Healthcare

• Monash IVF (MVF AU), a fertility provider, has announced, and summarily rejected, a A$0.80/share non-binding indicative Offer from Washington H. Soul Pattinson and Co. Ltd (SOL AU) & Genesis Capital.
• The indicative terms are a ~31% premium to last close. And ~7.7x FY25 EV/EBITDA. Chairman Richard Davis declared terms “opportunistic in timing and materially undervalues the company“. 
• Genesis/Soul Patts collectively hold 19.6% in MVF.  MVF’s share price has cratered this year after a woman was mistakenly implanted with the wrong embryo. The CEO subsequently stepped down. 

• UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming Singapore IPO.
• UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
• We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

• In Q1 2026, BDX will merge its Biosciences & Diagnostic Solutions segment to Waters (WAT). BDX will receive $4BN in cash and 0.14 WAT shares per BDX share, leaving its shareholders with roughly 39 percent of the combined company.

• The remaining business, referred to as New BD, will be a focused med-tech company with ~$18BN in revenue across Medical Essentials, Connected Care, BioPharma Systems, and Interventional. More than 90 percent of revenue will be recurring, and management expects high single-digit earnings growth.

• New BD’s valuation looks appealing. Based on where BDX and WAT currently trade, New BD implies a P/E of roughly 11x earnings. I believe the business deserves at least a 13x multiple, which would equate to about 12% upside. That said, I’m not ready to buy yet.

• NARH delivered its best-ever quarter in Q2FY26, with 20.3% YoY revenue growth, 30.3% YoY EBITDA growth and margin expansion across India and Cayman.
• Margins improved even with limited capacity, showing stronger earnings quality. Cayman maintains over 40% margins, and India is preparing for a major INR 3,000 crore expansion phase.
• With India easing capacity limits, Cayman scaling, and the UK Practice Plus acquisition expanding global reach, NARH is evolving into a stronger multi-country healthcare platform with long-term growth potential.

• Masimo Corporation, a global medical technology company, reported strong results in its third quarter of 2025.
• The company experienced an 8% increase in revenue, driven by sustained demand for its innovative healthcare technologies.
• The company also delivered a 450 basis point expansion in operating margins and a 38% year-over-year increase in adjusted earnings per share, signaling robust operational efficiency and revenue growth.

• Key takeaways from 3Q25 earnings release. Lu highlighted Ainos’ strong revenue momentum, up more than 4x Y/Y, driven almost entirely by the deployment of AI Nose in senior care programs.
• Lu noted that the reported revenue has yet to include any of the $2.1-million, three-year AI Nose subscription order from a semiconductor customer, signaling additional upside in the SmellTech platform’s revenue, the turnaround in gross margin to 82% YTD from negative last year, and Ainos’ cost management with cash operating expenses reduced by 15% YTD versus the previous year.
• Lu also highlighted the company’s enhanced visibility through major tech exhibitions resulting in multiple leads, inclusion in a leading tech consultant’s annual tech report, and a GICS code change for the company to technology.

• ORMP is leveraging its strong balance sheet to invest in early stage companies, primarily focusing on the medical & biopharma space.
• ORMP has substantial liquidity as it both advances its oral drug delivery platform and pursues strategic opportunities, including strategic investments.
• The company received ~$27m on its Scilex investment in 3Q25, with the principal on the Scilex investment now fully repaid.

• Reviva is a research and development pharmaceutical company with two portfolio compounds targeting nine indications.
• The candidates address multiple related mental disorders, rare diseases & other categories of un met need.
• Reviva’s lead indication in schizophrenia with brilaroxazine completed its Phase III RECOVER trial & may pursue future studies.

• Madrigal Pharmaceuticals, a company focused on the treatment of nonalcoholic steatohepatitis (NASH), shared significant progress during its third-quarter 2025 results.
• The primary highlight was the robust performance of its lead product Rezdiffra, which is garnering noteworthy sales traction.
• Rezdiffra has quickly climbed the ladder in the specialty pharmaceutical market with annualized revenues surpassing $1 billion, achieved in just six quarters post-launch.

