Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> entered into a strategic collaboration and license agreement with AstraZeneca for the development of innovative long-acting peptide medicines.</li>
<li>CSPC will receive upfront payment of US$1.2B and will be eligible for US$3.5B in R&amp;D milestone payments, US$13.8B in sales milestone payments, plus up to double-digit royalties.</li>
<li>CSPC’s play in the weight management drug scene will surely help boost revenues, but intense competition is likely to make the party short lived.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) entered into a strategic collaboration and license agreement with AstraZeneca for the development of innovative long-acting peptide medicines.
CSPC will receive upfront payment of US$1.2B and will be eligible for US$3.5B in R&amp;D milestone payments, US$13.8B in sales milestone payments, plus up to double-digit royalties.
CSPC’s play in the weight management drug scene will surely help boost revenues, but intense competition is likely to make the party short lived.


CSPC Pharma (1093 HK): AstraZeneca Collaboration Good, Impact Might Be Short Lived Given Competition

Equity Capital Markets

Genfleet Therapeutics / Equity Capital Markets

<ul>
<li>Genfleet Therapeutics has filed for IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share.</li>
<li>Genfleet Therapeutics is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology with its core products focused on niche RAS inhibitor segment.</li>
<li>Genfleet is rightly placed to rapidly advance their innovative product pipeline to later stages of development and commercialize. Pipeline envisages sustainable long term growth prospect.</li>
</ul>


Genfleet Therapeutics has filed for IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share.
Genfleet Therapeutics is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology with its core products focused on niche RAS inhibitor segment.
Genfleet is rightly placed to rapidly advance their innovative product pipeline to later stages of development and commercialize. Pipeline envisages sustainable long term growth prospect.


Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth

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.

<ul><li>The latest earnings call for Amgen Incorporated presented a mixed bag of outcomes and strategic updates, reflecting on both the company's strengths and challenges.</li><li>On the positive side, Amgen reported a notable 9% increase in quarterly revenues, driven primarily by a robust 13% rise in product volumes.</li><li>This volume growth appeared broad-based, with 15 different products recording double-digit sales growth, suggesting a welldiversified product portfolio and effective market penetration, particularly in cardiovascular and rare diseases, inflammation, and oncology.</li></ul>

The latest earnings call for Amgen Incorporated presented a mixed bag of outcomes and strategic updates, reflecting on both the company's strengths and challenges.On the positive side, Amgen reported a notable 9% increase in quarterly revenues, driven primarily by a robust 13% rise in product volumes.This volume growth appeared broad-based, with 15 different products recording double-digit sales growth, suggesting a welldiversified product portfolio and effective market penetration, particularly in cardiovascular and rare diseases, inflammation, and oncology.

Amgen: New Breakthroughs in Obesity, Rare Diseases, & High-Impact Therapies; But Is It Enough?

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.

Immvira Bioscience / Equity Capital Markets

<ul>
<li>ImmVira, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are CITI and CICC.</li>
<li>In this insight, we look at the company’s core product, MVR-T3011, including its mechanism and clinical data.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


ImmVira, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are CITI and CICC.
In this insight, we look at the company’s core product, MVR-T3011, including its mechanism and clinical data.
We also look at the company’s pre-IPO investors and management team.


ImmVira (亦诺微) Pre-IPO: Niche Product, but the Indication Is Limited

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sandoz-group-ag" target="_blank" data-smartkarma-citation="entities:40453:1" rel="noopener">Sandoz Group (SDZNY US)</a> shares rallied more than 40% from lows in early April, backed by strong topline performance in 1Q25 and 2025 guidance confirmation.</li>
<li>Anticipated biosimilar launches primarily weighted to second half of year. Upcoming launches include Wyost/Jubbonti (denosumab) in Europe, Afqlir (aflibercept) in Europe, and Tyruko (natalizumab) in the U.S.</li>
<li>Sandoz is poised for accelerated growth in the later half of the year and in medium-term as more biosimilars are launched. The company will announce 1H25 result on August 7.</li>
</ul>



Sandoz Group (SDZNY US) shares rallied more than 40% from lows in early April, backed by strong topline performance in 1Q25 and 2025 guidance confirmation.
Anticipated biosimilar launches primarily weighted to second half of year. Upcoming launches include Wyost/Jubbonti (denosumab) in Europe, Afqlir (aflibercept) in Europe, and Tyruko (natalizumab) in the U.S.
Sandoz is poised for accelerated growth in the later half of the year and in medium-term as more biosimilars are launched. The company will announce 1H25 result on August 7.


Sandoz Group (SDZNY US): On a High Momentum; Here’s What Lies Ahead

United States

Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures and markets medicines for grievous illnesses. The Company focuses solely on human therapeutics and concentrates on innovating novel medicines based on advances in cellular and molecular biology.

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Amgen Inc (AMGN US)

CSPC Pharma (1093 HK): AstraZeneca Collaboration Good, Impact Might Be Short Lived Given Competition

CSPC Pharma partnered with AstraZeneca for long-acting peptide medicines, receiving substantial upfront and milestone payments. Weight loss drug...

Tina Banerjee

Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth

Genfleet Therapeutics has filed for HK IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share. The IPO will close...

Tina Banerjee

Amgen: New Breakthroughs in Obesity, Rare Diseases, & High-Impact Therapies; But Is It Enough?

The latest earnings call for Amgen Incorporated presented a mixed bag of outcomes and strategic updates, reflecting on both the company's...

Baptista Research

ImmVira (亦诺微) Pre-IPO: Niche Product, but the Indication Is Limited

China-based biotech ImmVira seeks to raise $100 million through a Hong Kong listing with CITI and CICC as joint book runners. We look at its core...

Ke Yan, CFA, FRM

Sandoz Group (SDZNY US): On a High Momentum; Here’s What Lies Ahead

Sandoz is poised for accelerated growth in 2H25 with more biosimilars are launched. The company will announce 1H25 result on August 7. Rich...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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CSPC Pharma (1093 HK): AstraZeneca Collaboration Good, Impact Might Be Short Lived Given Competition

​CSPC Pharma partnered with AstraZeneca for long-acting peptide medicines, receiving substantial upfront and milestone payments. Weight loss drug...

Tina Banerjee

Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth

Genfleet Therapeutics has filed for HK IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share. The IPO will close...

Tina Banerjee

Amgen: New Breakthroughs in Obesity, Rare Diseases, & High-Impact Therapies; But Is It Enough?

The latest earnings call for Amgen Incorporated presented a mixed bag of outcomes and strategic updates, reflecting on both the company's...

Baptista Research

ImmVira (亦诺微) Pre-IPO: Niche Product, but the Indication Is Limited

​China-based biotech ImmVira seeks to raise $100 million through a Hong Kong listing with CITI and CICC as joint book runners. We look at its core...

Ke Yan, CFA, FRM

Sandoz Group (SDZNY US): On a High Momentum; Here’s What Lies Ahead

Sandoz is poised for accelerated growth in 2H25 with more biosimilars are launched. The company will announce 1H25 result on August 7. Rich...

Tina Banerjee

CSPC Pharma partnered with AstraZeneca for long-acting peptide medicines, receiving substantial upfront and milestone payments. Weight loss drug...

China-based biotech ImmVira seeks to raise $100 million through a Hong Kong listing with CITI and CICC as joint book runners. We look at its core...