Daily Brief Health Care: Sunway Healthcare, Onesource Specialty Pharma, HealthCare Global Enterprises, Basilea Pharmaceutica Ag, Radiopharm Theranostics and more

• Sunway Healthcare (2268774D MK) is looking to raise at least US$800m in its upcoming Malaysia IPO. The deal will be run by AmInvestment Bank, Maybank, CIMB, HSBC, Jefferies and UBS.
• It is one of the largest private hospital groups and only private hospital group (among major private hospital groups) in Malaysia that provide services covering the full lifecycle of care. 
• The firm’s flagship hospital, Sunway Medical Centre Sunway City Kuala Lumpur, in Subang Jaya, Selangor, which is a quaternary hospital, commenced operations in November 1999.

• OneSource Specialty Pharma has approved a Composite Scheme of Arrangement to acquire Steriscience’s EuropeanCDMO and Brooks Steriscience’s Indian anti-infective assets.
• The transaction adds approximately $107 million in projected FY27 revenue, significantly diversifying the portfolio, reducing single-site risk, raising the consolidated FY28 revenue outlook to over $500 million.
• While the acquisition multiples appear steep for subscale assets, if management successfully delivers on ambitious growth targets, the transaction could position OneSource among the most competitive players in CDMO landspace.

• In line with our thesis, HCG has been scaling up well led by rapid growth in emerging centers. Established centers are also growing at a steady pace.  
• With scale, profitability is normalizing. Over the next two years, we project the EBITDA to grow at 25% CAGR led by margin expansion and volume growth.
• Utilization on like to like basis came in at 76% in Q1FY26 vs 69% in FY25. ARPOB has been steady at around INR 45000.

Basilea Pharmaceutica has secured a BARDA contract of up to $159m to advance ceftibuten-ledaborbactam etzadroxil, its recently in-licensed oral, Phase III-ready antibiotic for complicated urinary tract infections (cUTIs). The agreement replaces the original BARDA deal with the licensee Venatorx (October 2023) and provides $6m in committed near-term funding, with a further up to $153m in milestone-based payments, including support for the planned Phase III programme. We believe that this development meaningfully reduces clinical and funding risk for ceftibuten-ledaborbactam, which holds fast track and qualified infectious disease product designations from the FDA. Basilea has also recently received a commitment for a third $25m tranche under its separate $268m OTA funding agreement with BARDA ($93m committed to date), further validating its anti-infective pipeline.

• Radiopharm Theranostics is advancing a portfolio of imaging and therapeutic radiopharmaceutical candidates in oncology.
• Its approach recognizes the opportunities in tumors beyond prostate, thyroid & neuroendocrine targets originated by precision oncology & validated by clinical trials & regulatory approval.
• RAD101, an 18F radioisotope developed to image brain metastases is the most advanced asset.