Basic-Fit N.V. : Acquisition of franchise platform Clever Fit

Credit Morning 10/27/2025

IQ: EBITDA still down on a y/y basis, but some positive FCF generation seen during the quarter|

Morning Crédit 27/10/2025

IQ: EBITDA still down on a y/y basis, but some positive FCF generation seen during the quarter|

Basic-Fit EUR 175m acquisition of Clever Fit

Basic-Fit has announced the acquisition of Clever Fit, a leading fitness operator in the DACH region (Germany, Austria, Switzerland) with 493 clubs (454 franchise+39 owned) across 6 countries. The franchise model breaks with traditional club owned strategy of Basic-Fit as it will explore this model in existing markets (France/Spain). The transaction value is EUR 160m+15m earnout spread out over 3 years. This values Clever fit at 11.0X EV/EBITDA (excl. earnout) while Basic-Fit currently trades at 8.3x spot EV/EBITDA. There is room for operational improvements and increased scale as clever Fit c...

Hyloris HY-094 license and distribution agreement in China

Hyloris announced that an exclusive license and distribution agreement has been signed with Grand Life Sciences Group for HY-094 in iron deficiency in China. While specific financial numbers were not disclosed, Hyloris and partner AFT will share the eligible upfront, milestones, and royalties. We view this China deal as a good start, but note that the country represents a small fraction (approx. $ 150m by 2033) of the global iron IV market, expected to reach $ 7.4b by 2033, and look forward to additional agreements in larger markets e.g. US/EU, which could emerge as the product is progressing ...

Merus Petosemtamab phase 2 mCRC results show high response rates

Merus announced interim clinical data (29 July 2025 cutoff) from the ongoing phase 2 trial of petosemtamab (EGFR x LGR5 bispecific antibody) + standard of care FOLFOX/FOLFIRI (chemo) in 1L, 2L metastatic CRC (mCRC) and petosemtamab monotherapy in 3L+ mCRC. The results were presented at the AACR-NCI-EORTC, and confirm and build upon the responses reported from an initial dataset with a previous cut-off date (28 April 2025). We view the numbers as competitive vs. cetuximab (EGFR antibody) + FOLFOX, which has shown a 65% ORR in the 1L setting, and a 30% ORR in the 2L setting, and point to the can...