• CSPC Pharmaceutical Group (1093 HK) 9M25 revenue dropped 12% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.
• Pressure on revenue will continue to be felt. Newly launched products, pipeline strength and out licensing opportunities would help ward off the effects of lower revenues from finished drugs.
• CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. Pivotal data read outs awaited.

• Following two periods of profitability, Innovent Biologics Inc (1801 HK) will be added to the Hang Seng Index (HSI INDEX) at the close on 5 December.
• Innovent Biologics Inc (1801 HK) is also an add to the Hang Seng China Enterprises Index (HSCEI INDEX) in December, so this inclusion increases the flow and impact.
• Estimated one-way turnover is 2.3% and the estimated round-trip trade is HK$9.2bn (US$1.2bn). Big capping outflows for Alibaba (9988 HK) at the December rebalance.

• The AFR reports that a mystery buyer, believed to be Genesis Capital, will launch a takeover proposal for Monash IVF (MVF AU) at A$0.80, a 31.1% premium to the last close.
• On Friday, the mystery buyer acquired a pre-bid stake of 6.01% of outstanding shares at A$0.80. The timing is opportunistic as the shares are down 51% YTD.
• It is unclear whether Genesis is aiming to launch a scheme or an off-market takeover offer. Nevertheless, the rumoured offer is light. 

• UltraGreen.ai’s IPO valuation of US$1.6 billion is 6x the total 2030 market size for FGS systems. Such valuation is not based on current financial performance but on future growth expectations.
• For UltraGreen.ai to justify its valuation, it would need to capture a dominant/growing share of this expanding market. This creates a high risk of valuation correction if growth is slower-than-expected.
• The entire AI sector has been full of bubble.A market-wide correction could impact UltraGreen.ai’s valuation regardless of its individual performance.US$1.3bn is a comfortable valuation for us to invest in UltraGreen.ai.

• 3SBio Inc (1530 HK) proposed to spin-off and separately list the shares of Mandi, a subsidiary of the company.
• In 2024 and 1H25, Mandi contributed 16% and 17% of total consolidated sales respectively, while its EBITDA contribution was 14.4% (in 2024) and 11.5% (in 1H25).
• As far as 3SBio (ex-Mandi) is concerned, marketing approvals for key pipeline product like SSGJ-608, along with indication expansion, geographical expansion of few drugs will be key in near term.

• Leading U.S. Multi-State Operator with Strong Brand Portfolio: Green Thumb Industries is a vertically integrated cannabis company with a significant presence across 14 U.S. states, operating over 100 retail stores and 20 manufacturing facilities. Its brand portfolio, including Rythm, &Shine, and Dogwalkers, is well-recognized and caters to a wide range of consumers.
• Path to Profitability and Positive Cash Flow: Unlike many peers in the cannabis industry, Green Thumb has demonstrated a consistent ability to generate positive net income and operating cash flow. This financial discipline allows for strategic expansion and investment in its brands and retail footprint.
• Positioned for Future Growth from Regulatory Tailwinds: The ongoing trend of cannabis legalization at the state level and the potential for federal rescheduling present significant growth opportunities. Green Thumb’s established presence in key limited-license states positions it to capitalize on these regulatory shifts.

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• 3SBio plans to spin-off and list Mandi on Hong Kong Stock Exchange. The spin-off will allow Mandi to operate independently, with 3SBio ceasing to hold any interest in it post-listing. 
• Minoxidil is the main performance driver for Mandi. Our forecast is its revenue growth in 2025 would be 15%-20% YoY, with projected revenue range for 2025 of RMB1.538-1.604 billion.
• Considering Mandi ®’s market leadership position and a growth rate higher than the industry average, we estimate its forward P/S at 20-25x. Then, valuation range for Mandi is RMB31-40 billion.

