Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Suzhou Ribo Life Science / Equity Capital Markets

<ul>
<li>Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.</li>
<li>While our previous note provides a brief background overview of the company, we look at the updates and competition in this note.</li>
<li>We become more conservative when looking at its competitive landscape.</li>
</ul>


Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.
While our previous note provides a brief background overview of the company, we look at the updates and competition in this note.
We become more conservative when looking at its competitive landscape.


Suzhou Ribo Life Science (瑞博生物) Pre-IPO: Competition Understated

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Alnylam Pharmaceuticals / Equity Bottom-Up

<ul><li>Alnylam Pharmaceuticals, a leading biopharmaceutical company, reported its second-quarter 2025 financial results, showcasing significant progress across its business segments.</li><li>The company's performance was driven by several factors, including the strong launch of AMVUTTRA for ATTR-cardiomyopathy (CM) in the U.S., advancements in its RNAi therapeutic pipeline, and robust financial execution.</li><li>This analysis provides an investment thesis accompanied by a summary of the results, focusing on the key outcomes and strategic direction of Alnylam.</li></ul>

Alnylam Pharmaceuticals, a leading biopharmaceutical company, reported its second-quarter 2025 financial results, showcasing significant progress across its business segments.The company's performance was driven by several factors, including the strong launch of AMVUTTRA for ATTR-cardiomyopathy (CM) in the U.S., advancements in its RNAi therapeutic pipeline, and robust financial execution.This analysis provides an investment thesis accompanied by a summary of the results, focusing on the key outcomes and strategic direction of Alnylam.

Alnylam Pharmaceuticals’ AMVUTTRA Drives $1 Billion TTR Growth – Can It Up The Game In Cardiomyopathy Treatment?

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>The acquisition of <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> by <a href="https://www.smartkarma.com/entities/synopsys-inc" target="_blank" data-smartkarma-citation="entities:3493:1" rel="noopener">Synopsys Inc (SNPS US)</a> has been completed today, 17 July and Ansys is expected to be deleted from Nasdaq100.</li>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> is forecasted to be added to Nasdaq100 as the replacement because it is the highest ranked eligible non-constituent following its recent listing on 28 March 2025.</li>
<li>Top addition candidate for the December 2025 annual review is now <a href="https://www.smartkarma.com/entities/kimberly-clark-corp" target="_blank" data-smartkarma-citation="entities:2292:1" rel="noopener">Kimberly Clark (KMB US)</a> following its listing transfer from NYSE to Nasdaq on 30 May 2025.</li>
</ul>


The acquisition of Ansys Inc (ANSS US) by Synopsys Inc (SNPS US) has been completed today, 17 July and Ansys is expected to be deleted from Nasdaq100.

CoreWeave (CRWV US) is forecasted to be added to Nasdaq100 as the replacement because it is the highest ranked eligible non-constituent following its recent listing on 28 March 2025.
Top addition candidate for the December 2025 annual review is now Kimberly Clark (KMB US) following its listing transfer from NYSE to Nasdaq on 30 May 2025.


CoreWeave (CRWV US): Forecasted Addition to Nasdaq100 Replacing Ansys Post-Acquisition

<ul><li>Alnylam Pharmaceuticals recently reported its first-quarter 2025 earnings, providing a comprehensive overview of the company's financial performance, strategic initiatives, and future outlook.</li><li>Here is a neutral analysis of the company's investment case and key results.</li><li>During the quarter, Alnylam achieved $469 million in net product revenues, a significant 28% growth year-over-year.</li></ul>

Alnylam Pharmaceuticals recently reported its first-quarter 2025 earnings, providing a comprehensive overview of the company's financial performance, strategic initiatives, and future outlook.Here is a neutral analysis of the company's investment case and key results.During the quarter, Alnylam achieved $469 million in net product revenues, a significant 28% growth year-over-year.

