Daily Brief Health Care: Pharmaessentia Corp, Indegene Limited, ADICON Holdings Limited and more

In today’s briefing:

PharmaEssentia GDS Issuance – Strong Revenue Growth and Narrowing Losses
Indegene Limited (1864095D IN) Pre-IPO: Enough Head Room For Long-Term Profitable Growth
Adicon Holdings Pre-IPO – Thoughts on Valuation

PharmaEssentia GDS Issuance – Strong Revenue Growth and Narrowing Losses

Pharmaessentia Corp (6446 TT) aims to raise around US$412m (TWD12.6bn) via a GDS issuance. The issuance will be a large one to digest, representing 17.6 days of three month ADV.
The proceeds will be used to accelerate the commercialization, further global clinical trials of BesREMi and conduct R&D in the US for the expansion of the company’s product portfolio.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Indegene Limited (1864095D IN), a healthtech firm focused on life sciences commercialization is looking to raise INR32B through an IPO, comprises of fresh issue and an offer for sale.
The IPO funds will be used to repay debt, fund capex, pay for one of the company’s past acquisitions, and pursue any future inorganic growth.
Amid a large and growing underpenetrated addressable market, Indegene is poised for long-term profitable growth by leveraging on its marquee clientele, long-standing client relationship, and comprehensive offering.

ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO.
Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&S.
In this note, we talk about our thoughts on valuation.

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