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>Biogen has recently taken a notable step in reshaping its immunology and nephrology profile by entering into a definitive agreement with TJ Biopharma to acquire the latter’s exclusive rights to felzartamab in the Greater China region, thereby consolidating worldwide development and commercialization rights to the asset under one owner.</li><li>The transaction follows Biogen’s earlier acquisition of HI-Bio in 2024, which gave it rights to felzartamab outside Greater China, and it comes at a time when management is increasingly emphasizing late-stage pipeline execution as a bridge to offset erosion in the legacy multiple sclerosis franchise.</li><li>Under the agreement, TJ Biopharma is set to receive a $100 million upfront payment and could receive up to $750 million in commercial and sales milestones, alongside royalties on future net sales in Greater China.</li></ul>

Biogen has recently taken a notable step in reshaping its immunology and nephrology profile by entering into a definitive agreement with TJ Biopharma to acquire the latter’s exclusive rights to felzartamab in the Greater China region, thereby consolidating worldwide development and commercialization rights to the asset under one owner.The transaction follows Biogen’s earlier acquisition of HI-Bio in 2024, which gave it rights to felzartamab outside Greater China, and it comes at a time when management is increasingly emphasizing late-stage pipeline execution as a bridge to offset erosion in the legacy multiple sclerosis franchise.Under the agreement, TJ Biopharma is set to receive a $100 million upfront payment and could receive up to $750 million in commercial and sales milestones, alongside royalties on future net sales in Greater China.

Biogen Buyout Bet On Felzartamab: A Hidden Blockbuster In The Making?

<ul><li>Biogen entered 2026 with a stronger operating backdrop than it had a year earlier, reporting fourth-quarter and full-year 2025 results slightly above guidance, $3.3 billion in growth-product revenue, and a late-stage pipeline that management increasingly frames as the bridge to its next phase of expansion.</li><li>Against that backdrop, Biogen’s March 31, 2026 agreement to acquire Apellis adds a new layer to that strategy.</li><li>The proposed deal would bring in two commercialized complement medicines, EMPAVELI and SYFOVRE, for an upfront equity value of about $5.6 billion, plus contingent value rights tied to SYFOVRE sales milestones.</li></ul>

Biogen entered 2026 with a stronger operating backdrop than it had a year earlier, reporting fourth-quarter and full-year 2025 results slightly above guidance, $3.3 billion in growth-product revenue, and a late-stage pipeline that management increasingly frames as the bridge to its next phase of expansion.Against that backdrop, Biogen’s March 31, 2026 agreement to acquire Apellis adds a new layer to that strategy.The proposed deal would bring in two commercialized complement medicines, EMPAVELI and SYFOVRE, for an upfront equity value of about $5.6 billion, plus contingent value rights tied to SYFOVRE sales milestones.

Biogen Acquisition Shock: Why The $5.6B Apellis Deal Could Be A Game-Changer!

<ul><li>Biogen Inc. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator specializing in macrocyclic peptides.</li><li>This move signals Biogen's intensified push into the immunology space, a significant pivot from its traditional focus on neuroscience.</li><li>The deal gives Biogen early access to a platform designed to develop oral treatments for autoimmune and inflammatory conditions—categories currently dominated by injectable therapies.</li></ul>

Biogen Inc. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator specializing in macrocyclic peptides.This move signals Biogen's intensified push into the immunology space, a significant pivot from its traditional focus on neuroscience.The deal gives Biogen early access to a platform designed to develop oral treatments for autoimmune and inflammatory conditions—categories currently dominated by injectable therapies.

Biogen's $50 Million Immunology Power Move: Are Oral Peptides The Future?

<ul><li>Biogen's third-quarter 2025 earnings call reflected a blend of strategic advancements and ongoing challenges as the company navigates its growth trajectory.</li><li>The results presented a landscape where Biogen continues to grapple with its legacy multiple sclerosis (MS) portfolio's pressures while harnessing new growth avenues primarily through its launch products.</li><li>The company exhibited a substantial 67% year-over-year growth in revenues from its launch products, including LEQEMBI, SKYCLARYS, and ZURZUVAE.</li></ul>

Biogen's third-quarter 2025 earnings call reflected a blend of strategic advancements and ongoing challenges as the company navigates its growth trajectory.The results presented a landscape where Biogen continues to grapple with its legacy multiple sclerosis (MS) portfolio's pressures while harnessing new growth avenues primarily through its launch products.The company exhibited a substantial 67% year-over-year growth in revenues from its launch products, including LEQEMBI, SKYCLARYS, and ZURZUVAE.

Biogen’s Alzheimer’s Bet: Can the EVOKE Trial Redefine the Future of Neurology?

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Shanghai Henlius Biotech announced that PMDA of Japan approved phase 2/3 clinical trial of HLX43 for injection (an anti-PD-L1 antibody-drug conjugate) for advanced squamous non-small cell lung cancer (NSCLC).</li>
<li>Simcere Pharmaceutical announced that, SIM0613 for Injection, an antibody-drug conjugate, received the clinical trial approval in China, and is intended for commencing the clinical trial for advanced solid tumors.</li>
<li>Olympus has signed an exclusive global distribution agreement with EndoRobotics. Under this agreement, robot-assisted technologies manufactured by EndoRobotics will be distributed globally by Olympus exclusively.</li>
</ul>


Shanghai Henlius Biotech announced that PMDA of Japan approved phase 2/3 clinical trial of HLX43 for injection (an anti-PD-L1 antibody-drug conjugate) for advanced squamous non-small cell lung cancer (NSCLC).
Simcere Pharmaceutical announced that, SIM0613 for Injection, an antibody-drug conjugate, received the clinical trial approval in China, and is intended for commencing the clinical trial for advanced solid tumors.
Olympus has signed an exclusive global distribution agreement with EndoRobotics. Under this agreement, robot-assisted technologies manufactured by EndoRobotics will be distributed globally by Olympus exclusively.


APAC Healthcare Weekly (May 10) – Henlius Bio, Simcere, Olympus, Daewoong Pharma

United States

Biogen Inc. develops, manufactures, and commercializes therapies, focusing on neurology, oncology, and immunology. The Company's products address diseases such as multiple sclerosis, non-Hodgkin's lymphoma, rheumatoid arthritis, Crohn's disease, and psoriasis.

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Biogen Inc (BIIB US)

Biogen Buyout Bet On Felzartamab: A Hidden Blockbuster In The Making?

Biogen has recently taken a notable step in reshaping its immunology and nephrology profile by entering into a definitive agreement with TJ...

Baptista Research

Biogen Acquisition Shock: Why The $5.6B Apellis Deal Could Be A Game-Changer!

Biogen entered 2026 with a stronger operating backdrop than it had a year earlier, reporting fourth-quarter and full-year 2025 results slightly...

Baptista Research

Biogen's $50 Million Immunology Power Move: Are Oral Peptides The Future?

Biogen Inc. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator...

Baptista Research

Biogen’s Alzheimer’s Bet: Can the EVOKE Trial Redefine the Future of Neurology?

Biogen's third-quarter 2025 earnings call reflected a blend of strategic advancements and ongoing challenges as the company navigates its growth...

Baptista Research

APAC Healthcare Weekly (May 10) – Henlius Bio, Simcere, Olympus, Daewoong Pharma

Henlius Bio and Simcere got trial approval for their respective ADC candidates in Japan and China, respectively. Olympus forges exclusive global...

Tina Banerjee

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