In today’s briefing:
- Gold: DON’T MELT YOUR JEWELRY YET!
- APAC Healthcare Weekly (October 19) – Hansoh, Leads Biolabs, Chugai, SanBio, Celltrion, Samsung Bio
Gold: DON’T MELT YOUR JEWELRY YET!
- We remain BULLISH on gold for the long term; however, price corrections will depend on shorter-term trends in geopolitical factors, central bank buying, and buyer exhaustion.
- The strong support for the price of gold comes from rapidly declining real rates and global currency debasement. These underlying trends coupled with safe haven demand drive the recent surge.
- ETFs have become the largest source of demand for gold in 2025 at over 50%. Gold held by central banks is increasing as dollar FX reserves have declined since 2020.
APAC Healthcare Weekly (October 19) – Hansoh, Leads Biolabs, Chugai, SanBio, Celltrion, Samsung Bio
- Hansoh Pharmaceutical entered outlicense agreement with Roche for upfront and milestone payments of $2B+. Leads Biolabs and Dianthus Therapeutics entered into exclusive global license agreement for pre-clinical asset.
- Chugai Pharmaceutical’s partner Eli Lilly announced positive results from Phase 3 trials of orforglipron. SanBio Co announced that their partial change application for AKUUGO is one step ahead for approval.
- Celltrion launched Actemra biosimilar, Aptozma in the U.S. at ~35% discount to original drug. Samsung Biologics shareholders approved biologics business spin-off plan to transform the company into a pure-play CDMO.
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