• Given the size of Mandi – relative to 3SBio Inc (1530 HK) – higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.
• CATL (3750 HK)  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.
• While Grindr (GRND US) Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. 

• Pharma-Play 3SBio Inc (1530 HK) has announced the spin-off and listing of 87.16%-held Mandi (MANDI HK)  on the HKEx. 
• 3SBio will distribute its stake in-specie. There will be a concurrent global offering, the details of which are still to be fleshed out. 
• Mandi (MANDI HK), a ” hair loss and weight management treatments” solutions provider, accounted for 17% of 3SBio’s revs in the 1H25, and 12.5% of profit.

• UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming Singapore IPO.
• Ultragreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
• In this note, we look at the company’s past performance.

• Apellis is a commercial-stage biopharmaceutical company with a first-in-class C3 inhibitor platform, having successfully launched two products: SYFOVRE for Geographic Atrophy (GA) and EMPAVELI for Paroxysmal Nocturnal Hemoglobinuria (PNH).
• The company is experiencing a significant revenue ramp, driven by the strong uptake of SYFOVRE, the first-ever approved treatment for GA, addressing a large and underserved market. This has shifted the company’s financial profile towards profitability.
• Key risks center on the commercial execution and long-term safety profile of SYFOVRE, particularly concerning rare instances of retinal vasculitis, and intense competition in both the GA and PNH markets from established and emerging players.

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• Bristol Myers Squibb has once again found itself in the spotlight for all the wrong reasons, with the company announcing that it has halted a Phase 3 trial of its experimental blood thinner, milvexian.
• The trial, which targeted patients recovering from acute coronary syndrome, was deemed unlikely to meet its primary endpoint by an independent data monitoring committee.
• The news, which broke on November 14, 2025, led to a 3.1% drop in BMY shares, contributing to a year-to-date decline of 17%.

Key points (machine generated)

• Chordia Therapeutics, a biotech firm from Takeda, is developing the CLK inhibitor rogocekib (CTX-712) for blood cancer treatment.
• The company aims to apply for regulatory approval for rogocekib by late 2028, following promising Phase 1 trial results in Japan.
• Chordia went public in June 2024 and plans to handle manufacturing and sales in Japan while exploring international licensing opportunities.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Key points (machine generated)

• Chordia Therapeutics, a biotech company from Takeda, is developing anticancer drugs, focusing on rogocekib, a CLK inhibitor.
• The company plans to apply for approval of rogocekib in the second half of 2028 after successful Phase 1 trials in Japan.
• Chordia went public in June 2024 and manages operations from research to clinical studies, with plans for in-house manufacturing and international licensing.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Cooper Companies surged over 6.5% in premarket trading following a bombshell report that activist investor Jana Partners has taken a stake in the company and is pushing for sweeping strategic changes, including a high-profile merger of its contact lens unit with rival Bausch + Lomb.
• The news, first reported by the Wall Street Journal, has sent shockwaves through the vision care industry.
• Jana, known for catalyzing structural change across multiple sectors, is also urging Cooper to improve its capital allocation and returns, hinting at broader dissatisfaction with management’s operational strategy.

• Genmab A/S is making headlines again, this time by sealing the U.S. leveraged finance market’s biggest M&A funding since April with a $4.5 billion raise through junk bonds and a leveraged loan.
• The Danish biotech giant is gearing up to acquire Merus N.V., a smaller Dutch peer, in a proposed $8 billion transaction announced on September 29, 2025.
• This bold move comes amid Genmab’s rapidly scaling commercial operations and late-stage pipeline expansion, headlined by drugs like EPKINLY and Rina-S.

• Halozyme Therapeutics’ third quarter 2025 results show a strong financial performance driven by its ENHANZE drug delivery technology and significant growth in royalty revenue.
• The company reported an impressive 52% increase year-over-year in royalty revenue, reaching $236 million.
• This growth, along with total revenue of $354 million, reflects a 22% increase year-over-year.

