Core Viewpoint - Helus Pharma has appointed Michael Cola as CEO at a pivotal moment for the company, as it advances its next-generation mental health therapies and approaches critical clinical milestones [2][3]. Company Developments - Helus Pharma is progressing its clinical pipeline, with HLP004 Phase II data expected to be released this quarter and HLP003 Phase III topline data anticipated in Q4 2026 [2][6]. - The company has submitted over 350 patent applications globally and has received more than 100 patents, indicating a strong intellectual property portfolio [2]. - Helus Pharma is focused on addressing severe mental health disorders through differentiated projects and is transitioning from early clinical development to late-stage execution [2][6]. Leadership Appointment - Michael Cola brings over 30 years of experience in neuroscience, rare diseases, and specialty pharmaceuticals, making him a suitable leader for Helus [3][4]. - Cola's previous achievements include transforming Shire into a leader in the CNS field and significantly increasing its market value from $5 billion to $20 billion [4][5]. - Cola has also held leadership roles in various companies, contributing to successful clinical transitions and product launches [5][6]. Company Background - Helus Pharma, established in 2019, focuses on developing proprietary new serotonin agonists (NSAs) aimed at improving mental health recovery [8]. - The company is currently developing two proprietary NSAs: HLP003, in Phase III for major depressive disorder, and HLP004, in Phase II for generalized anxiety disorder [8]. - Helus Pharma aims to address the significant unmet treatment needs of patients with depression, anxiety, and other mental health disorders [8].

Core Viewpoint - Helus Pharma has appointed Michael Cola as CEO to lead the company through pivotal clinical milestones in its mental health therapy pipeline, focusing on novel serotonergic agonists [2][3][4]. Company Overview - Helus Pharma, a clinical stage pharmaceutical company, is dedicated to developing novel serotonergic agonists aimed at treating mental health disorders such as depression and anxiety [8][9]. - The company has filed over 350 patent applications globally and holds more than 100 granted patents, indicating a strong intellectual property position [3]. Leadership Appointment - Michael Cola's appointment as CEO is seen as crucial for advancing Helus's pipeline, particularly with upcoming Phase 2 data for HLP004 and Phase 3 topline data for HLP003 [3][6]. - Cola has over 30 years of experience in neuroscience and pharmaceuticals, having previously led significant growth initiatives at Shire and other companies [4][5]. Clinical Development - Helus is advancing HLP003, which is in Phase 3 for major depressive disorder and has received Breakthrough Therapy Designation from the FDA, and HLP004, currently in Phase 2 for generalized anxiety disorder [9]. - The company aims to improve treatment outcomes for serious mental health disorders through its differentiated pipeline of NSAs [9]. Market Position and Strategy - The company is focused on global regulatory engagement and long-term commercial planning as it transitions from early clinical development to later-stage execution [3]. - Cola's leadership is expected to enhance the company's ability to translate scientific advancements into effective therapies and shareholder value [4][5].

Market Overview - US stock futures are mixed, with Dow Jones futures down 0.5%, S&P 500 futures up 0.2%, and Nasdaq futures up 0.6% [1] - The Mag7 stocks' market cap share of the S&P 500 has decreased from 33% to 31% over the past two months, indicating a healthy development in the market [2] - Analysts express optimism for a potential surge in big tech stocks like Microsoft, Meta, Tesla, and Apple in the upcoming earnings reports [3] Currency and Commodities - The US dollar is weakening, with the DXY index reaching a four-month low, leading to increased interest in gold and the Swiss Franc as safe havens [4] - Deutsche Bank analysts suggest that gold could rise to $6,000 per ounce due to higher geopolitical volatility and increased demand for non-dollar assets [11][13] - European gold ETFs have attracted over €2 billion in net inflows since the beginning of the year, reflecting investor unease amid rising geopolitical tensions [22] UK Housing Market - The UK government announced a cap on annual ground rents at £250 for the first 40 years of a lease, which is not expected to significantly impact the lettings agency sector [5][7] - Analysts believe this policy aligns with the government's trend towards a more regulated housing market, favoring consumers [6] - The insurance industry has expressed concerns about the implications of retrospective changes to property rights, which could affect investor confidence in the UK market [10][11] Company Updates - HSBC has become the largest company in the FTSE 100, with a 2.8% surge attributed to positive developments in China's industrial profits [15][17] - Dr Martens reported a revenue decline of 3.1%, falling short of expectations, while still aiming for significant profit growth in the current financial year [33][39] - Burberry shares rose 1.5% after Barclays upgraded the stock, citing a successful turnaround strategy [20][21] Trade Developments - The EU and India have agreed on a significant trade deal, expected to cut tariffs on over 90% of EU goods exports, potentially boosting exports by €20-30 billion annually [41][42]

