IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>On Monday, President Trump signed an executive order requiring drugmakers to start offering US patients the lowest price for a drug in a peer country (the Most Favoured Nation price).</li>
<li>
<a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a> is exposed as US accounts for 84% of revenue. I estimate that the average price reduction should be &lt;16% so that the MAC is not triggered.  </li>
<li>However, the MAC is not triggered if it arises "from any change in any law, regulation or rule of a Government Agency”, which should capture the Trump order.</li>
</ul>


On Monday, President Trump signed an executive order requiring drugmakers to start offering US patients the lowest price for a drug in a peer country (the Most Favoured Nation price).

Mayne Pharma (MYX AU) is exposed as US accounts for 84% of revenue. I estimate that the average price reduction should be &lt;16% so that the MAC is not triggered.  
However, the MAC is not triggered if it arises "from any change in any law, regulation or rule of a Government Agency”, which should capture the Trump order.


Mayne Pharma (MYX AU): Trump’s Executive Order Unlikely to Trigger the MAC Clause

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 21st Feb 2025, <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, a leader in dermatology and women’s health, <a href="https://announcements.asx.com.au/asxpdf/20250221/pdf/06frs9hcfc6v05.pdf" target="_blank" rel="noopener">entered into a Scheme</a> with US-based pharmaceutical outfit, Cosette Pharmaceuticals, at A$7.40/share. </li>
<li>The transaction is progressing - the HSR Act condition was <a href="https://announcements.asx.com.au/asxpdf/20250507/pdf/06jhjxtpqyjtm5.pdf" target="_blank" rel="noopener">satisfied</a> last week. A Scheme Booklet should be issued shortly, with an expected vote mid-June and late-June/early-July implementation. </li>
<li>Shares declined 3.1% yesterday over concerns a MAC could be triggered on the back of the Trump’s executive order on pharma. The impact is likely mixed, but leans neutral.</li>
</ul>


Back on the 21st Feb 2025, Mayne Pharma (MYX AU), a leader in dermatology and women’s health, entered into a Scheme with US-based pharmaceutical outfit, Cosette Pharmaceuticals, at A$7.40/share. 
The transaction is progressing - the HSR Act condition was satisfied last week. A Scheme Booklet should be issued shortly, with an expected vote mid-June and late-June/early-July implementation. 
Shares declined 3.1% yesterday over concerns a MAC could be triggered on the back of the Trump’s executive order on pharma. The impact is likely mixed, but leans neutral.


<ul>
<li>On the 21st Feb 2025, <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, a leader in dermatology and women’s health, <a href="https://announcements.asx.com.au/asxpdf/20250221/pdf/06frs9hcfc6v05.pdf" target="_blank" rel="noopener">entered into a Scheme Implementation Deed</a> with US-based pharmaceutical outfit, Cosette Pharmaceuticals.</li>
<li>Cosette is offering A$7.40/share, a 37% premium to last close. The Offer has the backing of Mayne's two largest shareholder, Viburnum and Bruce Mathieson, collectively holding 14.1%.</li>
<li>Mayne has now revised the Scheme timeline, with completion targeted late June, early July. This is done. </li>
</ul>


On the 21st Feb 2025, Mayne Pharma (MYX AU), a leader in dermatology and women’s health, entered into a Scheme Implementation Deed with US-based pharmaceutical outfit, Cosette Pharmaceuticals.
Cosette is offering A$7.40/share, a 37% premium to last close. The Offer has the backing of Mayne's two largest shareholder, Viburnum and Bruce Mathieson, collectively holding 14.1%.
Mayne has now revised the Scheme timeline, with completion targeted late June, early July. This is done. 


APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



IFBH (6603 HK) raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. 
In this note, we will talk about the lockup dynamics and possible placement.


IFBH IPO Lockup - US$262m Lockup Release but the Stock Has Nosedived

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a> entered a scheme implementation deed with Cosette Pharma at A$7.40 per share, a 36.8% premium to the undisturbed price.</li>
<li>The offer is conditional on shareholder and FIRB approval. The vote is low-risk as the two largest shareholders are supportive.  </li>
<li>The offer is reasonable but not a knockout bid. At the last close and for an end-of-May payment, the gross/annualised spread was 2.8%/11.0%. </li>
</ul>



Mayne Pharma (MYX AU) entered a scheme implementation deed with Cosette Pharma at A$7.40 per share, a 36.8% premium to the undisturbed price.
The offer is conditional on shareholder and FIRB approval. The vote is low-risk as the two largest shareholders are supportive.  
The offer is reasonable but not a knockout bid. At the last close and for an end-of-May payment, the gross/annualised spread was 2.8%/11.0%. 


Mayne Pharma (MYX AU): Cosette Pharma’s Binding Offer at A$7.40

Australia

Mayne Pharma Group Ltd. develops and manufactures oral pharmaceuticals.  The Company produces branded generics, specialty generics, and active pharmaceutical ingredients.

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Mayne Pharma (MYX AU)