In today’s briefing:
- (Mostly) Asia M&A, Nov 2023: Taisho Pharma, CIMC Vehicle, CMIC, Japan Best Rescue, Shidax
- Sunho Biologics (盛禾) Pre-IPO: Testing the Unproven Targets
- Avantor Inc.: Unpacking Their Strategic Laboratory Relocation Services – A Game Changer? – Major Drivers
- BioMarin Pharmaceutical Inc.: Voxzogo Supply Constraints & Commercial Growth As A Growth Catalyst! – Key Drivers
- Bio-Techne Corporation: Impact Of China Funding & Economic Recovery! – Major Drivers
- Exact Sciences Corporation: Cologuard Market Positioning & Long-Term Growth Strategy! – Major Drivers
- GSK plc: Is Their Latest Financial Disappointment Might Be a Hidden Opportunity? – Major Drivers
- Humana Inc.: Launch of At-Home Primary Care Program & Other Developments
- IDEXX Laboratories Inc.: Navigating Clinical Challenges – Key Growth Strategies! – Major Drivers
- Immunogen: The ELAHERE Breakthrough & An Expanding Pipeline! – A Potential Acquisition Target? – Major Drivers
(Mostly) Asia M&A, Nov 2023: Taisho Pharma, CIMC Vehicle, CMIC, Japan Best Rescue, Shidax
- For the month of November 2023, 16 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$13bn.
- The average premium for the new deals announced (or first discussed) in November was 41%. The average YTD is 38% (97 deals).
- This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.
Sunho Biologics (盛禾) Pre-IPO: Testing the Unproven Targets
- Sunho Biologics, a China-based clinical-stage biotechnology company, plans to raise up to US$100m via a Hong Kong listing.
- In this note, we examine the company’s three core products, namely IAP0971, IAE0972, and IAH0968, which target malignancies.
- A large part of the company’s pipeline is testing the unproven targets. We also think the management and pre-IPO investors are of mediocre quality.
Avantor Inc.: Unpacking Their Strategic Laboratory Relocation Services – A Game Changer? – Major Drivers
- Avantor had a decent quarter reported a revenue of $1.72 billion surpassing analyst expectations.
- Despite a 7.9% decline in core organic revenue, the as-reported revenue remained flat sequentially, aligning with earlier guidance.
- Avantor faced challenges in an environment marked by ongoing destocking and reduced demand in biopharma, advanced technologies, and applied materials.
BioMarin Pharmaceutical Inc.: Voxzogo Supply Constraints & Commercial Growth As A Growth Catalyst! – Key Drivers
- BioMarin Pharmaceutical Inc. delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed earnings beat.
- The company celebrates a robust 15% total revenue growth in the third quarter, propelled by the success of Voxzogo, slated to become the company’s inaugural blockbuster product.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
Bio-Techne Corporation: Impact Of China Funding & Economic Recovery! – Major Drivers
- Bio-Techne Corporation delivered a disappointing set of results as the company was unable to meet Wall Street’s revenue and earnings expectations.
- Although the US biopharma funding challenges and evolving macroeconomic conditions in China exceeded initial expectations, Bio-Techne’s growth pillars, such as the GMP proteins business, ExoDx prostate, and ProteinSimple franchise, demonstrated robust performance.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
Exact Sciences Corporation: Cologuard Market Positioning & Long-Term Growth Strategy! – Major Drivers
- Exact Sciences Corporation delivered a positive result and managed an all-around beat in the quarter.
- During the quarter, over 10,000 new healthcare professionals ordered Cologuard, contributing to a total of more than 331,000 orders since its launch.
- Looking ahead, Exact Sciences raised its total revenue guidance for the year to a range of $2.476 billion to $2.486 billion.
GSK plc: Is Their Latest Financial Disappointment Might Be a Hidden Opportunity? – Major Drivers
- GSK plc’s results were a major disappointment as the company failed to meet Wall Street’s revenue and earnings expectations.
- Approvals for key medicines, including Arexvy and Apretude, strengthened the product portfolio, positioning GSK for substantial profitable growth.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
Humana Inc.: Launch of At-Home Primary Care Program & Other Developments
- Humana managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
- Adjusted earnings per share stood at $7.78, with notable performance in Medicaid and primary care.
- Looking ahead to 2024, Humana outlined its strategic approach to Medicare Advantage, emphasizing consumer preferences and maintaining or enhancing key benefits.
IDEXX Laboratories Inc.: Navigating Clinical Challenges – Key Growth Strategies! – Major Drivers
- IDEXX Laboratories delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.
- IDEXX experienced an impressive 8% organic growth in revenues, driven by a 9% surge in CAG Diagnostic recurring revenues.
- Despite the headwinds from a decline in US clinical visits, IDEXX CAG Diagnostic recurring revenue growth remained resilient, surpassing sector growth levels.
Immunogen: The ELAHERE Breakthrough & An Expanding Pipeline! – A Potential Acquisition Target? – Major Drivers
- This is a special one-time report on Immunogen, a biopharma player that has demonstrated notable progress and achievements in its recent earnings report.
- ELAHERE generated over $105 million in net sales during the last quarter, resulting in cumulative revenue of over $210 million year-to-date.
- Immunogen is not solely reliant on its current success; it is actively pursuing geographic expansion, with applications for European and Chinese approvals in progress.
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