Daily Brief Health Care: Nanjing Novlead Biotechnology, CSL Ltd, Hangzhou Tangji Medical Technology, Medcaptain Medical Technology, Akeso, Obsidian Therapeutics, Betta Pharmaceuticals, Dizal Pharmaceutical, Exegenesis Bio and more

• Nanjing Novlead Biotechnology, incorporated in 2018, operates in the gas-based cardiopulmonary device market, focusing on inhaled nitric oxide (iNO) therapy. Its Core Product, iNOwill, was approved by NMPA in 2022.
• The company has five approved products and five product candidates, holding 85 patents and 196 registered trademarks as of the Latest Practicable Date.
• Revenue was RMB63,207 thousand in 2025, with a gross profit margin of 55.9% and a loss of RMB(95,271) thousand for the year.

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• The $11.7 billion Vifor acquisition has undergone a massive structural revaluation, culminating in US$7.1 billion in pre-tax asset impairments in FY26. This write-down reflects a realistic reassessment of Ferinject generic erosion, R&D pipeline adjustments, and high capital-intensity manufacturing facilities like Lengnau, establishing a clean operational baseline under interim leadership.
• Regulatory and transfer pricing headwinds represent a systemic threat to CSL’s low-tax offshore IP structure. The ATO and IRS are aggressively leveraging precedent from the SingTel and Chevron cases to target cross-border royalty agreements, while Medicare Part D changes shift 20% of catastrophic phase liabilities onto manufacturers, squeezing specialty therapy margins.
• Executive compensation and capital allocation frameworks are undergoing a forced transition toward ROIC. Following the departure of CEO Paul McKenzie and the appointment of CFO Ken Lim, CSL is focusing on structural cost discipline over volume growth. This includes closing underperforming collection centers and utilizing the Rika/iNomi platforms to reduce donor cost-per-liter by up to 14%.

• Hangzhou Tangji Medical Technology Co., Ltd. is a China-based medical device company established in 2016, providing novel solutions for metabolic diseases. It developed the first medical device approved for digestive.
• The company developed the first medical device approved for digestive endoscopic treatment of obesity in China. The global EBMT market is projected to grow to US$1,248 million by 2030.
• Revenue was RMB23,690 and gross profit was RMB20,110 for the six months ended June 30, 2026. The gross profit margin was 84.9% for the same period.

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• Medcaptain Medical launched Hongkong IPO to raise nearly HK$ 600M. They are a global medical device provider supplying life support products, minimally invasive intervention products, and in vitro diagnostics products.
• Medcaptain intends to use the proceeds for research and development, expand production capacity, enhance their sales & marketing capabilities, for strategic investments, upgrade IT infrastructure and for general corporate purpose.
• The valuation that they are seeking, seems relatively steep, but fundamentally worth for long term investors. The company needs to scale up the operations further, but that will take time.

• Australia’s ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 24th August, published on the 28th August.
• The largest industry net increase in the past week was A$0.4bn into “Biotechnology“; the largest industry net decrease was A$0.2bn out of “Banks“. Net shorts increased A$1.2bn week-on-week.
• Companies mentioned in this regular weekly report include: CSL Ltd (CSL AU), PLS Group (PLS AU), Evolution Mining (EVN AU), Stockland (SGP AU), and Pro Medicus Ltd (PME AU).

• Commercial revenue was up 29% YoY (or +11% HoH) to RMB1.8bn. Akeso attributed the revenue growth to the three indications newly added to NRDL for cadonilimab and ivonescimab
• Without 20% price cut on cadonilimab, revenue would have increased by 45% per management. Key events (4Q26): 1) Harmoni-3 (1L sqNSCLC) final PFS readout; 2) FDA PDUFA (2L EGFR NSCLC)
• Akeso share price: -16% YTD. We attribute the underperformance to 1) lack of meaningful catalysts (until 1H27: OS readout for sqNSCLC), 2) FDA PDUFA: binary outcome, 3) increasing PD-(L)1/VEGF competition…

• Obsidian Therapeutics is a clinical-stage biopharmaceutical company developing engineered TIL cell therapies for solid tumors using its cytoDRiVE™ platform. Amsoki-cel, its lead candidate, is in Phase 2 for melanoma and.
• Amsoki-cel is in Phase 2 for melanoma and Phase 1 for NSCLC. It showed a 67% ORR in melanoma Phase 1/2 and received FDA Fast Track and RMAT designations.
• The company incurred significant financial losses since inception and anticipates continued losses, with approximately $186.5 million in federal net operating losses as of December 31, 2025.

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• Betta Pharmaceuticals is a key player in China’s innovative drug industry, evolving into a fully integrated, commercial-stage biopharmaceutical company.
• Icotinib sustained annual sales exceeding RMB1 billion for ten consecutive years since 2016, with over RMB18 billion cumulative sales.
• Revenue was RMB3,609,338 thousand in 2025, and gross profit was RMB2,825,901 thousand for the same year.

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• The $600 million upfront AstraZeneca deal for sunvozertinib (Zegfrovy) in July 2026 is a massive capital infusion but represents a structural retreat for Dizal. Surrendering both global and China rights eliminates the high commercial ceiling of its lead asset, which generated over 70% of its 2025 revenue.
• Sunvozertinib’s Phase 3 WU-KONG28 data published in the New England Journal of Medicine demonstrates a dominant oral-only clinical profile. With a median PFS of 10.3 months compared to 7.5 months for platinum-doublet chemotherapy in first-line EGFR exon 20 insertion NSCLC, the drug is commercially positioned to challenge J&J’s intravenously administered Rybrevant.
• Dizal’s immediate capital constraints are completely resolved, but a structural growth gap looms for 2027 to 2028. The $600 million upfront payment secures a cash runway of over 4 years, allowing the company to advance second-wave pipeline candidates like birelentinib (DZD8586) and DZD6008, yet it remains highly reliant on AstraZeneca’s commercial execution to generate royalties.

• Exegenesis Bio Inc. is a biopharmaceutical company developing gene therapies for neurological and ophthalmic diseases, established in 2019. It seeks to list on the Main Board under Chapter 18A with.
• Two core products and one key product are internally developed. EXG102-031 completed Phase IIa 52-week follow-up in May 2026. EXG001-307 completed Phase I/II.
• Revenue was RMB1,299 in 2025, with a loss for the year of RMB(826,902). Net liabilities were RMB(2,649,112) as of June 30, 2026.

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