Member Info for malt99

I see Innovent has made a voluntary announcement today :"The Company has noted that the unusual price and trading volume movements of the shares of the

Company (the “Shares”) recently. The Company confirms that its business and operation remain

unchanged. Having made reasonable enquiries, the Board confirms that, as of the time of this

announcement, it is not aware of any information that needs to be disclosed to avoid a false market

in the Company’s securities, or any inside information that needs to be disclosed under Part XIVA

of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)"

I see we still retain 5% worth $67m at the deal price of $608m for a 45% stake sale. I have always wondered how many investors realised there was a profitable standalone business churning out steady profits in the HCM, particularly as they had to equity account for the JV and report the profit as one line in the P&L and not consolidate their 50% share of the JV P&L line by line into the HCM P&L . My expectations for much SP reaction are low after so many disappointments. Others have commented about how often it moves in tandem with Innovent/Beigene, I guess this is just the flows into and out of ETFs driving the price without regard to individual share newsflow.

Eli Lilly Q3 2024 results - Elunate in-market sales of $29.2 in Q3 and $88.7 YTD which is +12% YTD at CER. HCM share is about 75% based HI HCM results

I assume that the latest slump (of many) in the SP is due to the ongoing regulatory scandal in China. AZ China president is under investigation has been arrested, this has been rumbling on for while now.

I have been a shareholder here since 2020 and it has always looked great value, others have clearly been holders a lot longer than that. We all will have read many posts trying to fathom why the mkt cap seems so much lower than the sum of the parts, particularly when a large part is cash, but nothing seems to change . It is difficult not to doubt whether this hub and spoke business model is wanted, surely professional biotech investors can get the risk diversification they want by investing in a portfolio of pure play biotechs eg Karuna et al and don't need or value the risk mitigation claimed for the PRTC model. This leaves PRTC looking similar to an Investment Trust with a highly concentrated portfolio of assets at different stages ,perhaps like a Syncona or RTW, which also trade at massive discounts. Maybe they should dump hub and spoke and change into a conventional biotech retaining ownership of assets through to market, is there a hint of this happening as they have held onto LYT100?

Although no sign of counterbids so maybe it is not such a bad offer

Be interesting to see whether the SP sags without the buyback, maybe more buying opportunities although I am overloaded already. I see from Karuna SEC filings that the next step to get Karuna shareholder approval for the takeover is set for 12 March. Based on experience to date, do not think that we will see much SP improvement until the cash is in the bank, let's hope I am wrong!

The quote from Takeda in their Q3 to 31/12/23 presentation was;

"Strong uptake following U.S. FDA approval in November 2023 for metastatic

colorectal cancer (mCRC) patients previously treated with certain anti-cancer

medicines, with new patient starts exceeding expectations"

Sounds promising

According to this morning's RNS the buyback is now complete, 7% of issued share cap now held in treasury. New buyback will be considered when Karuna cash in the bank

Good find compoundingm, there had to be something to cause such a savage sector wide markdown. Based on the impact of crackdowns in other sectors I am not surprised investors got severe indigestion. Summary from Bing from article dated today as follows "In a new wave of crackdowns on compliance in the pharma sector in China, 10 medical meetings have been cancelled in short order, while sector-wide stock prices have plunged and 100 hospital officials placed under investigation, shocking the industry." It would be a brave CEO to state that their business is 100% clean when you have 100's or maybe 1000's of sales reps selling into hospitals across such a vast country.

Agreed Dallo, this feels like a distraction the Puretech board could do without unless another buyer comes forward with decent cash offer.

Invesco own 19% of Nektar. Another biotech with Mkt cap roughly equal to cash balance.

This explains the big step up in volume and price in HK on 19 Nov as this was the date that the changes to the FTSE Russell effective today were announced. Not the first time I have been left wondering what happened and the reason emerging weeks later.

I note that a 12.3m trade was booked after hours which pushed up the closing price to HK56.50.

Must have been an interesting AGM judging by the votes against and withheld for the re-election of the chairman and non-execs and dis-applying pre-exemption rights. Sounds like some shareholders patience is being stretched