals (APHS IN): Sell – Priced for Perfection!
- Cytokinetics Aligns U.S., Europe, and Japan—Could Global Synchronization Fuel Explosive Growth?
- Eli Lilly Bets Big on the Future of One-Time Gene Editing: The $1.3 Billion Verve Deal Explained!
- Exelixis Inc.: Will It Be Able To Build On The XB628 & Other Pipeline Expansion Opportunities?
- Glaukos Corporation: An Insight Into The Latest Advancements in Product Adoption
- Halozyme Therapeutics Unlocks Billion-Dollar Royalty Streams with Next-Gen Drug Formulations; How Will It Shape The Future Top-Line?
Medtide (泰德医药) IPO: Aggressive Valuation
- Medtide, a Chinese headquartered CDMO company, launched its IPO to raise up to US$66m via a Hong Kong listing.
- We have previously covered the company’s fundamentals. We highlighted potential corporate governance issues despite its superior financials compared to peers.
- In this note, we look at the deal term. We think the valuation and broker guidance is aggressive.
Quiddity Leaderboard CSI Medical Dec25: 1x-3x ADV for Most Names; Couple of Pair Trade Ideas
- CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
- In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
- We expect up to four ADDs and four DELs for the CSI Medical Service index during this index review event based on the latest available data.
CSL Ltd (CSL AU): First In-House Antibody Drug Gets US Approval; Has Blockbuster Potential
- CSL Ltd (CSL AU) received FDA approval of Andemry, for prophylactic use to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients aged 12 years and older.
- CSL will launch Andemry in the U.S. immediately, with availability before the end of June. Thus far, Andemry has been approved in Australia, the UK, EU, Japan, Switzerland, and UAE.
- With FDA approval, Andembry is now set to compete with Takeda’s blockbuster drug Takhzyro and BioCryst Pharmaceuticals’ oral HAE drug Orladeyo. Andembry has a convenience and efficacy edge over Takhzyro.
AS ONE (7476 JP) – A Royalty on Japan’s Scientific Advancement
- As scientific progress increasingly depends on more complex equipment and precision instruments, we believe wholesaler and distributor AS ONE is well-positioned to capture demand through expanding its presence in the high-end segment.
- Demand for scientific supplies and lower-end scientific equipment remains stable, providing a resilient, recurring revenue base.
- The company’s growth has consistently outpaced and shown limited correlation with national R&D spending.
Apollo Hospitals (APHS IN): Sell – Priced for Perfection!
- We are bullish on the long-term growth of the hospital sector in India.
- We are, however, concerned that Apollo will face intense competition as it expands.
- A 53 FPE does not factor in the high cost of expansion and potential challenges.
Cytokinetics Aligns U.S., Europe, and Japan—Could Global Synchronization Fuel Explosive Growth?
- Cytokinetics, Inc., a biotechnology company focused on muscle biology-driven therapeutics, delivered a mixed first quarter of 2025, characterized by both strategic progress and challenges primarily revolving around its lead candidate, aficamten.
- Investment considerations should weigh the developments in its regulatory and clinical endeavors against its financial performance and market readiness activities.
- From a regulatory perspective, Cytokinetics has faced a setback with the FDA’s extension of the Prescription Drug User Fee Act (PDUFA) date for aficamten, shifting the action date to December 26, 2025.
Eli Lilly Bets Big on the Future of One-Time Gene Editing: The $1.3 Billion Verve Deal Explained!
- Eli Lilly has made a bold move into the gene editing space with its announced acquisition of Verve Therapeutics for up to $1.3 billion.
- The deal includes a $1 billion upfront payment and up to $300 million in contingent milestone-based payouts, valuing Verve at $13.50 per share—a 113% premium to its 30-day average.
- Verve, a Boston-based clinical-stage biotech, is pioneering one time gene editing therapies for cardiovascular disease.
Exelixis Inc.: Will It Be Able To Build On The XB628 & Other Pipeline Expansion Opportunities?
- Exelixis recently shared its financial results for the first quarter of 2025, which revealed a mix of promising developments and some areas that warrant caution.
- The company demonstrated strong financial performance, reporting significant growth in its key product, cabozantinib, which generated $513 million in net product revenue in the U.S., marking a 36% increase year-over-year.
- The global net product revenue for the cabozantinib franchise was approximately $680 million.
Glaukos Corporation: An Insight Into The Latest Advancements in Product Adoption
- Glaukos Corporation recently delivered its financial results for the first quarter of 2025, reporting a record consolidated net sales figure of $106.7 million, marking a 25% increase on a reported basis or 26% on a constant currency basis when compared to the previous year.
- The company also maintained its full-year net sales guidance range of $475 million to $485 million, even as it navigates the uncertainty of global macroeconomic conditions.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
Halozyme Therapeutics Unlocks Billion-Dollar Royalty Streams with Next-Gen Drug Formulations; How Will It Shape The Future Top-Line?
- Halozyme’s first quarter 2025 financial and operational performance presents a mixed picture with notable strengths and some challenges.
- The company reported a strong start to the year, achieving a 35% year-over-year increase in total revenue to $265 million, driven by a 39% increase in royalty revenue, primarily from its key ENHANZE-enabled therapeutics: DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo.
- Adjusted EBITDA also rose significantly to $162 million, leading to a 54% increase in net income to $118 million.
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