• In a week dominated by biotech headlines, few announcements carried more weight than the positive Phase 3 data for Ziihera, the HER2-targeted bispecific antibody developed by Jazz Pharmaceuticals and Zymeworks.
• On November 18, 2025, Jazz Pharmaceuticals reported that the HERIZON-GEA-01 trial of Ziihera (zanidatamab) in first-line treatment of HER2-positive gastroesophageal adenocarcinoma (GEA) had met its endpoints, driving strong progression-free survival and overall survival results.
• This milestone marks a significant leap in treatment options for one of the world’s most aggressive and deadly cancers.

• Samsung Bioepis Holdings and Samsung Biologics will start to trade on 24 November. We remain positive on Samsung Biologics/Samsung Bioepis Holdings.
• Operating profit more than doubled, up 115.3% YoY in 3Q25, indicating significant operating leverage. The company’s excellent results in 3Q25 is likely to positive impact the newly listed shares. 
• Biologics division achieved 1.26 trillion won in sales with a 50% operating margin, while the Bioepis unit generated sales of 441 billion won with a 29% operating margin in 3Q25.

• In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.
• We expect two changes for ASX 50, two changes for ASX 100, and seven changes for ASX 200.
• The official index changes will be announced after the close on Friday 5th December 2025.

• Aimed Bio finalized its IPO price at 11,000 won, which is at the high end of the IPO price range. Aimed Bio will be listed on KOSDAQ on 4 December.
• A total of 2,414 domestic and international institutional investors participated in this IPO. The demand ratio of the IPO was 672 to 1 among the institutional investors.
• Based on the final offering price, the offering amount is projected to be approximately 70.7 billion won, resulting in a market capitalization of approximately 705.7 billion won.

• UltraGreen.AI Has filed for Singapore IPO. The IPO will consist of fresh issue as well as OFS from Renew Group Private Limited. Citigroup and DBS Bank are the joint bookrunners.
• The company intends to use the IPO proceeds for funding the capex and development of the products, and pursuing strategic investments and acquisitions to support expansion plans in new geographies.
• Ultragreen’s strong competitive moat, track record of revenue growth and margin expansion, and significant cash generation position it for continued success and leadership in the fluorescence-guided surgery-based imaging market.

• Axbio, a China-based technology company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and SPDB are the joint sponsors.
• In our previous note, we look at the products and management team briefly. Although there are interesting takes from the prospectus, we are not convinced about its prospects.
• In this note, we took a further look and are of the view that the company is behind the curve of competition despite its incremental innovation in PCR-microarray.

• Hims & Hers Health recently reported its third-quarter results for 2025, showcasing both potential opportunities and challenges as the company expands its footprint in the healthcare sector.
• The company reported substantial revenue growth of nearly 49% year-over-year, reaching close to $600 million, a reflection of its strategic shift towards personalized healthcare solutions.
• However, despite this impressive growth trajectory, several factors warrant a closer look.

• Ray is a high-risk, high-reward turnaround candidate in the digital dentistry sector. The company has experienced severe financial distress, with significant revenue declines and massive net losses in recent years.
• Recent quarterly results for 2025 show nascent signs of a potential recovery, with a return to profitability in Q3. However, the sustainability of this recovery is highly uncertain given the extreme volatility in historical performance.
• The company’s valuation appears attractive on a price-to-book basis, reflected in its high Smartkarma Value score. However, negative earnings and EBITDA render traditional earnings-based multiples meaningless, and the stock’s market capitalization has plummeted.

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• On November 19, 2025, Soligenix, Inc. (SNGX) announced that 50 patients are now enrolled in the ongoing Phase 3 FLASH2 Trial of HyBryte for the treatment of cutaneous T cell lymphoma (CTCL).
• Enrollment of the 50th patient will allow for an interim analysis to occur in the second quarter of 2026.
• Thus far, for the patients that have completed the trial, the overall blinded response rate is 48%.