Alnylam Pharmaceuticals: Why Its TTR Franchise Expansion Can Be A Game Changer!

<ul>
<li>Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.</li>
<li>Ribo Life is a world leading company in the area of siRNA research.</li>
<li>The company's RBD4059 is potentially the first in class siRNA drug for thrombotic diseases.</li>
</ul>


Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.
Ribo Life is a world leading company in the area of siRNA research.
The company's RBD4059 is potentially the first in class siRNA drug for thrombotic diseases.


Suzhou Ribo Life Science (瑞博生物) Pre-IPO Quick View: Scarcity of SiRNA Player

United States

Alnylam Pharmaceuticals Inc. is an early-stage therapeutics company. The Company is developing technology that can specifically and potently silence disease-causing genes.

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Alnylam Pharmaceuticals (ALNY US)

Suzhou Ribo Life Science (瑞博生物) Pre-IPO: Competition Understated

Suzhou Ribo Life seeks to raise $100 million through Hong Kong listing with CICC and Citi as deal sponsors. We note understate of the competitive...

Ke Yan, CFA, FRM

Alnylam Pharmaceuticals’ AMVUTTRA Drives $1 Billion TTR Growth – Can It Up The Game In Cardiomyopathy Treatment?

Alnylam Pharmaceuticals, a leading biopharmaceutical company, reported its second-quarter 2025 financial results, showcasing significant progress...

Baptista Research

CoreWeave (CRWV US): Forecasted Addition to Nasdaq100 Replacing Ansys Post-Acquisition

Thomson Reuters (TRI) will replace ANSS instead. Reuters was considered to be in the category of financial data providers - alongside FactSet and...

Dimitris Ioannidis

Alnylam Pharmaceuticals: Why Its TTR Franchise Expansion Can Be A Game Changer!

Alnylam Pharmaceuticals recently reported its first-quarter 2025 earnings, providing a comprehensive overview of the company's financial...

Baptista Research

Suzhou Ribo Life Science (瑞博生物) Pre-IPO Quick View: Scarcity of SiRNA Player

Suzhou Ribo Life plans to raise $100 million through a Hong Kong listing, with CICC and Citi as deal sponsors. They are a leading company in siRNA...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Suzhou Ribo Life Science (瑞博生物) Pre-IPO: Competition Understated

​Suzhou Ribo Life seeks to raise $100 million through Hong Kong listing with CICC and Citi as deal sponsors. We note understate of the competitive...

Ke Yan, CFA, FRM

Alnylam Pharmaceuticals’ AMVUTTRA Drives $1 Billion TTR Growth – Can It Up The Game In Cardiomyopathy Treatment?

Alnylam Pharmaceuticals, a leading biopharmaceutical company, reported its second-quarter 2025 financial results, showcasing significant progress...

Baptista Research

CoreWeave (CRWV US): Forecasted Addition to Nasdaq100 Replacing Ansys Post-Acquisition

Thomson Reuters (TRI) will replace ANSS instead. Reuters was considered to be in the category of financial data providers - alongside FactSet and...

Dimitris Ioannidis

Alnylam Pharmaceuticals: Why Its TTR Franchise Expansion Can Be A Game Changer!

Alnylam Pharmaceuticals recently reported its first-quarter 2025 earnings, providing a comprehensive overview of the company's financial...

Baptista Research

Suzhou Ribo Life Science (瑞博生物) Pre-IPO Quick View: Scarcity of SiRNA Player

​Suzhou Ribo Life plans to raise $100 million through a Hong Kong listing, with CICC and Citi as deal sponsors. They are a leading company in siRNA...

Ke Yan, CFA, FRM

Suzhou Ribo Life seeks to raise $100 million through Hong Kong listing with CICC and Citi as deal sponsors. We note understate of the competitive...

Suzhou Ribo Life plans to raise $100 million through a Hong Kong listing, with CICC and Citi as deal sponsors. They are a leading company in siRNA...