Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA 2025).</li><li>Vaccine concerns reached new heights as RFK Jr. suddenly (but not surprising) dismantled the CDC’s ACIP (vaccine expert panel) and replaced it with vaccine skeptics to reshape vaccine policy and guidance.</li><li>Most- Favored-Nation (MFN) appeared to be in a stand-off as the 30- day deadline (June 11) for drug price targets passed without any action. </li></ul>

Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA 2025).Vaccine concerns reached new heights as RFK Jr. suddenly (but not surprising) dismantled the CDC’s ACIP (vaccine expert panel) and replaced it with vaccine skeptics to reshape vaccine policy and guidance.Most- Favored-Nation (MFN) appeared to be in a stand-off as the 30- day deadline (June 11) for drug price targets passed without any action. 

Biopharma Week in Review - Vaccine Advisory Board Overhaul Sudden but Not Surprising

<ul><li>M&amp;A and deal activity provided a much-needed tailwind for biotech last week.</li><li>Exiting a positive, but mostly expected, ASCO weekend, we witnessed the second-largest biotech acquisition in 2025, with SNY buying BPMC for $9.1 billion, and a mega-licensing deal, as BMY will pay up to $11.1 billion for co- rights to BNTX’s PD-1/VEGF (read-across to TIL, SMMT, PFE, MRK).</li><li>Gene and cell therapy (NTLA, BEAM, CRSP) got a boost, as the heads of the HHS, FDA, CBER, NIH, and CDC expressed support for faster rare disease approvals at an FDA roundtable. </li></ul>

M&amp;A and deal activity provided a much-needed tailwind for biotech last week.Exiting a positive, but mostly expected, ASCO weekend, we witnessed the second-largest biotech acquisition in 2025, with SNY buying BPMC for $9.1 billion, and a mega-licensing deal, as BMY will pay up to $11.1 billion for co- rights to BNTX’s PD-1/VEGF (read-across to TIL, SMMT, PFE, MRK).Gene and cell therapy (NTLA, BEAM, CRSP) got a boost, as the heads of the HHS, FDA, CBER, NIH, and CDC expressed support for faster rare disease approvals at an FDA roundtable. 

Biopharma Week in Review Large M&A and Licensing Deals Provide a Boost

<ul><li>The holiday-shortened week was fairly quiet on the macro front, as certain vaccine-related actions by health agencies were largely expected.</li><li>Mainly affected was MRNA, which had a new COVID-19 vaccine approved with a restrictive label and HHS funding canceled for pre-pandemic bird flu vaccines.</li><li>Public comments for the Section 232 investigation are rolling out, signaling pharma tariffs could be imminent, with expectations of ~25%.</li></ul>

The holiday-shortened week was fairly quiet on the macro front, as certain vaccine-related actions by health agencies were largely expected.Mainly affected was MRNA, which had a new COVID-19 vaccine approved with a restrictive label and HHS funding canceled for pre-pandemic bird flu vaccines.Public comments for the Section 232 investigation are rolling out, signaling pharma tariffs could be imminent, with expectations of ~25%.

Biopharma Week in Review - Possible Calm Before the Storm; Pharma Tariffs Looming

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.</li><li>While more restrictive and unconventionally delivered in a NEJM op-ed, the publication reduced uncertainty for vaccine makers and gave full support for the measles vaccine by FDA heads.</li><li>Biopharma shrugged off MFN pricing targets, as implementation remained unclear. </li></ul>

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.While more restrictive and unconventionally delivered in a NEJM op-ed, the publication reduced uncertainty for vaccine makers and gave full support for the measles vaccine by FDA heads.Biopharma shrugged off MFN pricing targets, as implementation remained unclear. 

Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

<ul><li>FDA Commissioner Martin Makary injected some regulatory optimism with his first public comments, advocating for accelerated drug approval pathways.</li><li>While biopharma headlines were a roller coaster, investors appeared ready to grasp any positive news, despite more signs of FDA dysfunction.</li><li>In an E&amp;Y report reviewed by Reuters, 25% pharma tariffs would increase drug costs by $51 billion, leading to either 12.9% higher prices or reductions in R&amp;D efforts and workforce. </li></ul>

FDA Commissioner Martin Makary injected some regulatory optimism with his first public comments, advocating for accelerated drug approval pathways.While biopharma headlines were a roller coaster, investors appeared ready to grasp any positive news, despite more signs of FDA dysfunction.In an E&amp;Y report reviewed by Reuters, 25% pharma tariffs would increase drug costs by $51 billion, leading to either 12.9% higher prices or reductions in R&amp;D efforts and workforce. 

Biopharma Week in Review: Makary Sparked FDA Optimism; Growing Pushback on HHS Changes

Germany

BioNTech SE provides biotechnological solutions. The Company develops various types of treatments for cancer patients' tumors. BioNTech serves customers worldwide.

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BioNTech (BNTX US)

Biopharma Week in Review - Vaccine Advisory Board Overhaul Sudden but Not Surprising

Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA...

Water Tower Research

Biopharma Week in Review Large M&A and Licensing Deals Provide a Boost

Gene and cell therapy (NTLA, BEAM, CRSP) got a boost, as the heads of the HHS, FDA, CBER, NIH, and CDC expressed support for faster rare disease...

Water Tower Research

Biopharma Week in Review - Possible Calm Before the Storm; Pharma Tariffs Looming

The holiday-shortened week was fairly quiet on the macro front, as certain vaccine-related actions by health agencies were largely expected.

Water Tower Research

Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.

Krungthai XSpring

Biopharma Week in Review: Makary Sparked FDA Optimism; Growing Pushback on HHS Changes

FDA Commissioner Martin Makary injected some regulatory optimism with his first public comments, advocating for accelerated drug approval pathways.

Water Tower Research

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