Daily Brief Health Care: Xuanzhu Biopharmaceutical, Omada Health, Elanco Animal Health , Immix Biopharma Inc, Aster DM Healthcare Ltd, Telomir Pharmaceuticals, Mckesson Corp, Bio Techne Corp and more

• Xuanzhu Biopharm, the biotech arm of HK-listed Sihuan Pharma, is seeking to raise at least USD 100m via a Hong Kong listing. The sole sponsor is CICC.
• In this insight, we look at the company’s core products and key products, including XBP-3571, XZP-3287 and XZP-3621.
• While there are some interesting reads from its clinical data, we are of the view that its near-commercial products are still lacking the differentiating factors in respective competitive therapeutic areas.

• After the success of Hinge Health, Omada Health is now testing the IPO waters. 
• Omada Health set terms with the SEC on Thursday morning for its IPO and will offer 7.9mm shares at $18-$20 with a debut date of Friday, June 6th. 
• The size of the transaction is manageable and the company is backed by major VC players in the industry. 

• Elanco Animal Health reported its financial performance for the first quarter of 2025, revealing several key aspects of its operational and strategic positioning.
• The company outperformed its expectations in revenue, adjusted EBITDA, and adjusted EPS, marking a continuation of its growth trajectory.
• A significant achievement was a 4% organic constant currency revenue growth, underpinned equally by price and volume increases.

Immix Biopharma has announced a positive clinical update for the US-based Phase I/II NEXICART-2 trial, investigating lead CAR-T candidate NXC-201 as a potential treatment for relapsed/refractory (r/r) amyloid light chain amyloidosis (ALA). These interim results show that, at the data cut off of 28 January 2025, five out of seven (71%) patients had shown a complete response (CR). Furthermore, no relapses or safety concerns have been reported to date, consistent with Immix’s goal of making NXC-201 the first ‘outpatient’ CAR-T therapy. We view this latest update as encouraging for the NEXICART-2 trial, though we acknowledge that the data still correspond to a relatively small population. A more detailed presentation is due to be presented at the 2025 American Society of Clinical Oncology Annual Meeting (ASCO 2025) on 3 June. Immix is also hosting a key opinion leader (KOL) event later the same day to discuss clinical experiences with NXC-201, as well as the evolving treatment landscape for r/r ALA. Separately, Immix also announced that NEXICART-2 now has 14 active US sites (10 more than the company’s prior update) and that it anticipates completing the trial ahead of schedule.

• Aster DM Healthcare Ltd (ASTERDM IN) reported 4% revenue decline in Kerala due to festivities, lower international patient, and leadership transition. Ramadan impact caused 2.5–3.0% of the revenue hit.
• Going ahead, the company is eyeing for atleast mid-teens growth from Kerala cluster, with 7–8% will be with volumes and balance 7–8% will come from the ARPOB.  
• Aster’s base business is on a stable growth path. Margin levers are intact. With QCIL merger synergies, the company aims for EBITDA margin of 23–24% in 3–4 years.

• Telomir Pharmaceuticals is a preclinical stage company focused on the science of lengthening telomere caps, which the company believes will extend human lifespans and improve quality of life as people age.
• The company announced preclinical test results that showed Telomir-1 restored vision and retinal structure in Age-Related Macular Degeneration in an animal model-an encouraging result for millions of AMD sufferers.

• McKesson Corporation reported robust financial results for its fourth quarter and fiscal year 2025, showing considerable progress and strategic advancement.
• The company’s consolidated revenue grew significantly by 16% year-over-year, reaching a record $359 billion.
• Adjusted earnings per diluted share came in at $33.05, a 20% increase compared to the previous year, surpassing long-term growth targets of 12% to 14%.

• Bio-Techne reported its third-quarter fiscal year 2025 results, exhibiting a strong performance despite navigating a challenging macroeconomic environment.
• The company achieved 6% organic revenue growth, underscoring its resilience in the face of various uncertainties and highlighting the importance of its diversified product portfolio, including core reagents, automated analytical solutions, and cell and gene therapy offerings.
• This growth was achieved while maintaining a robust adjusted operating margin of 34.9%, facilitated by strategic investments in operational efficiencies.