Core Viewpoint - The US investment-grade (IG) credit market is showing signs of recovery after a challenging start to 2021, with opportunities arising from price corrections and attractive yields for investors, particularly those based in Europe [4][6]. Group 1: Market Conditions - In 2020, investment-grade credit was favored due to wider spreads to government bonds and central bank support [3]. - By the end of 2020, rising US Treasury yields and the cessation of the Federal Reserve's buying program led to negative returns and net selling in Q1 2021 [4]. - Recent stability in Treasury yields has created an incentive for investors to reassess their positions in IG credit, as economic and inflation data have shown positive surprises [6]. Group 2: Investment Opportunities - Yields on US IG credit funds are now above 2%, making them attractive compared to similar EUR exposures, which yield around 30 basis points [6]. - The cost of hedging against currency risks is historically low, making US credit investments more favorable for EUR-based investors, with spreads close to 100 basis points being the most favorable since early 2017 [6]. Group 3: ESG Considerations - Recent announcements from the UK and US governments regarding carbon emissions are expected to heighten focus on climate and ESG themes, influencing investment strategies in US IG credit [11]. - There has been a notable trend of European investors moving towards ESG-based investment strategies in US credit over the past year [11]. - The Bloomberg SASB US Corporate ESG Ex-Controversies Select Index excludes companies involved in controversial industries and optimizes for ESG exposure while aligning closely with the broader Bloomberg Barclays US Corporate Index [12][13].

Core Insights - The article provides a comprehensive comparison of Pfizer against its key competitors in the Pharmaceuticals industry, focusing on financial metrics, market position, and growth prospects to identify investment opportunities and risks [1] Company Overview - Pfizer is one of the largest pharmaceutical firms globally, with annual sales of approximately $60 billion, primarily from prescription drugs and vaccines, with international sales accounting for 40% of total sales [2] - Major products include the pneumococcal vaccine Prevnar 13 and cardiology drugs Vyndaqel and Eliquis, with emerging markets being a significant contributor to international sales [2] Financial Metrics Comparison - Pfizer's Price to Earnings (P/E) ratio is 14.56, which is lower than the industry average by 0.24x, indicating potential value [3] - The Price to Book (P/B) ratio of 1.53 is below the industry average by 0.2x, suggesting the stock may be undervalued based on book value [3] - Pfizer's Price to Sales (P/S) ratio of 2.28 is 0.46x the industry average, indicating potential undervaluation based on sales performance [3] - The Return on Equity (ROE) is 3.9%, which is 4.55% below the industry average, indicating potential inefficiency in profit generation [3] - EBITDA stands at $5.65 billion, which is 0.2x below the industry average, suggesting lower profitability or financial challenges [3] Profitability and Growth - Pfizer's gross profit is $12.48 billion, which is 0.2x below the industry average, indicating lower revenue after production costs [8] - Revenue growth is reported at -5.91%, significantly lower than the industry average of 8.93%, highlighting a slowdown in sales expansion [8] Debt-to-Equity Ratio - Pfizer has a lower debt-to-equity ratio of 0.66, indicating less reliance on debt financing and a healthier balance between debt and equity compared to its top peers [11] Summary of Competitive Position - Overall, Pfizer's low P/E, P/B, and P/S ratios suggest potential undervaluation, but its low ROE, EBITDA, gross profit, and revenue growth indicate challenges in profitability and revenue generation compared to competitors [9]

