Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Upstream Bio, a clinical-stage biotech company developing novel therapies for inflammatory and allergic diseases, filed for an IPO in the United States.</li>
<li>The biotech firm was backed by premier investors, including OrbiMed, Access Industries, Maruho Co., Samsara BioCapital, Omega Funds, and Enavate Sciences, among others.</li>
<li>I believe that company’s lead compound, verekitug (UPB-101), has a broader commercial opportunity than many investors appreciate.</li>
</ul>


Upstream Bio, a clinical-stage biotech company developing novel therapies for inflammatory and allergic diseases, filed for an IPO in the United States.
The biotech firm was backed by premier investors, including OrbiMed, Access Industries, Maruho Co., Samsara BioCapital, Omega Funds, and Enavate Sciences, among others.
I believe that company’s lead compound, verekitug (UPB-101), has a broader commercial opportunity than many investors appreciate.


Upstream Bio IPO Preview: Severe Asthma/CRSwNP Program Advancing

<ul>
<li>BioAge Labs launches roadshow and sets terms for an IPO: a company offers 7.5M shares at the price range of $17.00-$19.00, implying a market cap of ~$580M at the midpoint.</li>
<li>Sofinnova Venture Partners plans to purchase ~$15M worth of BioAge Labs shares in this offering. The shares are expected to begin trading on Nasdaq on September 26, 2024.</li>
<li>I view IPO valuation (post-offering EV ~$280M and runway into 2028) as attractive and expect BioAge Labs shares will outperform during first trading day next week.</li>
</ul>


BioAge Labs launches roadshow and sets terms for an IPO: a company offers 7.5M shares at the price range of $17.00-$19.00, implying a market cap of ~$580M at the midpoint.
Sofinnova Venture Partners plans to purchase ~$15M worth of BioAge Labs shares in this offering. The shares are expected to begin trading on Nasdaq on September 26, 2024.
I view IPO valuation (post-offering EV ~$280M and runway into 2028) as attractive and expect BioAge Labs shares will outperform during first trading day next week.


BioAge Labs Launches IPO Roadshow, Seeks To Raise Up To $150M on the Nasdaq Exchange

<ul>
<li>BioAge Labs, a clinical-stage biopharma company backed by a leading syndicate of biotech investors, filed to go public in the United States.</li>
<li>Anti aging and obesity biopharma startup is purely focused on chronic metabolic diseases and established partner agreements with Amgen and Eli Lilly.</li>
<li>I have a positive view of upcoming BioAge Labs IPO and expect a strong first-day return above the IPO offer price.</li>
</ul>


BioAge Labs, a clinical-stage biopharma company backed by a leading syndicate of biotech investors, filed to go public in the United States.
Anti aging and obesity biopharma startup is purely focused on chronic metabolic diseases and established partner agreements with Amgen and Eli Lilly.
I have a positive view of upcoming BioAge Labs IPO and expect a strong first-day return above the IPO offer price.


BioAge Labs IPO Preview: Investor Focus Has Turned To Azelaprag, A Huge Market Potential

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> has signed the largest ever single CMO contract worth KRW1.46T ($1.1B) with an undisclosed U.S.-based pharmaceutical company. The contract value represents ~40% of 2023 standalone revenue.</li>
<li>Within the first half of the year, Samsung Biologics has secured order worth of KRW2.6T, compared with order win of KRW3.5T in full-year 2023.</li>
<li>Samsung Bioepis has received FDA approval for Stelara biosimilar Pyzchiva, which is expected to marketed in early 2025. So far, the FDA has approved two other biosimilars of Stelara.  </li>
</ul>



Samsung Biologics (207940 KS) has signed the largest ever single CMO contract worth KRW1.46T ($1.1B) with an undisclosed U.S.-based pharmaceutical company. The contract value represents ~40% of 2023 standalone revenue.
Within the first half of the year, Samsung Biologics has secured order worth of KRW2.6T, compared with order win of KRW3.5T in full-year 2023.
Samsung Bioepis has received FDA approval for Stelara biosimilar Pyzchiva, which is expected to marketed in early 2025. So far, the FDA has approved two other biosimilars of Stelara.  


Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares

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>Amgen Inc. witnessed strong growth in the Q1 of 2024 with total revenue increasing by 22% YoY. This was largely driven by strong volume growth, including over $900 million from the integration of Horizon Pharmaceuticals' legacy portfolio.</li><li>The growth was also supported by robust product sales from brands like Repatha, TEZSPIRE, EVENITY, Prolia, and BLINCYTO. Amgen projects full-year sales of approximately $500 million for Neulasta.</li><li>The company has advanced many of its pipeline products; it awaits approval for tarlatamab, hopes to bring this innovative cancer solution to patients with small-cell lung cancer.</li></ul>

Amgen Inc. witnessed strong growth in the Q1 of 2024 with total revenue increasing by 22% YoY. This was largely driven by strong volume growth, including over $900 million from the integration of Horizon Pharmaceuticals' legacy portfolio.The growth was also supported by robust product sales from brands like Repatha, TEZSPIRE, EVENITY, Prolia, and BLINCYTO. Amgen projects full-year sales of approximately $500 million for Neulasta.The company has advanced many of its pipeline products; it awaits approval for tarlatamab, hopes to bring this innovative cancer solution to patients with small-cell lung cancer.

Amgen Inc.: Will The Increased Spending on Research and Development (R&D) Pay Off? - Major Drivers

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)

Upstream Bio IPO Preview: Severe Asthma/CRSwNP Program Advancing

Upstream Bio, a clinical-stage biotech company focused on severe asthma, CRSwNP, COPD, filed for US IPO. Their ex-Astellas monoclonal antibody,...

Andrei Zakharov

BioAge Labs Launches IPO Roadshow, Seeks To Raise Up To $150M on the Nasdaq Exchange

GLP-1 biopharma company BioAge Labs will price its IPO in September. I have a positive view of initial public offering and expect a strong first...

Andrei Zakharov

BioAge Labs IPO Preview: Investor Focus Has Turned To Azelaprag, A Huge Market Potential

California-based BioAge Labs files for an IPO and plans to raise capital for clinical trials of their lead compound, Azelaprag, in combination with...

Andrei Zakharov

Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares

Samsung Biologics signs $1.1B CMO contract, representing 40% of 2023 revenue. Samsung Bioepis receives FDA approval for Stelara biosimilar...

Tina Banerjee

Amgen Inc.: Will The Increased Spending on Research and Development (R&D) Pay Off? - Major Drivers

Amgen Inc. witnessed strong growth in the Q1 of 2024 with total revenue increasing by 22% YoY. This was largely driven by strong volume growth,...

Baptista Research

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Upstream Bio IPO Preview: Severe Asthma/CRSwNP Program Advancing

Upstream Bio, a clinical-stage biotech company focused on severe asthma, CRSwNP, COPD, filed for US IPO. Their ex-Astellas monoclonal antibody,...

Andrei Zakharov

BioAge Labs Launches IPO Roadshow, Seeks To Raise Up To $150M on the Nasdaq Exchange

GLP-1 biopharma company BioAge Labs will price its IPO in September. I have a positive view of initial public offering and expect a strong first...

Andrei Zakharov

BioAge Labs IPO Preview: Investor Focus Has Turned To Azelaprag, A Huge Market Potential

California-based BioAge Labs files for an IPO and plans to raise capital for clinical trials of their lead compound, Azelaprag, in combination with...

Andrei Zakharov

Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares

​Samsung Biologics signs $1.1B CMO contract, representing 40% of 2023 revenue. Samsung Bioepis receives FDA approval for Stelara biosimilar...

Tina Banerjee

Amgen Inc.: Will The Increased Spending on Research and Development (R&D) Pay Off? - Major Drivers

Amgen Inc. witnessed strong growth in the Q1 of 2024 with total revenue increasing by 22% YoY. This was largely driven by strong volume growth,...

Baptista Research

Samsung Biologics signs $1.1B CMO contract, representing 40% of 2023 revenue. Samsung Bioepis receives FDA approval for Stelara biosimilar...