• Aarti Pharmalabs is a significant player in the global pharmaceutical industry, specializing in Active Pharmaceutical Ingredients (APIs), Xanthine derivatives, and offering Contract Development and Manufacturing Organization (CDMO) services. The company was demerged from Aarti Industries in 2022 to create a focused pharmaceutical entity.
• The company holds a dominant position in the Xanthine derivatives market, being the largest Indian manufacturer and commanding a 15-20% global market share. This segment benefits from its use in beverages, nutraceuticals, and pharmaceuticals.
• Strategically, Aarti Pharmalabs is focused on expanding its capacities, particularly in the Xanthine and API segments, and increasing its presence in regulated markets. A major greenfield project at Atali, Gujarat, is expected to be a key growth driver upon its commissioning.

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• Zoetis recently reported its third quarter financial results for 2025, revealing a 4% growth in revenue and a 9% increase in adjusted net income on an organic operational basis.
• The results were fueled by strong performances in both international and U.S. markets, with international revenue growing by 6% and U.S. revenue by 3% when excluding divestitures.
• However, this growth was moderated compared to previous quarters due to various market dynamics and challenges.

• Vertex Pharmaceuticals presented a robust financial performance for the third quarter of 2025, reporting a revenue of $3.08 billion, marking an 11% increase compared to the same period in 2024.
• This growth was spurred by continued strength in its cystic fibrosis (CF) portfolio, along with the expanding market presence of its newer treatments such as ALYFTREK and JOURNAVX.
• Positively, Vertex is diversifying its revenue streams beyond CF, with momentum building for CASGEVY—a onetime treatment for severe sickle cell disease and beta-thalassemia.

• Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The lockup on its cornerstone will expire soon.
• JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
• In this note, we will talk about the lockup dynamics and possible placement.

• We had been near-term bullish on the S&P 500 (SPX) since our 4/22/25 Compass, however, we are officially downgrading our near-term outlook to neutral
• The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) are breaking below their 50-day MAs and are also violating their multi-month uptrends, signaling a consolidation period is here
• Still, our intermediate-term outlook remains bullish (as of 5/14/25 report), and we’ll maintain our bullish intermediate-term view as long as market dynamics remain constructive and the SPX is above 6200

• BioNTech’s recent earnings call provided a comprehensive overview of the company’s strategic approach and financial status.
• The company has a robust portfolio focused primarily on oncology, leveraging its expertise in mRNA technology and immunotherapy.
• BioNTech’s financial performance for the third quarter of 2025 reflected a notable increase in total revenues to €1.519 billion from €1.245 billion in the same quarter of 2024, driven largely by a $700 million recognition as part of a collaboration with Bristol-Myers Squibb (BMS).

• Genuine Biotech is looking to raise at least US$100 million via a Hong Kong listing. The sole sponsor is CICC.
• In our previous note, we briefly looked at the company’s fundamentals.
• In this note, we analyzed the latest changes in the company and the challenges faced by the company.

• ABLBio (298380 KS) has secured equity investment of KRW22B (~$15M) from Eli Lilly. The issue price of KRW125,900 per share represents ~22% discount to last undisturbed closing price.
• ABL Bio plans to use the proceeds to advance its core technologies, including bispecific antibody platform, Grabody and bispecific ADCs. ABL Bio has rich pipeline, with eight ongoing clinical projects.
• From a long-term perspective, relationship with Lilly opens a broad range of collaborative opportunities to develop innovative therapies. We may see similar deals with other major global pharma companies.

• With Activity metrics and Medication reminders features recently incorporated in the Freedom Alert Max, we believe the utility of the device and potentially others as new features and solutions are developed and introduced continues to expand.
• The company expects its initiatives will accelerate its growth over time & expects new products and services to both diversify and augment its revenue streams and, importantly, to boost recurring revenues.
• LogicMark, Inc. (OTCPK: LGMKD) formerly was a hardware company generating non-recurring revenue.