Core Viewpoint - Heptagon Pharmaceuticals-B (02142) has seen a nearly 5% increase in stock price, currently at HKD 13.62, following the announcement of an expanded collaboration agreement with AstraZeneca PLC aimed at developing next-generation biotherapies, including antibody-drug conjugates (ADC) and T-cell connectors [1]. Company Summary - Heptagon Pharmaceuticals-B's stock price rose by 4.77% to HKD 13.62 with a trading volume of HKD 23.44 million [1]. - The company announced a collaboration, option, and licensing agreement with AstraZeneca PLC on November 24, 2023, which expands the scope of their partnership [1]. - The revised agreement aims to leverage the expertise of both companies to jointly discover and develop new biotherapies [1]. - The economic terms and financial framework established under the collaboration agreement remain consistent with previous agreements [1].

Core Viewpoint - The stock of HAPO Pharmaceutical-B (02142) increased by nearly 5%, reaching HKD 13.62, with a trading volume of HKD 15.42 million following the announcement of a collaboration agreement with AstraZeneca [1] Group 1: Company Developments - On November 24, HAPO Pharmaceutical-B announced that its indirect wholly-owned subsidiary, HAPO Pharmaceutical (Shanghai) Co., Ltd. (HAPO Shanghai), entered into a collaboration, option, and licensing agreement with AstraZeneca PLC [1] - The collaboration aims to expand the scope of their partnership, focusing on the discovery and development of next-generation biotherapies, including antibody-drug conjugates (ADCs) and T-cell engagers [1] - The economic terms and financial framework established under the collaboration agreement remain consistent with previous agreements [1]

Core Viewpoint - The collaboration between Heptagon Pharmaceuticals and AstraZeneca aims to leverage both companies' expertise to discover and develop next-generation biotherapies, including antibody-drug conjugates (ADCs) and T-cell engagers [1] Group 1: Collaboration Details - Heptagon Pharmaceuticals' indirect wholly-owned subsidiary, Heptagon (Shanghai) Co., Ltd., has entered into a collaboration, option, and licensing agreement with AstraZeneca [1] - The scope of cooperation has been further expanded following the revised collaboration agreement signed on November 24, 2025 [1] - The financial framework established under the collaboration agreement remains consistent with previous terms [1]

Core Viewpoint - The collaboration between 和铂医药-B and AstraZeneca aims to leverage both companies' expertise to discover and develop next-generation biotherapies, including antibody-drug conjugates (ADCs) and T-cell engagers, under a revised agreement set to take effect on November 24, 2025 [1] Group 1 - 和铂医药-B's indirect wholly-owned subsidiary, 和铂医药(上海)有限责任公司, has entered into a collaboration, option, and licensing agreement with AstraZeneca PLC [1] - The scope of collaboration has been further expanded following the revision of the agreement between 和铂上海 and AstraZeneca [1] - The economic terms and financial framework established under the collaboration agreement remain consistent [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 和鉑醫藥控股有限公司 HBM Holdings Limited （於開曼群島註冊成立的有限公司） 主席兼執行董事 王勁松博士 香港，2025年11月24日 茲提述本公司日期為2025年3月21日的公告，內容有關（其中包括）本公司的間 接全資附屬公司和鉑醫藥（上海）有限責任公司（「和鉑上海」）與AstraZeneca PLC （「AstraZeneca」）訂立合作、選擇權及許可協議（「合作協議」）。 本公司董事會（「董事會」）欣然宣佈，於2025年11月24日，經修訂和鉑上海與 AstraZeneca訂立之合作協議（「該修訂」）後，訂約雙方的合作範圍進一步擴展，旨 在結合兩家公司之專業知識，共同發現及開發包括抗體偶聯藥物(ADC)及T細胞銜 接器在內的新一代生物療法。經濟條款與合作協議項下建立的財務框架仍然一致。 警示聲明 我們無法保證我們或合作夥伴將能成功開發或最終銷售本公告所提述的任何候選 產品。本公 ...