In today’s briefing:
- Lansen Pharma (503 HK): The Chairman Makes An Offer
- Alnylam Pharmaceuticals Inc.: Can The Latest Collaboration With Roche Be A Game Changer? – Major Drivers
- Chunlizhengda Medical Instruments (1858.HK/688236.CH) – 2023 Full-Year Results May Be Disappointing
- SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only
Lansen Pharma (503 HK): The Chairman Makes An Offer
- Specialty prescription drug manufacturer Lansen Pharmaceutical Holdings Co, Ltd. (503 HK) has been a perennial takeover target. And now we have an Offer.
- Wu Zhen Tao, NED and Chairman of Lansen, has made an Offer for shares not indirectly held, of HK$1.80/share, by way of a Scheme, a 26.76% premium to last close.
- This looks done. Get involved if small-cap illiquid arbs are your thing.
Alnylam Pharmaceuticals Inc.: Can The Latest Collaboration With Roche Be A Game Changer? – Major Drivers
- Alnylam Pharmaceuticals, Inc. delivered a disappointing set of results as it was unable to meet the revenue earnings expectations of Wall Street.
- In Q2, the overall net product revenues increased 43% year over year across all products.
- The TTR brand generated $224 million in global net product revenues for ONPATTRO and AMVUTTRA, a 46% increase from the second quarter of 2022 and a 9% rise from the first quarter.
Chunlizhengda Medical Instruments (1858.HK/688236.CH) – 2023 Full-Year Results May Be Disappointing
- Beijing Chunlizhengda Medical Instruments didn’t perform well in 23H1. Obviously, the Company did not anticipate sufficiently the negative impact of centralized procurement on performance. Comparatively, AK Medical’s situation is better.
- The anti-corruption campaign has led to a marked drop in hospital outpatient visits and surgeries. Therefore, Chunlizhengda’s Q3 performance may not be optimistic, resulting in a lower-than-expected 2023 full-year performance.
- We think both revenue and net profit of Chunlizhengda would have negative YoY growth in 2023. The Company has fallen behind its competitor in R&D capabilities and high-end product lines.
SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only
- SD Biosensor (137310 KS) is reporting significant decline in revenue due to the fading demand of COVID-19 tests. 2Q23 revenue declined 80% YoY and 11% QoQ to KRW162.6B.
- SD Biosensor reported operating loss of KRW97.8B and KRW76.4B in 1Q23 and 2Q23, respectively, leading to 1H23 operating loss of KRW174.2B, compared with an operating profit of KRW348B in 1H22.
- SD Biosensor is on track to launch next-generation ultra-small continuous blood glucose meter (CGMS) in Korea in 2024. Thus far, Korea has approved four CGMS, including one locally-developed.
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