• The new accounting date is to September 2025, changed from March, so the next full audited report is for 18 months to be announced in January 2026.
• The trading-update on 4 November last week included a 12-month contribution from ABISS which was acquired on 9 September 2024.
• RUA stated its growth strategy is to increase the scale of the medical device and component manufacturing, reduce customer concentration, develop royalties from Biomaterials, and break-even.

• IDEXX Laboratories, in their third quarter financial review, reported robust performance anchored in their Companion Animal Group (CAG) business.
• The company experienced a 13% increase in overall revenues, with a 12% organic growth, primarily driven by the CAG Diagnostics recurring revenues.
• This growth was particularly notable in the international regions, achieving double-digit growth, while the U.S. saw over 8% growth despite a minor setback of a 1.2% decline in same-store clinical visits.

• There will be 16 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the next rebalance to be implemented at the close on 11 December.
• Making use of their discretionary powers, the index committee has not added Wonik Holdings Co., Ltd (030530 KS), Samhyun (437730 KS) and Fadu (440110 KS) to the index.
• The adds have outperformed the deletes and the KOSDAQ 150 Index over the last 6 months and there has been a short-term move higher too. Watch out for short covering.

• Alebund Pharmaceuticals, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and HTSC are the joint sponsors.
• In our previous note, we looked at the company’s history and its core product, AP301, and AP306, and its management.
• In this note, we look at the core product AP301’s pivotal Phase 3 data for AP301 presented in ASN2025.

• Avadel Pharmaceuticals is suddenly at the center of a high-stakes bidding war, with strategic interest intensifying as its once-nightly sleep therapy, LUMRYZ, continues to scale commercially.
• On November 14, Danish drugmaker Lundbeck submitted an unsolicited offer to acquire Avadel for up to $23 per share—topping an earlier $20-per-share bid from Alkermes made in October.
• The structure of Lundbeck’s offer includes $21.00 in cash and a $2.00 per share non-transferable contingent value right (CVR) tied to future sales milestones for LUMRYZ and valiloxybate.

• Azitra is developing genetically engineered bacteria for therapeutic use in dermatology.
• The company possesses a microbial library of 1,500 unique bacterial strains that are candidates for a variety of indications.
• Azitra’s lead candidate is ATR-12 for the rare disease Netherton syndrome (NS).

• On November 14, 2025, Cocrystal Pharma, Inc. (COCP) announced financial results for the third quarter of 2025 and provided a business update.
• The company has received IND clearance from the U.S. FDA to evaluate CDI-988 as both a norovirus preventive and treatment.
• We anticipate the company initiate a Phase 1b norovirus challenge study in the first quarter of 2026.

• Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.
• The company on 17 November 2025 released a presentation in which it detailed the much-anticipated feedback from the Food and Drug Administration (FDA) on its Galidesivir programme for Marburg.
• The feedback was very positive for ILA in that two outstanding matters were resolved: 1.

• Kaken Pharmaceutical (4521 JP) reported rather underwhelming earnings in H1FY26, with revenue, operating profit and net profit witnessing significant drop as upfront payments received last fiscal put pressure.
• Kaken’s major drug Clenafin saw revenue rise 1.5% to ¥9.3B on AG launch, while Ecclock helped drive revenue growing 12% YoY to ¥1.5B.
• FY26 guidance revised downwards to ¥86.3B (down 8% YoY). Kaken needs an immediate strong revenue driver to rescue it from pangs of drug price revision and generic competition.

