Daily Brief Health Care: Bionote, SD Biosensor, Bloomage Biotechnology Corporation-A and more

In today’s briefing:

BioNote IPO Preview
SD Biosensor (137310 KS): Aggressively Investing Windfall Gain From COVID; Adding New Growth Engines
Bloomage Biotechnology (688363.CH) – Positioning and Strategic Layout Imply Strong Upside Potential

BioNote IPO Preview

BioNote, a Korean company specializing in bio contents and animal diagnostics, is getting ready for an IPO in November.
The IPO price range is from 18,000 won to 22,000 won per share. The IPO offering amount is from 234 billion won to 286 billion won.
At the high end of IPO price, its market cap would be 2.3 trillion won. Using annualized net profit of 597 billion won, this would suggest a P/E of 3.9x.

In July 2022, SD Biosensor (137310 KS) in partnership with SJL Partners signed a definitive merger agreement to acquire Meridian Bioscience (VIVO US) for approximately KRW800 billion (~$1.5 billion).
The acquisition will strengthen SD Biosensos’s IVD platform to navigate the decline in COVID-19 testing demand and accelerate its U.S. market entry.
In September 2021, SD Biosensor acquired ~22% stake in UXN, which aims to launch mini continuous blood glucose meter in domestic market in 2024.

Many interpretations of Bloomage are just looking at the surface of the Company. It is actually a biotechnology and biomaterial company, with business layout covering the whole industrial chain.
The biggest advantage is the innovation of raw materials.Based on synthetic biology, Bloomage is more comfortable in the richness of raw materials (hyaluronic acid/collagen etc.) and flexibility of product matrix expansion.
The synergy/complementarity of multiple businesses improve the resilience to market/policy changes. If investors cannot have a deep understanding of Bloomage’s positioning/real strategic intentions, they won’t seize the alpha in the future.

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