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

<ul>
<li>AstraZeneca is putting $2 billion behind Summit Therapeutics in a transaction that could become more important than a straightforward biotech investment.</li>
<li>AstraZeneca will purchase convertible preferred shares representing a common-stock price of $18.36 per share, a 10% premium to Summit’s five-day volume-weighted average price, while expanding the companies’ cancer-drug collaboration.</li>
<li>Summit shares jumped 18% in after-hours trading following the announcement, while AstraZeneca shares were little changed.</li>
</ul>


AstraZeneca is putting $2 billion behind Summit Therapeutics in a transaction that could become more important than a straightforward biotech investment.
AstraZeneca will purchase convertible preferred shares representing a common-stock price of $18.36 per share, a 10% premium to Summit’s five-day volume-weighted average price, while expanding the companies’ cancer-drug collaboration.
Summit shares jumped 18% in after-hours trading following the announcement, while AstraZeneca shares were little changed.


AstraZeneca’s $2 Billion Cancer Bet: Why Summit Therapeutics Suddenly Matters!

Healthcare Analyst

Wilfred Yuen

Jacobio Pharmaceuticals / Equity Bottom-Up

<ul>
<li>Jacobio's pan-KRAS JAB-23E73 has shown comparable efficacy (38.5% ORR) and a differentiated safety profile in 2L PDAC from China phase 1 vs. daraxonrasib. Anticipate  AstraZeneca to update its global study</li>
<li>Glecirasib (KRAS G12C) is expected to generate c.RMB300m sales in 2026. A phase 3 study in combination with SHP2 is ongoing. Management is excited about its STING ADC</li>
<li>Sporting at a market cap of c.US$430m, Jacobio is at a net cash position (c.RMB1bn as of end-2025). Moreover, Jacobio has received the upfront payment US$100m from AstraZeneca in March</li>
</ul>


Jacobio's pan-KRAS JAB-23E73 has shown comparable efficacy (38.5% ORR) and a differentiated safety profile in 2L PDAC from China phase 1 vs. daraxonrasib. Anticipate  AstraZeneca to update its global study
Glecirasib (KRAS G12C) is expected to generate c.RMB300m sales in 2026. A phase 3 study in combination with SHP2 is ongoing. Management is excited about its STING ADC
Sporting at a market cap of c.US$430m, Jacobio is at a net cash position (c.RMB1bn as of end-2025). Moreover, Jacobio has received the upfront payment US$100m from AstraZeneca in March


Jacobio (1167.HK): CEO Meeting Takeaways and Pipeline Updates/Analysis

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hengrui outlicenses once-weekly oral obesity drug candidate HRS-1596, to Novo for total deal value of $2.6B. EC revoked the EU marketing authorization for Hansoh’s lung cancer drug aumolertinib.</li>
<li>Roche halts development of obesity drug candidate emugrobart and returns all rights to Chugai. Daiichi Sankyo has withdrawn the BLA seeking accelerated approval in the U.S. for I-DXd for ES-SCLC.</li>
<li>Otsuka initiates NDA submission to the FDA for zipalertinib for the treatment of NSCLC. Sun Pharma inlicenses hypercholesterolaemia and dyslipidaemia drug lerodalcibep from LIB Therapeutics.</li>
</ul>


Hengrui outlicenses once-weekly oral obesity drug candidate HRS-1596, to Novo for total deal value of $2.6B. EC revoked the EU marketing authorization for Hansoh’s lung cancer drug aumolertinib.
Roche halts development of obesity drug candidate emugrobart and returns all rights to Chugai. Daiichi Sankyo has withdrawn the BLA seeking accelerated approval in the U.S. for I-DXd for ES-SCLC.
Otsuka initiates NDA submission to the FDA for zipalertinib for the treatment of NSCLC. Sun Pharma inlicenses hypercholesterolaemia and dyslipidaemia drug lerodalcibep from LIB Therapeutics.


