Daily Brief Health Care: Rigaku Holdings, Ligand Pharmaceuticals, OSE Immuno, Theravance Biopharma and more

• Rigaku Holdings (268A JP) is looking to raise up to US$756m in its Japan IPO.
• Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
• In our earlier notes, we looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we look at Rigaku’s valuation at the final indicative range.

• Ligand Pharmaceuticals holds a portfolio of revenue, royalty and milestone generating assets that have been vetted by its internal investment team.
• Ligand considers individual biopharmaceutical products, platforms, companies & income streams in its opportunity set.
• It targets late-stage and commercial income-producing assets when making investments.

OSE Immunotherapeutics has reported its results for H124, a standout period for the company’s development pipeline, with the momentum carrying into H224. The first half of the year rewarded the company with partnerships deals with AbbVie and Boehringer Ingelheim (BI), bringing in c €84m and securing the cash runway into 2027. Furthermore, H224 so far has seen the company make significant progress in advancing its internal pipeline, with successful Phase II results for Lusvertikimab in ulcerative colitis (UC) and, more importantly, the launch of the Phase III registrational trial for lead asset Tedopi in September 2024. We have updated our estimates for the H124 performance and upgraded our probability of success for Tedopi (from 48% to 67%), increasing our valuation of OSE to €465.7m or €21.3/share (from €413.5m or €19.0/share previously).

• TBPH prioritizes shareholder value and is trading at a discount to its NAV
• The company is an attractive investment opportunity for value investors
• TBPH has a strong focus on maximizing shareholder value, valuable assets, and potential for significant upside

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.