21 July 2025 | 4:04PM CST China Healthcare: 1H25 preview: UIH bottom out/MR still in trough; Weak IVD/cataract, strong insulin Per our recent conversations with clients, we see focus areas for investors include: Medtech: 1) The progress of capital equipment VBP and the subsequent stimulus strength of the trade-in policy, 2) progress of channel destocking, 3) import substitution trend post VBPs (incl. IOLs and IVD); Retail pharmacies: 1) market-clearing trend, 2) policy impact from Four-Same policy; Hospital ...

COPENHAGEN, Denmark, July 24, 2025 – Bavarian Nordic A/S (OMX: BAVA) has become aware of market rumours regarding a potential takeover offer for Bavarian Nordic A/S by a consortium consisting of Nordic Capital and Permira. Bavarian Nordic A/S can confirm that we have been in discussions with Nordic Capital and Permira regarding a potential takeover offer for Bavarian Nordic A/S by Nordic Capital and Permira. As these discussions are continuing, there can be no certainty as to whether any offer for Bavarian ...

当天， 碳酸锂板块期股联袂大涨。 在期货市场上，碳酸锂期货主力合约日内触及涨停，报 77240元/吨，涨幅8%。 锂矿股集体拉升，西藏矿业、永杉锂业直线涨停， 天齐锂业A股也罕 见涨停，这是该股今年以来的首次涨停。 消息面上，据证券时报e公司，此前，宜春市自然资 源局下发通知，要求当地几家涉锂矿山企业编制储量核实报告，并在9月30日前完成报告编 制。有业内人士认为，宜春打响了锂行业"反内卷"的第一枪。 此外，生物疫苗概念股午后拉升，智飞生物20cm涨停，沃森生物涨超14%，康泰生物、三生 国健等个股跟涨。 7月24日，市场全天震荡走高， 三大指数均再创年内新高，沪指收盘站上3600点 。截至收 盘，沪指涨0.65%，深成指涨1.21%，创业板指涨1.5%。 沪深两市全天成交额1.84万亿，较上个交易日缩量199亿。 全市场超4300只个股上涨。 从板块来看，海南自贸区概念股集体爆发，海南机场等20余股涨停。稀土永磁概念股再度大 涨，广晟有色涨停。超级水电概念股探底回升，中国电建等多股涨停。 | | 稀有金属精选 | | 海航系 | 稀土 | | | --- | --- | --- | --- | --- | ...

Core Viewpoint - Sanofi has announced the acquisition of Vicebio Ltd, enhancing its respiratory vaccines pipeline with a focus on developing combination vaccines for respiratory syncytial virus (RSV) and human metapneumovirus (hMPV) [1][2][5] Group 1: Acquisition Details - The acquisition involves an upfront payment of $1.15 billion, with potential milestone payments of up to $450 million based on development and regulatory achievements [5] - The transaction is expected to close in Q4 2025, pending regulatory approvals [5] Group 2: Technology and Product Pipeline - Vicebio's 'Molecular Clamp' technology stabilizes viral proteins, allowing for quicker development of fully liquid combination vaccines that can be stored at standard refrigeration temperatures (2–8°C) [3][4] - Vicebio's pipeline includes VXB-241, a bivalent vaccine candidate for RSV and hMPV currently in exploratory phase 1 study, and VXB-251, a preclinical trivalent vaccine candidate targeting RSV, hMPV, and parainfluenza virus Type 3 (PIV3) [4] Group 3: Strategic Importance - The acquisition allows Sanofi to expand its offerings in the respiratory vaccines space, providing increased options for physicians and patients by adding a non-mRNA vaccine to its pipeline [2] - Sanofi aims to leverage Vicebio's technology to develop next-generation combination vaccines that could protect older adults against multiple respiratory viruses with a single immunization [4]

Company Overview - Valneva SE is a specialty vaccine company focused on developing, manufacturing, and commercializing prophylactic vaccines for infectious diseases, addressing unmet medical needs [6] - The company has advanced multiple vaccines from early R&D to approvals and currently markets three proprietary travel vaccines [7] - Revenues from its growing commercial business support the advancement of its vaccine pipeline, which includes candidates for Lyme disease, Shigella, Zika virus, and other public health threats [8] Vaccine Development and Regulatory Update - The European Medicines Agency (EMA) has lifted the temporary restriction on vaccinating individuals aged 65 and above with Valneva's chikungunya vaccine IXCHIQ® after a thorough safety review [1][2] - The review was initiated due to serious side effects observed mainly in elderly individuals with underlying medical conditions, but the EMA concluded that IXCHIQ® should be administered when there is a significant risk of chikungunya infection [2][3] - IXCHIQ® is effective in producing antibodies against the chikungunya virus, which is particularly beneficial for older individuals at increased risk of severe disease [3] Chikungunya Disease Context - Chikungunya virus (CHIKV) is a mosquito-borne disease causing debilitating symptoms, including fever and severe joint pain, with significant global outbreaks since 2004 [4][5] - The disease has been reported in over 110 countries, with more than 3.7 million cases in the Americas between 2013 and 2023, leading to a considerable medical and economic burden [5]

Saint Herblain (France), July, 11 2025 – Valneva SE (Nasdaq: VALN; Euronext Paris: VLA), a specialty vaccine company, today announced that the European Medicines Agency (EMA) will lift the temporary restriction on vaccinating people aged 65 years and above after concluding a thorough review of Valneva’s single-dose chikungunya vaccine IXCHIQ® by EMA’s safety committee (PRAC). The committee initiated its review at the beginning of May following the occurrence of serious side effects mainly in elderly people ...