• Tarsus Pharmaceuticals has successfully transitioned to a commercial-stage company, driven by the strong launch of XDEMVY®, the first and only FDA-approved treatment for Demodex blepharitis.
• The company possesses a significant first-mover advantage in a large, undertreated market, with XDEMVY addressing the root cause of a condition affecting an estimated 25 million people in the U.S.
• Future growth is underpinned by the continued market penetration of XDEMVY and a promising pipeline leveraging the same active ingredient, lotilaner, for other underserved conditions like Ocular Rosacea (TP-04) and Lyme disease prevention (TP-05).

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• Triapex Lab (1938177D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Citi and Haitong.
• It is a next-generation contract research organization (CRO) dedicated to empowering pharmaceutical enterprises and research institutions worldwide.
• Its approach centers on clinically significant disease areas, including cardiometabolic diseases, central nervous system (CNS) disorders, ophthalmology, autoimmune diseases, and oncology.

• Whether WeiMai’s business model can operate sustainably and effectively depends on whether it can establish long-term/stable relationship with hospitals/doctors, as they are the key stakeholders to attract/retain the downstream customers.
• However, the relationship between WeiMai and the hospital network may not be solid, thereby shaking the foundation of the entire business model. Gross margin level is unsatisfactory compared with peers.
• Post-Money valuation after Series D+ Financing was US$559 million. Due to the concerns on business model and the profitability, WeiMai’s valuation should be lower than Ping An Healthcare and Technology.

• We were correct not buying at a 51 FPE (at the top), despite our bullish view on their oncology portfolio of drugs.
• With hindsight, we were early at the end Oct 2024 at 39 FPE – numbers disappointed and the counter derated significantly.
• At a 16.5 FPE, expectations are very different. Enhertu has moved from strength to strength and has just achieved its first billion dollar quarter.

• The generic availability of GLP-1 drugs from 2026 presents a structural, high-volume, and repetitive diagnostics opportunity that perfectly fits Thyrocare’s low-cost, centralized B2B model.
• Thyrocare Technologies (THYROCAR IN) reported robust Q2 FY’26 consolidated revenue growth of 22% YoY, coupled with a normalized EBITDA margin expansion to 34.8%.
• Strong execution and quality improvements position Thyrocare to capture this multi-year GLP-1-driven volume surge.

• Merck & Co., Inc.’s third-quarter performance demonstrates its commitment to leveraging scientific advances to deliver value in the healthcare space.
• The company’s revenue for the quarter reached $17.3 billion, a growth of 4% despite foreign exchange headwinds.
• This growth was primarily driven by the continued strength of its oncology segment, notably the drug KEYTRUDA, which saw an 8% increase in sales, contributing $8.1 billion.

• Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.
• While our previous note provides a brief background overview of the company, we look at the updates and competition in this note.
• We become more conservative when looking at its competitive landscape.

• Celltrion is strategically transitioning from a biosimilar powerhouse to a global innovative biopharmaceutical company, underscored by the recent US launch of Zymfentra™, a novel subcutaneous formulation of infliximab.
• The late 2023 merger with Celltrion Healthcare is a pivotal move to enhance operational efficiency, improve cost competitiveness by creating a fully integrated value chain, and increase transparency, which is expected to fund large-scale investments in its future pipeline.
• While facing intense competition in the biosimilar market, the company is pursuing a dual-track growth strategy, aiming to expand its biosimilar portfolio to 22 products by 2030 while targeting 40% of its revenue from a robust pipeline of new drugs, including antibody-drug conjugates (ADCs) and multi-specific antibodies.

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• Cingulate is developing its Precision Timed Release (PTR) technology to deliver ADHD medicines to improve onset & efficacy of previously approved products.
• It licensed rights to manufacturing a 3-layer tablet that releases dexmethylphenidate (CTx-1301) over the active day.
• CTx-1301 provides immediate onset, eliminates the need for a booster dose, reduces diversion & simplifies dosing among other benefits.

