Daily Brief Health Care: OliX Pharmaceuticals, Alebund Pharmaceuticals Jiangsu, Avadel Pharmaceuticals PLC, Azitra, Cocrystal Pharma , Island Pharmaceuticals , Kaken Pharmaceutical, Tarsus Pharmaceuticals , Triapex Lab, WeiMai and more

• There will be 16 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the next rebalance to be implemented at the close on 11 December.
• Making use of their discretionary powers, the index committee has not added Wonik Holdings Co., Ltd (030530 KS), Samhyun (437730 KS) and Fadu (440110 KS) to the index.
• The adds have outperformed the deletes and the KOSDAQ 150 Index over the last 6 months and there has been a short-term move higher too. Watch out for short covering.

• Alebund Pharmaceuticals, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and HTSC are the joint sponsors.
• In our previous note, we looked at the company’s history and its core product, AP301, and AP306, and its management.
• In this note, we look at the core product AP301’s pivotal Phase 3 data for AP301 presented in ASN2025.

• Avadel Pharmaceuticals is suddenly at the center of a high-stakes bidding war, with strategic interest intensifying as its once-nightly sleep therapy, LUMRYZ, continues to scale commercially.
• On November 14, Danish drugmaker Lundbeck submitted an unsolicited offer to acquire Avadel for up to $23 per share—topping an earlier $20-per-share bid from Alkermes made in October.
• The structure of Lundbeck’s offer includes $21.00 in cash and a $2.00 per share non-transferable contingent value right (CVR) tied to future sales milestones for LUMRYZ and valiloxybate.

• Azitra is developing genetically engineered bacteria for therapeutic use in dermatology.
• The company possesses a microbial library of 1,500 unique bacterial strains that are candidates for a variety of indications.
• Azitra’s lead candidate is ATR-12 for the rare disease Netherton syndrome (NS).

• On November 14, 2025, Cocrystal Pharma, Inc. (COCP) announced financial results for the third quarter of 2025 and provided a business update.
• The company has received IND clearance from the U.S. FDA to evaluate CDI-988 as both a norovirus preventive and treatment.
• We anticipate the company initiate a Phase 1b norovirus challenge study in the first quarter of 2026.

• Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.
• The company on 17 November 2025 released a presentation in which it detailed the much-anticipated feedback from the Food and Drug Administration (FDA) on its Galidesivir programme for Marburg.
• The feedback was very positive for ILA in that two outstanding matters were resolved: 1.

• Kaken Pharmaceutical (4521 JP) reported rather underwhelming earnings in H1FY26, with revenue, operating profit and net profit witnessing significant drop as upfront payments received last fiscal put pressure.
• Kaken’s major drug Clenafin saw revenue rise 1.5% to ¥9.3B on AG launch, while Ecclock helped drive revenue growing 12% YoY to ¥1.5B.
• FY26 guidance revised downwards to ¥86.3B (down 8% YoY). Kaken needs an immediate strong revenue driver to rescue it from pangs of drug price revision and generic competition.

• Tarsus Pharmaceuticals has successfully transitioned to a commercial-stage company, driven by the strong launch of XDEMVY®, the first and only FDA-approved treatment for Demodex blepharitis.
• The company possesses a significant first-mover advantage in a large, undertreated market, with XDEMVY addressing the root cause of a condition affecting an estimated 25 million people in the U.S.
• Future growth is underpinned by the continued market penetration of XDEMVY and a promising pipeline leveraging the same active ingredient, lotilaner, for other underserved conditions like Ocular Rosacea (TP-04) and Lyme disease prevention (TP-05).

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• Triapex Lab (1938177D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Citi and Haitong.
• It is a next-generation contract research organization (CRO) dedicated to empowering pharmaceutical enterprises and research institutions worldwide.
• Its approach centers on clinically significant disease areas, including cardiometabolic diseases, central nervous system (CNS) disorders, ophthalmology, autoimmune diseases, and oncology.

• Whether WeiMai’s business model can operate sustainably and effectively depends on whether it can establish long-term/stable relationship with hospitals/doctors, as they are the key stakeholders to attract/retain the downstream customers.
• However, the relationship between WeiMai and the hospital network may not be solid, thereby shaking the foundation of the entire business model. Gross margin level is unsatisfactory compared with peers.
• Post-Money valuation after Series D+ Financing was US$559 million. Due to the concerns on business model and the profitability, WeiMai’s valuation should be lower than Ping An Healthcare and Technology.