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>AstraZeneca’s first half and second quarter 2026 results demonstrated continued top-line momentum, with total revenue growing by 6% and core earnings per share (EPS) increasing by 11%, both underpinned by solid demand for innovative medicines and steady execution across diverse geographies.</li>
<li>Excluding products facing generic competition such as Farxiga and Brilinta, revenue growth reached 11%, highlighting the underlying strength of the company’s portfolio.</li>
<li>The company reported robust growth in its oncology and rare disease units, with oncology revenues expanding 15% driven by strong market uptake of key medicines including Tagrisso, Calquence, Imfinzi/Imjudo, and Enhertu, which posted a 31% increase.</li>
</ul>


AstraZeneca’s first half and second quarter 2026 results demonstrated continued top-line momentum, with total revenue growing by 6% and core earnings per share (EPS) increasing by 11%, both underpinned by solid demand for innovative medicines and steady execution across diverse geographies.
Excluding products facing generic competition such as Farxiga and Brilinta, revenue growth reached 11%, highlighting the underlying strength of the company’s portfolio.
The company reported robust growth in its oncology and rare disease units, with oncology revenues expanding 15% driven by strong market uptake of key medicines including Tagrisso, Calquence, Imfinzi/Imjudo, and Enhertu, which posted a 31% increase.


AstraZeneca’s Oncology Powerhouse Delivers 15% Growth As Enhertu Surges!

United Kingdom

AstraZeneca is a Swedish-British multinational pharmaceutical and biotechnology company focused on the discovery, development, and commercialization of prescription medicines. Its portfolio spans oncology, rare diseases, and biopharmaceuticals, including cardiovascular, renal & metabolism, and respiratory & immunology. The company was formed in 1999 through the merger of Astra AB and Zeneca Group PLC and is headquartered in Cambridge, UK.

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AstraZeneca (AZN LN)

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

AstraZeneca’s Oncology Powerhouse Delivers 15% Growth As Enhertu Surges!

AstraZeneca’s first half and second quarter 2026 results demonstrated continued top-line momentum, with total revenue growing by 6% and core...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

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

AstraZeneca’s Oncology Powerhouse Delivers 15% Growth As Enhertu Surges!

AstraZeneca’s first half and second quarter 2026 results demonstrated continued top-line momentum, with total revenue growing by 6% and core...

Baptista Research

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