Daily Brief Health Care: Porton Pharma Solutions, Vigonvita Life Sciences, SeaStar Medical Holding , MapLight Therapeutics, Wing Tai Holdings, Genmab A/S, Integris Medtech Limited, Fujian Wanchen Biotechnology Group and more

• CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
• In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
• We expect up to six ADDs and six DELs for the CSI Medical Service index during this index review event based on the latest available data.

• Vigonvita is looking to raise at least US$100 million via a Hong Kong listing. The book runner is CITIC.
• The company filed its post-hearing prospectus and dropped VV116, the commercialized COVID-19 anti-viral drug, from its key asset list.
• In this note, we look at changes between filings and recent company and market updates.

Key points (machine generated)

• SeaStar Medical is developing the Selective Cytopheretic Device (SCD) to treat critically ill patients with hyperinflammation.
• The SCD has received FDA approval for pediatric acute kidney injury and is expected to generate interim data from its adult trial by late Q3 next year.
• The company currently has $10 million in cash but may need to raise additional funds for growth and to support its adult trial.

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• MapLight Therapeutics Inc. (MPLT) priced 14.75 million shares at $17.00 and opened at $19.00, marking an initial gain of 11.7% on first trade.
• The offering included a $40 million anchor order from T. Rowe Price and a $8.1 million concurrent private placement led by Goldman Sachs.
• Channel checks indicate the deal was multiple times oversubscribed, with strong participation from long-only mutual funds and high-quality healthcare specialists.

• Institutions were net buyers of Singapore stocks with a S$57 million inflow, reversing a previous S$167 million outflow.
• Eleven companies conducted share buybacks totaling S$13.6 million; United Overseas Bank led with 300,000 shares at S$34.57.
• CapitaLand India Trust’s 3Q 2025 update is due Oct 31; recent divestments aim to enhance financial flexibility.

• Genmab is a leader in the antibody therapeutics space, underpinned by its innovative and proprietary technology platforms (DuoBody®, HexaBody®) that have yielded a portfolio of approved, revenue-generating products and a deep clinical pipeline.
• The company’s hybrid business model, which combines in-house development with strategic, high-value partnerships with major pharmaceutical companies like AbbVie, Pfizer, and Janssen, diversifies risk and provides significant, recurring royalty and milestone revenue.
• Future growth is contingent on the continued success of key partnered products like DARZALEX, the successful commercialization of new therapies such as Epkinly and Tivdak, and the progression of its extensive oncology-focused pipeline.

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• Integris Medtech Limited (1234518D IN) is looking to raise about US$340m in its upcoming India IPO. The deal will be run by ICICI, Axis, Citi and IIFL.
• Integris Medtech Limited is a diversified India-based global MedTech company engaged in the development, manufacturing, and commercialization of medical devices and laboratory solutions.
• The Lab Solutions segment provides laboratory and clinical diagnostic products across hospitals and industrial labs. The Cardiovascular segment focuses on interventional cardiology devices used treatments of coronary artery disease.

• The core of WANCHEN’s business model is to build a virtuous cycle system based on economies of scale. However, the pain point is large scale but low profit margin.
• WANCHEN would maintain high-speed growth throughout 2025, but the growth rate will gradually slow down. Our forecast is revenue YoY growth from 2025 to 2027 is 80%, 40%, 25%, respectively.
• WANCHEN’s peer is BUSY MING, but they have different investment logic and growth story. Which company has a higher valuation largely depends on which narrative logic the capital market favors.