In today’s briefing:
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: TDCX, Orecorp, T&K Toka, Taisho Pharma, Benesse, IJTT
- OCI Holdings Plans to Acquire a 27% In Hanmi Science – To Spark a Family Feud?
- China Healthcare Weekly (Jan.12) – Mainstream R&D Trend, Innovent, BeiGene, Sirnaomics, ImmuneOnco
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(Mostly) Asia-Pac Weekly Risk Arb Wrap: TDCX, Orecorp, T&K Toka, Taisho Pharma, Benesse, IJTT
- I tally 45 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- One new deal discussed this week on Smartkarma: TDCX (TDCX US)‘s MBO.
- Key updates took place on: Orecorp Ltd (ORR AU), T&K Toka Co Ltd (4636 JP), Taisho Pharmaceutical Holdin (4581 JP), Benesse Holdings (9783 JP), and IJTT Co., Ltd. (7315 JP).
OCI Holdings Plans to Acquire a 27% In Hanmi Science – To Spark a Family Feud?
- After the market close on 12 January, OCI Holdings (010060 KS) announced that it plans to acquire a 27.03% stake in Hanmi Science (008930 KS) for 770 billion won.
- Through this investment and integration between OCI Holdings and Hanmi Science, the OCI Group and Hanmi Pharmaceutical Group plans to establish a joint management system.
- This deal between OCI Holdings and Hanmi Science is not over and it could lead to an M&A fight for the control of Hanmi Science by its family members.
China Healthcare Weekly (Jan.12) – Mainstream R&D Trend, Innovent, BeiGene, Sirnaomics, ImmuneOnco
- The entire R&D cycle involves multi-party cooperation, leveraging one’s strengths. So, it is not difficult to understand some of the choices made by domestic pharmaceutical companies (e.g. Innovent, BeiGene).
- Due to outdated technology, investment value of Sirnaomics is low, which means the likelihood of the company being acquired is also not high. We remain conservative about the outlook.
- ImmuneOnco’s stock price has performed much better-than-expected after IPO on HKEX. However, the endgame of ImmuneOnco’s market value could be only about RMB1.5 billion, which means large potential downside ahead.