Daily Brief Health Care: Myungin Pharmaceutical, TenNor Therapeutics (Suzhou) Limited, Shanghai Fosun Pharmaceutical (Group), Cocrystal Pharma , Healthequity Inc, Ainos , Percheron Therapeutics and more

• Myungin Pharm’s IPO price has been confirmed at 58,000 won, which is at the high end of the IPO price range.
• A total of 2,028 domestic and foreign institutional investors participated in the IPO demand forecast. The demand ratio was 488.9 to 1.
• Our base case valuation of Myungin Pharm is market cap of 1.2 trillion won, and target price of 80,349 won per share, which is 39% higher than the IPO price.

• China has vigorously restricted the use of antibiotics. Even for novel antibiotics, they won’t replace old antibiotics completely considering higher price/the difficulty of changing prescription habits of existing clinical guidelines.
• The NMPA’s approval standards for new antibiotics are becoming increasingly strict. So, regulatory agencies’ evaluation of the true efficacy of TNP-2198 may lead to the delay in its market launch. 
• Post-Money valuation after Series E financing reached RMB2 billion. Valuation of TenNor could be lower than peers Zai Lab and Everest Medicines who already have commercialized products on the market.

• Shanghai Fosun Pharmaceutical (Group) (2196 HK) received marketing approval for Fovinaciclib, for the treatment of HR+, HER2-negative locally advanced or metastatic breast cancer, in combination with an aromatase inhibitor.
• In 1H25, Fosun Pharma reported revenue of RMB 19.4B, down 5% YoY. Revenue from innovative drugs achieved robust growth of 14% as it garnered RMB 4.3B in sales.
• Fovinaciclib with two approved indications would boost the innovative drugs domain and given the market opportunities of the drug, this can help to somewhat compensate for the VBA related loss.

• On September 12, 2025, Cocrystal Pharma, Inc. (COCP) announced a presentation on CDI-988 at the 9th International Calicivirus Conference.
• The presentation emphasized CDI-988’s favorable safety profile along with its high exposure in the small intestine.
• In addition, results from the Phase 1 trial were shared that included the fact no serious adverse events were reported.

• HealthEquity delivered solid financial performance for the second quarter of its fiscal year 2026, showcasing robust growth across multiple core metrics.
• The company saw revenues increase by 9% compared to the previous year.
• This growth was driven by a 15% rise in custodial revenues and an 8% increase in interchange revenues, despite a more modest 1% increase in service revenue.

• Ainos adds Topco to its list of industrial partners. Ainos has forged a distribution agreement with Taiwan’s Topco Scientific Co., recognized as a leading global semiconductor solutions provider.
• This is the fifth industrial partnership that Ainos has established in 2025, building on the ecosystem established by the ASE, ugo, Kenmec, and Solomon partnerships, with the scaling runway spanning semiconductor manufacturing, automation, smart manufacturing, and robotics.
• Topco brings scale to AI Nose in the chip industry. 

Percheron Therapeutics is an emerging immuno-oncology-focused biotech with a business case anchored on its recent in-licensing of HMBD-002, a Phase II-ready, potentially first-in-class anti-VISTA immune checkpoint inhibitor. HMBD-002’s prospects are underpinned by wide expression of VISTA on tumour cells and a mechanistically distinct IgG4 backbone, allowing for non-depleting VISTA inhibition, overcoming a key limitation of other IgG1 anti-VISTA antibodies. Supported by encouraging preclinical and Phase I data, management plans to commence Phase II trials in CY26, a key upcoming catalyst for a share price re-rating. We view Percheron as high-risk, high-reward, with potentially sizeable upside optionality from broad labelling potential. Cash reserves of A$10.2m should provide a runway into FY27. We initiate coverage with a valuation of A$66.7m or 6.1c/share.