In today’s briefing:
- Sichuan Biokin A/H Listing: Good Time for Listing
- Why Syngene International’s FY26 Will Be a Transition Year?
- PegBio 派格生物 Pre-IPO: R&D Deceleration
- Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up
- REVB: New Target Market Announced
- Hybridan Research: Physiomics plc
- Merus NV – ACF Thematic Oncology Lung Cancer Cough LCC 25042025
Sichuan Biokin A/H Listing: Good Time for Listing
- Sichuan Biokin reported 2024 results, with a large chunk of revenue from its product licensing to BMS.
- We analyzed its key products’ current clinical trials and upcoming milestones. We also look at peer performance.
- Overall, we are of the view that many factors bode well for Biokin’s H-share listing
Why Syngene International’s FY26 Will Be a Transition Year?
- Syngene International Ltd (SYNG IN) guided for mid-single digit revenue growth and lower EBITDA margins in FY26, following a mixed performance in FY25.
- The moderated outlook is primarily due to the initial operational costs and depreciation from the new US biologics facility and a normalization of inventory levels for a key client.
- Focus shifts to the successful integration and ramp-up of new capacities and the potential for underlying growth in key segments to materialize beyond the transient FY26.
PegBio 派格生物 Pre-IPO: R&D Deceleration
- PegBio is looking at raising up to USD 100m to list in Hong Kong.
- We have previously covered the company’s fundamentals and a brief valuation.
- We also took a look at changes to its prospectus. The company filed an updated version. We are taking a close look.
Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up
- Shanghai Junshi Biosciences (1877 HK) reported 32% revenue growth during 1Q25, driven by toripalimab in China. 10 out of total 12 approved indications of the drug were included in NRDL.
- Toripalimab was launched in the U.S. in January 2024 and reported ~$19M revenue for 2024. Approvals received in new geographies like India, UK, Singapore, Australia etc.
- Loss narrowed to RMB 239M in 1Q25 from RMB 307M in 1Q24 as the company slowly and steadily optimizes the R&D spend.
REVB: New Target Market Announced
- Revelation Biosciences is a life sciences company whose development of immunologic-based therapies is based on the well-established biology of phosphorylated hexaacyl disaccharide (PHAD) and its effect on the innate immune system.
- The company announced that it is targeting a new target indication with its Gemini treatment, the prevention of infection in burn patients.
- This opens up Gemini to a large new market and expands the potential revenue generation of the company.
Hybridan Research: Physiomics plc
- Three contracts have been announced since the Interim report on 6 March and three peer reviewed scientific articles have been published so far this year.
- It includes sales from new clients in new therapeutic areas, which not only builds our confidence in the anticipated 31.5% increase in revenue for YE June 2025, but is also positive for FY June 2026.
- A contract was reported on 17 March with a brand-new client in the field of Antibody Drug Conjugates (ADCs).
Merus NV – ACF Thematic Oncology Lung Cancer Cough LCC 25042025
- Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market.
- 57-65% of early diagnosis lung cancer patients suffer from LCC, it is a highly debilitating condition.
- The US lung cancer therapeutics market consensus values range from ~USD 29.9bn in 2023 to ~USD 71.3bn in 2034, suggesting a compound annual growth rate (CAGR) of 8.2% over our 10 year forecast period.
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