In today’s briefing:
- PegBio IPO Trading Update
- Hengrui Pharma (1276 HK): Trying to Achieve Total Global Index Inclusion
- SSI Weekly Newsletter: Strategic Reviews, Merger Arbitrage, Tender Offers, and Portfolio Updates
- IQVIA Holdings Looking To Unlock Healthcare Innovation with High-Margin
- Leads Biolabs (维立志生物) Pre-IPO: Long Time to Commercialization
- Tempus AI Strikes $200M Pharma Deal—Will Its Foundation Models Help Revolutionize Cancer Treatment?
- Waters Corporation Is Tapping Into The Billion-Dollar Pharma Boom with Strategic Global Moves; Will It Work?
- Zoetis Inc.: Focus On Adaptation to Market Channels & Consumer Preferences To Sustain Growth Across Its Diverse Portfolio!
- Pre-IPO GenFleet Therapeutics – The Pipeline Outlook Is Full of Challenges
- Riverstone & Ho Bee Land Chairs Make Fresh Share Purchases
PegBio IPO Trading Update
- PegBio raised HKD 300.8m (USD 38m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, May 27th.
- In our previous note, we looked at the company’s GLP-1 product and its valuation.
- In this note, we provide an update for the IPO before trading debut. The free float shares are mostly at the hands of retail investors.
Hengrui Pharma (1276 HK): Trying to Achieve Total Global Index Inclusion
- Jiangsu Hengrui Pharmaceuticals (1276 HK) debuted on the HKEX on 23 May, closing the first day 25% above its offer price, resulting in a market cap of ~$47bn.
- The security is expected to be assigned to Global-M Standard. Uncertainty for inclusion arises due to relatively low float cap even after the lock-up expiry.
- The security is forecasted to be added to Global-F All-World in December 2025 and receive an upweight in March 2025 following the lock-up expiry.
SSI Weekly Newsletter: Strategic Reviews, Merger Arbitrage, Tender Offers, and Portfolio Updates
- Elevation Oncology (ELEV) is undergoing a strategic review after discontinuing its lead program, with potential 14–42% upside.
- Mayne Pharma (MYX:AX) faces merger arbitrage challenges due to Cosette Pharmaceuticals’ Material Adverse Change claims, trading at a 35% discount.
- Air Canada (AC:TO) offers a tender with odd-lot provision, repurchasing shares at C$18.50 – C$21.00, with potential upside.
IQVIA Holdings Looking To Unlock Healthcare Innovation with High-Margin
- IQVIA’s recent financial performance and strategic direction provide a nuanced picture of its current position within the life sciences sector.
- In the first quarter of 2025, IQVIA reported strong financial results, achieving revenue growth at the high end of its expectations despite facing a challenging environment in Research & Development Solutions (R&DS).
- The company recorded total revenue of $3.829 billion, marking a 2.5% increase on a reported basis and a 3.5% rise at constant currency.
Leads Biolabs (维立志生物) Pre-IPO: Long Time to Commercialization
- Leads Biolabs, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are MS and CITIC.
- In this insight, we look at the company’s two products with the most advanced stage of clinical trial, LBL-024 and LBL-007.
- We also look at the company’s pre-IPO investors and management team.
Tempus AI Strikes $200M Pharma Deal—Will Its Foundation Models Help Revolutionize Cancer Treatment?
- Tempus’ first-quarter financial results for 2025 reveal a complex yet promising outlook.
- The company saw a significant increase in quarterly revenue, which rose by 75.4% year-over-year to $255.7 million.
- Genomics emerged as a key driver, growing by 89% year-over-year to $193.8 million.
Waters Corporation Is Tapping Into The Billion-Dollar Pharma Boom with Strategic Global Moves; Will It Work?
- Waters Corporation’s first quarter of 2025 showcased a mixed performance with notable strengths and specific challenges.
- The company marked a promising start to the year with robust instrument growth driven by expansive demand in pharma and industrial markets.
- Sales grew 4% as reported, and 7% on a constant currency basis, hitting the higher end of the company’s guidance.
Zoetis Inc.: Focus On Adaptation to Market Channels & Consumer Preferences To Sustain Growth Across Its Diverse Portfolio!
- Zoetis Inc. recently held its first-quarter 2025 financial results presentation, where senior executives highlighted the company’s performance amidst a challenging economic landscape marked by geopolitical and regulatory uncertainties.
- Zoetis reported a strong 9% growth in organic operational revenue, driven largely by the International segment, which grew by 11%, while the U.S. segment grew by 6% when excluding its Medicated Feed Additives (MFA) divestiture.
- 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.
Pre-IPO GenFleet Therapeutics – The Pipeline Outlook Is Full of Challenges
- The whole KRAS field just crossed the threshold of druggablility but hasn’t met previous expectations. KRAS monotherapy on NSCLC/CRC is not good. It also progresses slowly when combined with PD-1.
- If GFH925 cannot at least demonstrate the same level of strong efficacy as other existing targeted inhibitors/combination therapies and also with favorable safety profile, there’s little chance in afterwards commercialization
- Pre-IPO valuation has already reached RMB3.1 billion. In our view, valuation of GenFleet could be similar to that of Jacobio if the sales performance of GFH925 fails to meet expectations.
Riverstone & Ho Bee Land Chairs Make Fresh Share Purchases
- Institutions were net sellers of Singapore stocks with a net outflow of S$65 million, totaling S$1.73 billion for 2025.
- Financial Services and REITs saw the highest net institutional outflow, while Industrials and Real Estate (Ex-REITs) had inflow.
- Share buybacks totaled S$67.6 million, with significant transactions by Hongkong Land and ESR-REIT.
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