In today’s briefing:
- Mankind Pharma (6596876Z IN) Pre-IPO: Solid India-Centric Growth Story Fueled by Marquee Brands
- A Tender Offer of Osstem Implant by MBK & Unison Capital?
- Hutchmed China Ltd (13.HK/HCM.US) – The $1.13B Eye-Catching Deal with Takeda and the New Outlook
- Detailing Maekyung Report on MBK’s Tender Offer to Osstem Implant Shareholders at a 20% Premium
- Bayer: Focusing On Fundamentals – What The Market Isn’t Picking Up!
- PolyNovo (PNV AU): 1H23 Result- Growth Trajectory Continues; Fund Raising Strengthens Balance Sheet
- Teladoc Inc: New Integrated Healthcare Experience & Other Developments
Mankind Pharma (6596876Z IN) Pre-IPO: Solid India-Centric Growth Story Fueled by Marquee Brands
- Mankind Pharma (6596876Z IN), India’s fourth largest pharmaceutical company, has filed DRHP for INR55B IPO, which is comprised of an OFS of 40M shares by promoters and existing investors.
- Mankind has 36 pharma brands that have each achieved annual revenue of more than INR500M. 18 of its brands are among 300 top selling brands of the Indian pharma market.
- During FY20–22, domestic sales of Mankind had a CAGR of ~16%, which is ~1.5 times that of the Indian pharma market, which grew at a CAGR of ~11%.
A Tender Offer of Osstem Implant by MBK & Unison Capital?
- On 24 January, it was reported in Maeil Business Daily that MBK and Unison Capital are ready to take over the management rights of Osstem Implant through a tender offer.
- For now, Osstem Implant, MBK Partners, and Unison Capital have not confirmed on the validity of this news.
- We would attach a 70-90% probability that indeed MBK Partners and Unison Capital Korea are ready to launch a tender offer on Osstem Implant.
Hutchmed China Ltd (13.HK/HCM.US) – The $1.13B Eye-Catching Deal with Takeda and the New Outlook
- HUTCHMED entered into an exclusive license agreement with Takeda- HUTCHMED will receive up to US$1.13 billion including US$400 million upfront, the third highest upfront among China’s TOP 10 license-out deals.
- Even if fruquintinib may probably not become a blockbuster product in the future, HUTCHMED still gets a decent upfront to relieve its cash flow pressure and an internationalization admission ticket.
- Hutchmed China Ltd (13 HK) is undervalued based on our sales forecast. After savolitinib has been included in the updated NRDL, this year’s performance growth is worth looking forward to.
Detailing Maekyung Report on MBK’s Tender Offer to Osstem Implant Shareholders at a 20% Premium
- Maekyung exclusively reports MBK will do a tender offer to Osstem Implant shareholders at a 20% premium to buy a 15% stake.
- As Maekyung is a first-tier news outlet in Korea, we have to see enough credibility in this report. We should expect to see it in an official regulatory filing soon.
- We should design a play that actively utilizes the tender offer event very elaborately. Here, we need to consider immediate offerings and potential delisting from a longer-term perspective.
Bayer: Focusing On Fundamentals – What The Market Isn’t Picking Up!
- The equity story expands across all of Bayer’s three segments. Positive signs in Pharma, Crops Sciences, and Consumer Health are showing, which we believe are misunderstood by the investment community
- Bayer has seen a material share price decline driven by litigation issues, while earnings showed solid progress.
- Positive news from the Pharma pipeline and progress in the high value seed business as well as the litigation cases removed from the spotlight should help the stock rerate.
PolyNovo (PNV AU): 1H23 Result- Growth Trajectory Continues; Fund Raising Strengthens Balance Sheet
- PolyNovo Ltd (PNV AU) reported record high sales of A$27.3 million, up 67.5% YoY during H1FY23, mainly driven by the strong momentum in the U.S.
- The company has continued to increase the sales team, particularly in the U.S. which has driven sales growth and customer account acquisition, entailing long-term visibility.
- Recently, PolyNovo has raised A$53 million to fund its global growth aspirations. The company is entering new markets, enhancing portfolio, and expanding manufacturing facility to support 5x sales.
Teladoc Inc: New Integrated Healthcare Experience & Other Developments
- Teladoc Health delivered a decent result for the last quarter and managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.
- Teladoc concluded the quarter with a total US paid membership of 57.8 million members, an increase of 1.2 million members over the second quarter, driven by a combination of new virtual care client onboardings and population expansions within current clients.
- The management conducted their client advisory panel with representatives from 30 health plans, sizable employers, and health systems in attendance.
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