In today’s briefing:
- Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways
- [Japan M&A] CareNet (2150 JP) MBO-Ish LBO of Medical Platform Biz; Light. SUPER Opaque Process.
- CareNet (2150 JP): EQT’s Tender Offer at JPY1,130
- Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound
- 10x Genomics + Scale Bio: The High-Plex Power Move Wall Street Didn’t See Coming
- Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook
- Avantor Faces Activist Fire: Why Engine Capital Wants It Sold Now?
- Prestige Consumer Healthcare, Inc: 1QFY26 Results Light on Clear Eyes Supply Constraints
- Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability
- Olba Healthcare Holdings (2689 JP): Full-year FY06/25 flash update
Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways
- One of the hottest local plays is gauging KRX and FSS leanings on Biologics split, which could drive short-term alpha across the three Samsung names alongside battery and HBM flows.
- Short-Term focus is KRX pre-listing review and FSS registration window. Once approval and lock-up kick in, Biologics and Samsung Electronics could outperform Samsung C&T.
- From a risk-hedge angle, this is a long-short alpha setup: if the split fails, Samsung C&T likely takes the hit, offering alpha potential both ways.
[Japan M&A] CareNet (2150 JP) MBO-Ish LBO of Medical Platform Biz; Light. SUPER Opaque Process.
- Todfay after the close, EQT and Carenet Inc (2150 JP) announced an EQT SPC would launch a TOB to buy out the medical platform business.
- A growthy business so the multiple looks light. But the founder and his incubation fund is selling. That’s 19%. Insiders/crossholders hold another 25%. One recent seller still has 10%.
- This looks like it gets done, but it isn’t at the highs of 4+ years ago. Some retail may be upset.
CareNet (2150 JP): EQT’s Tender Offer at JPY1,130
- Carenet Inc (2150 JP) has recommended a tender offer from EQT (EQT SS) at JPY1,130, a 47.3% premium to the last close.
- Despite the lack of an auction, the offer is reasonable as it aligns with the midpoint of the IFA DCF valuation range and at a premium to historical ranges.
- Irrevocables to accept represent a 17.03% ownership ratio. This is likely a done deal with payment from 7 October.
Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound
- . The company priced an upsized 10.6 million share deal at $18.00—the high end of its $16.00–$18.00 range—and opened at $25.00, a 38.9% premium at first trade.
- The turnaround began in late April, and the rebound was steady. A key catalyst came in June when Sionna reported Phase I data that met market expectations.
- Behind Metsera, Sionna Therapeutics has been the number two biotech IPO performer in 2025.
10x Genomics + Scale Bio: The High-Plex Power Move Wall Street Didn’t See Coming
- 10x Genomics has been in the spotlight recently after signaling strong interest in acquiring Scale Biosciences—an emerging leader in split-pool combinatorial barcoding for ultra-high-plex single-cell assays.
- Just days after posting mixed Q1 results impacted by U.S. academic funding headwinds, CEO Serge Saxonov affirmed a strategy centered on innovation and partnership to sustain momentum in single-cell and spatial genomics.
- Scale’s technology promises instrument-free barcoding kits, sample-pooling workflows, and its first commercial single-cell methylation solution—all of which could integrate seamlessly into 10x’s Chromium and Xenium platforms.
Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook
- Hugel Inc (145020 KS) has reported strong 2Q25 result, with all key parameters marking the highest quarterly figures in the company’s history and contributed to a record first-half performance.
- Overseas revenue of toxin and derma fillers rose 21% YoY to KRW70B, accounting for 63% of the company’s total sales, boosted by robust growth in the U.S., China, and Europe.
- Hugel is well-positioned to report ~20% annual revenue growth through 2027 through global expansion amid favorable industry backdrop.
Avantor Faces Activist Fire: Why Engine Capital Wants It Sold Now?
- Avantor, the $7.8 billion life sciences supplier headquartered in Radnor, Pennsylvania, has recently drawn the attention of activist investor Engine Capital, which has taken a roughly 3% stake in the company.
- The move comes after a tumultuous year in which Avantor’s shares fell nearly 50%, pressured by weakened demand—especially in government and education sectors due to research funding cuts—and the April announcement of its longtime CEO’s departure.
- Now, with a new chief executive, Emmanuel Ligner, set to take the helm in mid-August, Engine Capital is urging Avantor to either sell itself outright or embark on a strategic overhaul that could include a board refresh, cost reductions, stock buybacks, and divestitures of noncore assets.
Prestige Consumer Healthcare, Inc: 1QFY26 Results Light on Clear Eyes Supply Constraints
- PBH reported 1QFY26 adjusted EPS of $0.95 versus $0.90 in 1QFY25, up 5.6% Y/Y, but below our $1.04 estimate and FactSet consensus of $1.00.
- This is also below management’s expected range of $0.98-1.00 given in May.
- Sales in the quarter decreased 6.6% to $249.5MM, below our $267.2MM estimate and consensus of $260.8MM, as well as management’s expected range of $258-260MM.
Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability
- In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP) is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.
- This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance.
- Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.
Olba Healthcare Holdings (2689 JP): Full-year FY06/25 flash update
- FY06/25 sales were JPY122.7bn (+3.5% YoY), operating profit JPY2.0bn (-11.1% YoY), net income JPY1.4bn (-4.7% YoY).
- FY06/26 forecasts: sales JPY123.0bn (+4.3% YoY), operating profit JPY2.0bn (+1.0% YoY), net income JPY1.3bn (-7.6% YoY).
- FY06/28 targets: consolidated sales JPY142.0bn (CAGR 5.0% from FY06/25), operating profit JPY2.7bn (10.9%).
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