Good morning ,

It’s AGM season, so lots of voting results and AGM presentations updates are coming.

Last Friday I saw a strike on the Rem Report for ASX-listed Trivarix (ASX:TRI) that was caused by votes from less than 5% of the total shares on issue. 

So remember to vote your shares!

The Armchair Analyst

The Daily Check-up

Major health and medical technology company Philips (NYSE:PHG | MC: €22B) has been busy today with announcements across two ASX-listed small cap companies…

• First, Enlitic (ASX:ENL | MC: $30M) expanded its global partnership with Philips as one of two approved vendors to provide AI data-standardisation in for Philips’ enterprise medical imaging customers. (ENL)

• Second, HeraMED (ASX:HMD | MC: $38M) signs a technology integration agreement with a Philips subsidiary which should improve HMD's product offering to scale maternity care to US hospitals. (HMD)

🪑 Both stocks are up on the news, will be interesting to see which one closes the day with the higher % gains… ENL is in the lead so far but the race is on.

Shares in Monash IVF (ASX:MVF | MC: $340M) moved up 44% on $34M of stock traded yesterday after the company rejected a $300M takeover bid from Genesis Capital at 80 cents. (Fin Review) 

Osteopore (ASX:OSX | MC: $2.3M | $16M Con Note) signed a 5-year deal with a subsidiary of DKSH Holdings (SIX:DKSH | MC: $2.3B) to distribute dental products in Malaysia. Deal value or revenue undisclosed. (OSX)

AGM Presentations Today:

Mesoblast (ASX:MSB), Clarity Pharmaceuticals (ASX:CU6), Anagenics (ASX:AN1), Chimeric Therapeutics (ASX:CHM), Acrux (ASX:ACR), Control Bionics (ASX:CBL)

Under the Microscope

In the last two days TWO high profile Alzheimer’s clinical trials have failed including Novo Nordisk’s GLP-1 trial and Johnson & Johnson’s Phase 2 study. (Clinical Trials Arena, BioSpace)  

It is a bit of ‘back to the drawing board’ for Big Pharma’s hopes of developing a treatment to slow the progress of Alzheimer’s disease.

With this backdrop, all eyes will now be on ASX-listed Actinogen (ASX:ACW | MC: $187M) and the results from its Phase 2b/3 Alzheimer’s trial. (ACW)

Top-line results of the trial are expected to be announced in a few months at the end of January, with final results in Q4 2026.

ACW’s share price has moved from a low of 1.9 cents in June to a close of 5.9 cents yesterday. 

Statistically Significant

Exclusivity patents for many blockbuster drugs are set to expire before 2030, putting many high-revenue products at risk of facing competition from cheaper generics.

For Big Pharma, this is a $176 billion patent cliff. 

GEN News recently published a list of the 20 biggest drugs set to expire in the next four years:

Although there has been lots of M&A in the last few weeks, I expect more to come in 2026, as Big Pharma companies replenish their pipelines of high-value drugs.

See you tomorrow.

The Armchair Analyst