Daily Brief Health Care: Saint-Care Holding, Double Medical Technology , Sichuan Biokin Pharmaceutical Co Ltd, iX Biopharma Ltd, Ionis Pharmaceuticals, Jingze Biopharmaceutical (Hefei), Align Technology, United Therapeutics, Avantor and more

• Saint-Care Holding (2374 JP) has recommended an MBO from the founding family at JPY1,220, a 48.8% premium to the last close price.
• The offer is attractive compared to historical trading ranges and is above the midpoint of the target IFA DCF valuation range. 
• Due to the irrevocables, it is not onerous to meet the minimum acceptance condition. This is a done deal.  

• There could be up to 6 changes for the CSI Medical Service Index at the December rebalance with the number of changes mainly driven by the inclusions.
• Estimated one-way turnover is 6.9% and the round-trip trade is estimated at CNY 4.11bn (US$578m). There are 8 stocks with over 1x ADV to trade from passive trackers.
• The forecast adds have outperformed the forecast deletes since June but have underperformed in the short-term. With the review period complete and announcement in 3 weeks, positioning could resume.

• Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November 12, with expected listing on November 17.
• Lead candidate, iza-bren is the world’s first and only EGFR × HER3 bispecific ADC to have entered Phase 3 trial. Biokin has co-development and co-commercialization agreement with BMS for iza-bren.
• The company is already listed on China’s A-share market in Shanghai. Biokin shares have been a strong performer since it went public and rose 77% over the last one year.

• Sichuan Biokin, a China-based commercial stage biotech company, aims to raise around USD 432 million via a Hong Kong listing.
• In our previous note, we have examined the company’s fundamentals and latest development.
• In this note, we look at the deal term. We think the company’s valuation is demanding, despite its clinical breakthrough.

• iX Biopharma is a specialty pharmaceutical company centered around its proprietary WaferiX sublingual drug delivery technology, which aims to improve bioavailability and speed of onset for various active compounds.
• The company remains unprofitable, with consistent net losses and negative operating cash flow over the past three years, highlighting significant cash burn and reliance on external financing for its R&D and operational activities.
• Future growth hinges on the successful commercialization and out-licensing of its key pipeline products, such as Wafermine (ketamine wafer) and Wafesil (sildenafil wafer), and expanding its nutraceuticals division.

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• Ionis Pharmaceuticals has demonstrated notable progress and robust performance in its third quarter of 2025, driven by advancements in its drug pipeline and strategic launches.
• The company, specializing in RNA-targeted therapies, is focused on treating serious diseases in domains such as neurology and cardiometabolic areas.
• Ionis has successfully commenced its first independent launch of TRYNGOLZA, the sole FDA-approved treatment for familial chylomicronemia syndrome (FCS), with encouraging market performance, leading to an increased revenue forecast for 2025.

• JZB33 is expected to have more growth potential than JZB30. However, the rhFSH market is highly competitive. JZB30/JZB33 not only need to compete with MNCs but also domestic Big Pharma.
• The “inverted pyramid” pipeline distribution leads to a high dependence JZB30, JZB33, JZB05 for Jingze’s performance growth in the next 3-5 years, thus lacking sustained innovation and growth momentum.
• Post-Money valuation was RMB3.09 billion after Series C+ Financing. We think valuation of Jingze should be lower than Henlius, Chengdu Kanghong due to the concerns on commercialization outlook/Biosimilar VBP.

• Align Technology presented their third-quarter results for 2025, highlighting a mixed performance across its various business segments.
• Overall, revenues were posted at $996 million, reflecting a slight sequential decrease of 1.7% but a year-over-year increase of 1.8%.
• This reflects modest growth driven primarily by the Clear Aligners segment.

• United Therapeutics Corporation’s third-quarter results for 2025 demonstrate both the company’s operational strengths and challenges.
• United Therapeutics reported record revenues of $800 million, up 7% from the same period in 2024, largely driven by increased demand for Tyvaso and Orenitram, key therapies in their portfolio addressing pulmonary hypertension (PH) and interstitial lung diseases.
• This revenue growth is indicative of the effectiveness of their commercial strategies and market execution, underscoring the resilience of their business model despite increased competition.

• Avantor’s recent quarterly earnings report provides a mixed view of the company’s current performance and strategic outlook.
• Avantor experienced a 5% decline in quarterly revenue year-over-year, with reported revenue of $1.62 billion.
• The decline primarily affects the Laboratory Solutions and Bioscience Production segments.