In today’s briefing:
- Henlius (2696 HK): So, When Was The Last Time A PE/VC Outfit Blocked A Deal?
- Legend Biotech Surges Amid Takeover Speculation—What’s Next for CARVYKTI?
- The Beat Ideas: Natco Pharma, The Cheapest Pharma Stock
- Liquid Universe of European Ordinary and Preferred Shares: January’25 Report
- PFIZER INC. Equity Research Flash Note – December 13, 2024
- Beta Bionic, Inc. (BBNX) – Medical Device Company Targeting the Insulin Market Prepares for Q1 IPO
- Shanghai Junshi Bioscience (1877 HK): Key Drug on High Trajectory; Geopolitical Tension Spoils Party
Henlius (2696 HK): So, When Was The Last Time A PE/VC Outfit Blocked A Deal?
- You might have to go all the back to Guoco Group Ltd (53 HK)‘s 2012/2013 unconditional cash offer, which was ostensibly blocked by First Eagle AND Elliott Advisors.
- Otherwise, it’s slim pickings. Past Schemes or Tender Offers arguably failed as minorities were simply not supportive. There are exceptions, like Soho China (410 HK) and TCM (570 HK)
- IF LVC wish to remain active in this space/region, they appear to be going about it in a counterproductive way. I still don’t understand why they would want to block.
Legend Biotech Surges Amid Takeover Speculation—What’s Next for CARVYKTI?
- Legend Biotech has been making headlines with its breakthrough CAR-T therapy, CARVYKTI, which has revolutionized the treatment of multiple myeloma.
- This pioneering therapy, co commercialized with Johnson & Johnson, has achieved record-setting launches and boasts a significant survival benefit over standard treatments.
- The company’s robust clinical pipeline, recent partnerships, and aggressive manufacturing expansions signal strong growth potential.
The Beat Ideas: Natco Pharma, The Cheapest Pharma Stock
- Natco Pharma (NTCPH IN) is pivoting toward niche, high-value generics like Revlimid and Semaglutide, leveraging robust R&D, strategic acquisitions, and geographic expansions for long-term market leadership.
- This approach combats conventional generic pricing pressures, delivers stronger profit margins, and positions Natco for sustainable, innovation-driven success in increasingly competitive regulated markets.
- Natco’s willingness to tackle complex molecules and patent challenges demonstrates resilience, signaling a more diversified pipeline, prudent capital use, and potential for robust shareholder returns.
Liquid Universe of European Ordinary and Preferred Shares: January’25 Report
- Since mid-December, share-price spreads have generally tightened across European liquid universe of ordinary and preferred shares (8 have widened, 11 tightened) with few changes in the trends.
- Telecom Italia savers are trading at 18.5% premium to ords; Handelsbanken B at 32.4% premium to A. The discount of Grifols B has tightened, some await a comeback from Brookfield.
- Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe. Recommended trades long ordinary / short preferred shares: Henkel, Roche, SSAB Svenska Stal, Telecom Italia.
PFIZER INC. Equity Research Flash Note – December 13, 2024
- Our estimations for FY 2024 annual revenue range at around $62,766 million and for FY 2025 at around $63,080 million.
- The company’s annual revenue was $58,496 million in 2023 compared to $100,330 million in 2022, post- ing a significant decrease by 41.7%.
- Pfizer’s gross profit for FY 2023 was $33,542 million, decreased by 49.1% compared to $65,986 million for the corresponding period of 2022.
Beta Bionic, Inc. (BBNX) – Medical Device Company Targeting the Insulin Market Prepares for Q1 IPO
- ILet Bionic Pancreas Device autonomously determine every insulin dose without requiring a user to count carbohydrate intake
- Revenue for the nine months ended September 30, 2024 was $44.7 million, more than 3.5x that of their annual revenue of $12.0 million for the year ended December 31, 2023.
- We anticipate this company to set terms (share size, price range) in the next week for a late January / early February debut.
Shanghai Junshi Bioscience (1877 HK): Key Drug on High Trajectory; Geopolitical Tension Spoils Party
- Shanghai Junshi Biosciences (1877 HK) reported 60% revenue growth for toripalimab during 9M24 in China. All 10 indications of the drug are now included in China’s NRDL.
- Partner launched toripalimab in U.S. in January 2024 and reported ~$19M revenue for the full-year. The drug is estimated to have U.S. market opportunity of $200M for the approved indication.
- Geopolitical tension remains a major overhang and may continue to be a concern for toripalimab’s further indication expansion approvals in the U.S.
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