• Cross Country Healthcare, Inc. (CCRN) is a prominent provider of healthcare staffing and workforce solutions in the United States, offering a comprehensive suite of services including temporary and permanent placement of healthcare professionals, managed services programs (MSPs), and recruitment process outsourcing.
• The company is navigating a dynamic healthcare staffing industry characterized by persistent labor shortages, fluctuating demand post-pandemic, and a growing emphasis on technology-driven solutions and flexible staffing models.
• CCRN’s financial performance has moderated from the peaks seen during the COVID-19 pandemic, with recent quarters showing declining revenue and a net loss, reflecting broader industry trends of stabilizing demand and pricing for travel nurses. The company is focused on diversifying its service offerings and leveraging technology to drive future growth.

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• CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
• The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners in cardiac surgery.
• After FDA denial in April 2025, the company plans to submit a new De Novo application to the FDA in 2026.

• Ensysce Biosciences is committed to finding a solution to the opioid crisis plaguing the US and other developed countries around the world.
• Through its proprietary TAAP technology Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid.
• The company released its 3Q2025 financial results that showed continued progress toward commercialization of an important pain reliever that we believe is critically needed.

• On November 10, 2025, Imunon, Inc. (IMNN) held an R&D Day and provided updates on the latest data for IMNN-001 along with the ongoing OVATION 3 trial.
• Multiple speakers at the event highlighted the ability of IMNN-001 to turn “cold” tumors “hot”, its highly favorable benefit/risk profile, new translational data showing how IMNN-001 is taken up by macrophages in the peritoneal fluid that leads to a robust immune response, along with the statistical plan for the OVATION 3 trial.
• The company also recently presented at the SITC 40th Annual Meeting where new translational data from the OVATION 2 study demonstrated how IMNN-001 can remodel the tumor microenvironment through increased recruitment of CD8+ T cells.

• BeiGene (6160 HK) reported 3Q25 revenues of $1.4B, up 40% YoY (9M25 Revenue: $3.8B, up 43%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.
• In 3Q25, US sale of Brukinsa was $738.7M, up 46% YoY. For four consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $612M in 3Q25.
• BeOne now expects 2025 revenue to be in the range of $5.1–5.3B (up 34–39% YoY) compared to the previous revenue guidance of $5.0–5.3B.

• The low diagnosis rate has been one of the main reasons why the sales performance of drugs for autoimmune diseases in China is much lower than that in overseas markets.
• Despite slightly better clinical data than dupilumab/stapokibart, MG-K10 may not achieve a significant actual clinical difference in the end. For MG-014, its prospects could be uncertain in China market. 
• Since Mabgeek has no commercialized product on the market, and the R&D progress is lagging behind competing products, together with fierce competition, valuation of Mabgeek would be lower than peers.

• Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent.
• This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a ‘conglomerate discount’ on the Rs.2,721 crore revenue biosimilars business.
• The move would eliminate the parent’s holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute.

• For secondary-market investors, aligning with established technology pathways offers greater clarity and comfort than speculating on new business development deals from Chinese firms.
• As IPOs of biotechs in HK increase crazily in 2025, it has led companies to overly pursue stock trading, share reduction and exit.We suggest investors remain rational about healthcare IPOs.  
• The valuation/IPO pricing of Biokin is too high. Recent poor performance of A/H shares after IPO has already intensified concerns. This could be the reason for the delay of IPO.

• Merit Medical Systems reported a strong performance in the third quarter of 2025, showing substantial growth across various financial indicators.
• The company achieved total revenue of $384.2 million, representing a 13% increase year-over-year on a GAAP basis, and 12.5% on a constant currency basis.
• This robust performance was primarily driven by 7.8% constant currency organic growth, surpassing the previously forecasted 6% high range.

• Option Care Health reported a strong performance in the third quarter of 2025, delivering a 12% year-over-year increase in revenue.
• This growth was balanced across its acute and chronic therapy portfolios, demonstrating its effective competitive positioning within the healthcare market.
• The mid-teens growth in acute therapies outpaced expected industry rates, which can be attributed to the company’s strategic positioning and operational agility.