In today’s briefing:
- SillaJen Rights Offering Worth 34% of Outstanding Shares
- Mankind Pharma Placement – Well Flagged, past Deals Have Done Well but Its Expensive
- Pre-IPO Beijing Health Guard Biotechnology – The Story of the HPV Vaccine Is Not as Good as Imagined
- Singaporean wearables startup SynPhNe bags US$5M for US expansion | e27
- Ipca Laboratories (IPCA IN): Solid Q3 Result; Mid-Teens Growth Expected in Domestic Revenue in Q4
SillaJen Rights Offering Worth 34% of Outstanding Shares
- On 22 March, SillaJen Inc (215600 KS) announced that it will conduct a rights offering worth about 129 billion won for R&D and financials improvement.
- The rights offering size is 34.5 million shares, representing 34% of total outstanding shares. The expected rights offering price is 3,750 won which is 26% lower than current price.
- We would not subscribe to this rights offering and we remain negative on the company.
Mankind Pharma Placement – Well Flagged, past Deals Have Done Well but Its Expensive
- ChrysCap is looking to raise around US$295m via selling a 2.8% stake in Mankind Pharma.
- MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
- We have looked at the IPO, lock-up release and prior placement in our earlier notes. In this note, we talk about the current deal dynamics.
Pre-IPO Beijing Health Guard Biotechnology – The Story of the HPV Vaccine Is Not as Good as Imagined
- The real market space of China’s HPV vaccines is much smaller-than-expected. Investment logic of vaccine companies is different from biotech – They either become large vaccine enterprises or are eliminated.
- Low-Valent HPV vaccines would easily enter a price war or be included in National Immunization Program. 9-valent HPV vaccines would be the main battlefield, which is a highly competitive market.
- Health Guard is facing increasing survival risks. Based on the concerns about the commercialization outlook of HPV vaccines, we’re not sure if the Company would bring expected returns to investors.
Singaporean wearables startup SynPhNe bags US$5M for US expansion | e27
- SynPhNe (Synergistic Physio-Neuro Platform), a wearable solution designed to treat stroke and other neurology-related disorders, has received US$5 million in a Series A funding round.
- Event Horizon Technologies, an affiliate of the Nadathur Group, is one of the key investors in this round. The Group is the family office of Nadathur Raghavan, co-founder of Indian software giant Infosys.
- This fresh capital will be used by Singapore-based SynPhNe to expand its rehabilitation services, particularly in the US market.
Ipca Laboratories (IPCA IN): Solid Q3 Result; Mid-Teens Growth Expected in Domestic Revenue in Q4
- Ipca Laboratories (IPCA IN) reported strong Q3FY24 results, with revenue and net profit increasing 33% and 67%, YoY, respectively. Domestic formulation and generic exports remained main growth drivers.
- Ipca’s India formulation business revenue is expected to grow 15% YoY to ~INR7,000 million in Q4FY24. The company guided for 13–14% domestic revenue growth in FY25.
- Riding on improving profitability at Unichem operation and launch of U.S. product, Ipca is expecting 10–12% growth in EBITDA and 2% improvement in EBITDA margin in FY25.
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