Daily Brief Health Care: Emcure Pharmaceuticals, Rani Therapeutics Holdings , Fortrea Holdings and more

In today’s briefing:

Emcure Pharmaceuticals Pre-IPO: IPO Price Band Set; Steep Valuation Offers Limited Upside Potential
RANI: GLP-2 Deal Announced
Fortrea Holdings Inc.: Enhanced Focus On Clinical Development Efficiency & Other Major Drivers

Emcure Pharmaceuticals Pre-IPO: IPO Price Band Set; Steep Valuation Offers Limited Upside Potential

Emcure Pharmaceuticals seeks to raise INR19.5B in upcoming IPO through a fresh issue of INR8B and an OFS of 11.4M shares. IPO price band has been set at INR960–1,008.
The issue will open for subscription on July 3 and close on July 5. Bidding for anchor investors will open on July 2. Lot size for bidding is 14 shares.
IPO proceeds will be used to repay debt. As at March 31, 2024, the company’s outstanding borrowings stood at INR21B against cash balance of INR2B.

Rani is a clinical-stage biotherapeutics company developing the ingestible robotic RaniPill (RP) that enables oral delivery of biologics & other large molecules.
Its pipeline features clinical assets RT-102 (teriparatide for osteoporosis) & RT-111 (ustekinumab for psoriasis).
Both programs have completed Ph1 trials characterizing safety tolerability & pharmaco-kinetics.

Fortrea’s first quarter 2024 report demonstrates a mixed performance with signs of pivotal growth amidst ongoing strategic transformations and challenges post the recent company spin-off.
The clinical outsourcing company, while navigating complexities from the spin-off, seems to have slightly stumbled in immediately achieving some of its financial metrics but remains on track with the strategic and operational revamp aimed at long-term growth.
Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

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