DHT.UT - Solid Print Marked By Near Record Margins; Transaction Likely Incoming Late 2H26

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DHT.UT - Solid Print Marked By Near Record Margins; Transaction Likely Incoming Late 2H26

Truist Securities

Equity Research Report May 18, 2026

HEALTHCARE: Biopharmaceuticals DRI Healthcare Trust (DHT.UT-CA)

DHT.UT - Solid Print Marked By Near Record Margins; Transaction Les Sulewski

212-303-1745 Likely Incoming Late 2H26

Leszek.Sulewski@truist.com

Jeevan Larson DRI beat the Street on top/bottom line, reinforcing the durability of its portfolio and underlying

212-326-4881 royalty model. Against this backdrop, the quarter highlighted incremental upside from

Jeevan.Larson@truist.com potential Ekterly change-of-control, limited impact to expected returns on Viridian assets,

and a generally balanced portfolio performance. We think robust capital flexibility and a

Mahdi Goudarzi, Ph.D. constructive outlook for royalty deals bodes well for DRI through YE26. We reiterate BUY

212-326-6157 and raise PT to $17.

Mehdi.Goudarzi@truist.com

Ekterly Optionality

• Chiesi’s (Private) proposed acquisition of KalVista (KALV, NR) may trigger change-of-

Stock Rating BUY control provisions tied to DRI’s Ekterly royalty (our full take HERE)

Unchanged • Mgmt is evaluating options but no decision has been made

Price Target $17.00 • The deal is viewed as validation of underwriting/sourcing ability and the strategic value of Ekterly ↑

from • DRI could either monetize the royalty and redeploy capital or retain exposure to a long-

$15.00 term growth asset

• Retaining the asset could benefit from Chiesi’s global rare disease infrastructure and

commercialization scale

TR to Target 44.9%

VRDN Deal Returns Still Intact Price (May 15, 2026) $11.73 • Ph3 REVEAL-1 readout for Viridian (VRDN, Buy, Renza) elegrobart (VRDN-003) was