Core Insights - Bavarian Nordic A/S has secured a contract valued over DKK 200 million to supply its MVA-BN smallpox/mpox vaccine to a European country, enhancing national preparedness against biological threats [1][2] - The total value of secured contracts in the Public Preparedness business has now exceeded DKK 3,000 million, aligning with the company's targeted guidance for 2025 [2][5] - The MVA-BN vaccine is the only non-replicating mpox vaccine approved in multiple countries, originally developed for smallpox vaccination [3] Company Overview - Bavarian Nordic is a global vaccine company focused on improving health through innovative vaccines, particularly in the area of mpox and smallpox [4] - The company aims to enhance public health preparedness and has a strong portfolio of travel vaccines [4] Financial Performance - The company maintains its revenue guidance for 2025 at DKK 5,700-6,700 million, with an EBITDA margin projected between 26-30% [2]

Core Viewpoint - WanTai Biologics has officially launched its nine-valent HPV vaccine "Xinkening®9" at a price of 499 yuan per dose, significantly undercutting the imported vaccine price and marking the end of the "high-price era" for HPV vaccines in China [1][6]. Pricing and Market Impact - The imported nine-valent HPV vaccine "Gardasil 9" is priced at approximately 1318 yuan per dose, with a total cost of nearly 4000 yuan for three doses, while "Xinkening®9" costs about 1497 yuan for three doses [1]. - "Xinkening®9" is the only HPV vaccine approved for a two-dose regimen for ages 9-17, reducing the cost for this age group to 998 yuan, thereby enhancing accessibility and compliance [1]. Historical Context and Market Dynamics - Prior to the launch of "Xinkening®9", the nine-valent HPV vaccine market in China was monopolized by Merck's "Gardasil 9," which faced a dramatic shift from high demand and scarcity to excess inventory [2]. - In 2023, the batch issuance of "Gardasil 9" reached 36.55 million doses, a year-on-year increase of 136.16%, making Merck the highest-grossing multinational pharmaceutical company in China that year [2]. Sales Performance and Challenges - Merck's global sales of the HPV vaccine in 2024 were $8.583 billion, a 3% decline year-on-year, primarily due to weak performance in the Chinese market [3]. - To address high inventory levels, Merck announced a suspension of supply to China starting in early 2025, expected to last until at least mid-2025 [3]. Financial Performance of WanTai Biologics - WanTai Biologics reported a 59.25% year-on-year decline in revenue for 2024, totaling 2.245 billion yuan, with a net profit drop of 91.49% to 106 million yuan [3]. - The company faced significant challenges due to a price collapse in its two-valent vaccine, leading to a drastic reduction in government procurement prices [3]. Market Potential and Future Outlook - The potential market for HPV vaccines in China is substantial, with 70%-80% of the 300 million women aged 9-45 yet to be vaccinated [4]. - National Investment Securities predicts that WanTai's nine-valent HPV vaccine could reach a sales peak of 22.8 billion yuan, with projected revenues of 3.17 billion yuan, 11.4 billion yuan, and 28.63 billion yuan for 2025-2027 [4]. Competitive Landscape - Several domestic pharmaceutical companies are in the late clinical stages of developing their own nine-valent HPV vaccines, creating a competitive environment for WanTai [5]. - WanTai has initiated a Phase III clinical trial for a male indication, but competitors like Kanglaite have already started their trials earlier [5]. International Expansion - WanTai aims to become a leading global vaccine supplier by 2030, with plans to have 3 to 5 WHO pre-qualified products [5]. - Competitors are also pursuing international markets, with Kanglaite planning to submit for approval in Indonesia and Ruike Biologics exploring the Middle East [5]. Industry Trends - The World Health Organization has warned that global HPV vaccine supply may exceed demand from 2025 to 2030, potentially leading to a price war and industry reshuffling [5]. - The WHO's recommendation for a single-dose HPV vaccination regimen could further intensify market competition [5].

Core Viewpoint - Vaxart, Inc. has received approval to trade its common stock on the OTCQX Best Market, enhancing transparency and accessibility for investors, following a delisting notice from Nasdaq [1][2]. Company Overview - Vaxart is a clinical-stage biotechnology company focused on developing oral recombinant vaccines using a proprietary delivery platform, which allows for storage and shipping without refrigeration [4]. - The company is advancing multiple vaccine candidates targeting infectious diseases, including those for coronavirus, norovirus, influenza, and a therapeutic vaccine for human papillomavirus (HPV) [4]. Stock Listing Situation - After receiving a delisting notice from Nasdaq, Vaxart has requested a hearing to appeal the decision, with its common stock currently suspended pending the outcome [2][3]. - The company is exploring all options regarding its stock listing while prioritizing shareholder interests [3].

Key Takeaways Moderna's mRNA-1010 flu shot showed 26.6% better efficacy than GSK's in a phase III trial. Efficacy was strong across strains and age groups, with 27.4% rVE in seniors aged 65 and older. The results may aid future FDA submissions for mRNA-1010 and support the combo vaccine mRNA-1083.Moderna (MRNA) announced that its seasonal influenza vaccine candidate, mRNA-1010, achieved superior relative vaccine efficacy (rVE) than an approved flu shot marketed by GSK plc (GSK) in a phase III efficacy stu ...