Daily Brief Health Care: Molina Healthcare, The United Laboratories International Holdings Limited, FONAR , Innovent Biologics Inc, Astellas Pharma, Lexaria Bioscience , PolyNovo Ltd, D.Western Therapeutics Institute Inc., Veritas In Silico and more

Molina Healthcare is a managed care organization specializing in Medicaid plans, with a market share of about 6% of the US population in Medicaid

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• Despite its 96% price appreciation since our initiation, United Laboratories is still trading on a 8.7 FPE, and a 5.5 EV/EVITDA.
• A US FDA GLP-1 approval and a potential $ 1.8bn deal with Novo Nordisk demonstrates its successful diabetes and obesity strategy.
• With over 80 drugs in the pipeline to be delivered over the next five years, we believe that TUL is about to experience a very material increase in topline growth.

• FONAR’s privatization offer at $17.25/share by controlling shareholders has a 13% spread, with potential for a price increase.
• The company, trading at 5x EBITDA, holds $54m net cash, covering a significant portion of the buyout cost.
• FONAR’s core diagnostic centers generate 92% of revenue; the unprofitable MRI manufacturing segment is operationally integrated.

• Innovent Biologics is a rapidly growing Chinese biopharmaceutical firm transitioning towards profitability, driven by a strong portfolio of commercialized drugs, notably the PD-1 inhibitor TYVYT® (sintilimab).
• The company possesses a deep and diversified pipeline spanning oncology, metabolic diseases, autoimmune disorders, and ophthalmology, positioning it for sustained long-term growth beyond its current core products.
• While exhibiting impressive revenue growth and improving financials, the company faces significant risks from intense domestic competition, government-led drug price negotiations (NRDL), and a high valuation that may already price in future success.

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• Astellas Pharma (4503 JP) received a conditional approval of IZERVAY (avacincaptad pegol intravitreal solution) in Japan for the suppression of geographic atrophy (GA) growth in atrophic age-related macular degeneration (AMD).
• In Q1FY26, with 25% YoY revenue growth, Izervay reported record high quarterly sales of ¥16B. The drug continues to be preferred treatment for new patient start (market share of ~55%).
• For FY26, Astellas projects revenue of ¥470B from strategic brands, of which Izervay is expected to around ~¥105B. This will gradually accelerate in coming fiscals with Japan sales falling in.

• Lexaria is a biotechnology company seeking to enhance the bioavailability of multiple drug agents using DehydraTECH (DHT), its technology using oral and topical delivery.
• It combines lipophilic APIs with specific fatty acid and carrier compounds followed by dehydration.
• DHT offers several attractive features: 1) substantial improvement in bioabsorption in terms of time to measurable plasma levels & AUC, 2) brain permeation, 3) taste masking & 4) side effect reduction.

• PolyNovo is a rapidly growing medical device company whose patented NovoSorb® biodegradable polymer technology is disrupting the advanced wound care market, particularly in burns and trauma.
• The company has demonstrated exceptional revenue growth, recently achieving profitability, driven by the increasing adoption of its flagship product, NovoSorb BTM, in key markets like the United States.
• Future growth is expected to be fueled by geographic expansion into new markets, the launch of new products and indications (such as NovoSorb MTX), and potential tailwinds from favorable reimbursement changes in the U.S.

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• DWTI announced after the close on 10/1 that 74.0% of the Series 13 Share Acquisition Rights (with exercise price adjustment clause) issued on July 31, 2025, have already been exercised in just two months since the issue (see table below).
• In other words, this leaves only 2.6mn shares, or 5.69% dilution remaining.
• This marks a significant decline in selling pressure going forward, ahead of multiple expected share price catalysts, including 1) China launch of DW-1002 (Brilliant Blue G) for indication ILM staining as an aid for ophthalmic surgeries…

Key points (machine generated)

• Veritas In Silico is a Tokyo Stock Exchange-listed company focused on mRNA-targeted pharmaceuticals.
• The company employs a hybrid business model combining platform-type and pipeline-type approaches for drug discovery.
• Veritas is researching both small molecule and nucleic acid drugs using its proprietary ibVIS® platform.

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