APAC Healthcare Weekly (Oct 4) – Hengrui, Hansoh, Chugai Pharma, Daiichi Sankyo, Otsuka, Sun Pharma

<ul>
<li>Strong deal flows this week: 1) Abogen/Novartis on autoimmune TCE and RNA platform; 2) Scibrunch/Merck on preclinical Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP, 4) Nhwa/Newco on sleep disorder</li>
<li>
Akeso's partner Summit announced US$2bn investment from AstraZeneca and clinical collaborations for ivonescimab with CLDN18.2 ADC sone-ve and TROP-2 ADC Datroway</li>
<li>Other updates from Hansoh's EU setback, Hutchmed's US NDA filing, Frontier Biotech's dual-targeting siRNA, Mindrank/3SBio deal, Beam vs. YolTech/Serapha...</li>
</ul>


Strong deal flows this week: 1) Abogen/Novartis on autoimmune TCE and RNA platform; 2) Scibrunch/Merck on preclinical Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP, 4) Nhwa/Newco on sleep disorder

Akeso's partner Summit announced US$2bn investment from AstraZeneca and clinical collaborations for ivonescimab with CLDN18.2 ADC sone-ve and TROP-2 ADC Datroway
Other updates from Hansoh's EU setback, Hutchmed's US NDA filing, Frontier Biotech's dual-targeting siRNA, Mindrank/3SBio deal, Beam vs. YolTech/Serapha...


China Healthcare Weekly Wrap (28 Sep - 2 Oct)

<ul>
<li>We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...</li>
<li>BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE</li>
<li>Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...</li>
</ul>


We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...
BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE
Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...


United Kingdom

AstraZeneca PLC is a Swedish-British multinational pharmaceutical and biotechnology company focused on the discovery, development, manufacture, and commercialization of prescription medicines. The company specializes in therapeutic areas including oncology, cardiovascular, renal and metabolism, respiratory and immunology, rare diseases, and vaccines. AstraZeneca was founded in 1999 through the merger of Sweden's Astra AB and the UK's Zeneca Group PLC, and its headquarters are located in Cambridge, UK.

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AstraZeneca (AZN SS)

AstraZeneca’s $2 Billion Cancer Bet: Why Summit Therapeutics Suddenly Matters!

AstraZeneca is putting $2 billion behind Summit Therapeutics in a transaction that could become more important than a straightforward biotech...

Baptista Research

Jacobio (1167.HK): CEO Meeting Takeaways and Pipeline Updates/Analysis

Jacobio's pan-KRAS shows a differentiated safety profile, with global study update anticipated from partner AstraZeneca. Glecirasib is expected to...

Wilfred Yuen

APAC Healthcare Weekly (Oct 4) – Hengrui, Hansoh, Chugai Pharma, Daiichi Sankyo, Otsuka, Sun Pharma

Hengrui stuck $2.6B outlicensing deal with Novo. EC revoked EU marketing authorization of Hansoh’s aumolertinib. Otsuka initiates NDA submission to...

Tina Banerjee

China Healthcare Weekly Wrap (28 Sep - 2 Oct)

Strong deal flows this week: 1) Abogen/Novartis on in vivo mRNA TCE; 2) Scibrunch/Merck on Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP;...

Wilfred Yuen

China Healthcare Weekly Wrap (21-25 Sep)

We highlight 1) key studies to watch for upcoming October's ESMO updates, 2) deal flows Innocare/Lilly, BoomRay/Novartis, Earendil Labs...

Wilfred Yuen

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52-week Range

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P/E

Dividend (Yield)

AstraZeneca’s $2 Billion Cancer Bet: Why Summit Therapeutics Suddenly Matters!

AstraZeneca is putting $2 billion behind Summit Therapeutics in a transaction that could become more important than a straightforward biotech...

Baptista Research

Jacobio (1167.HK): CEO Meeting Takeaways and Pipeline Updates/Analysis

​Jacobio's pan-KRAS shows a differentiated safety profile, with global study update anticipated from partner AstraZeneca. Glecirasib is expected to...

Wilfred Yuen

APAC Healthcare Weekly (Oct 4) – Hengrui, Hansoh, Chugai Pharma, Daiichi Sankyo, Otsuka, Sun Pharma

Hengrui stuck $2.6B outlicensing deal with Novo. EC revoked EU marketing authorization of Hansoh’s aumolertinib. Otsuka initiates NDA submission to...

Tina Banerjee

China Healthcare Weekly Wrap (28 Sep - 2 Oct)

Strong deal flows this week: 1) Abogen/Novartis on in vivo mRNA TCE; 2) Scibrunch/Merck on Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP;...

Wilfred Yuen

China Healthcare Weekly Wrap (21-25 Sep)

We highlight 1) key studies to watch for upcoming October's ESMO updates, 2) deal flows Innocare/Lilly, BoomRay/Novartis, Earendil Labs...

Wilfred Yuen

Jacobio's pan-KRAS shows a differentiated safety profile, with global study update anticipated from partner AstraZeneca. Glecirasib is expected to...