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>Eli Lilly has become one of the clearest symbols of the modern obesity-drug boom, but the latest debate around the company suggests that this story is entering a more mature phase.</li><li>For much of the past two years, the market treated anti-obesity medicines as a near-frictionless growth engine: demand looked endless, clinical data looked powerful, and investors increasingly valued the category as if every new product launch would automatically translate into outsized profits.</li><li>That narrative is now meeting a more complicated commercial reality.</li></ul>

Eli Lilly has become one of the clearest symbols of the modern obesity-drug boom, but the latest debate around the company suggests that this story is entering a more mature phase.For much of the past two years, the market treated anti-obesity medicines as a near-frictionless growth engine: demand looked endless, clinical data looked powerful, and investors increasingly valued the category as if every new product launch would automatically translate into outsized profits.That narrative is now meeting a more complicated commercial reality.

Eli Lilly’s Ozempic Economy Just Hit Its First Big Reality Check!

<ul><li>Eli Lilly’s move to acquire Orna Therapeutics landed quietly, framed as another pipeline add-on in a year already defined by growth and scale.</li><li>On the surface, it reads like a contained biotech transaction tied to early-stage assets.</li><li>The market’s instinct is to file it under optionality.</li></ul>

Eli Lilly’s move to acquire Orna Therapeutics landed quietly, framed as another pipeline add-on in a year already defined by growth and scale.On the surface, it reads like a contained biotech transaction tied to early-stage assets.The market’s instinct is to file it under optionality.

Eli Lilly Just Bought Orna — But The REAL Story Is The Platform!

<ul><li>Eli Lilly is making headlines yet again—this time for reportedly entering advanced discussions to acquire Ventyx Biosciences, a clinical-stage biotech firm developing oral therapies for inflammatory diseases.</li><li>The news, first reported by the Wall Street Journal, sent shares of Ventyx (VTYX) soaring over 80% in after-hours trading on January 6, 2026, suggesting that investors anticipate a transformative deal.</li><li>With a current market cap of roughly $600 million, the proposed acquisition is expected to exceed $1 billion in value and could be announced imminently.</li></ul>

Eli Lilly is making headlines yet again—this time for reportedly entering advanced discussions to acquire Ventyx Biosciences, a clinical-stage biotech firm developing oral therapies for inflammatory diseases.The news, first reported by the Wall Street Journal, sent shares of Ventyx (VTYX) soaring over 80% in after-hours trading on January 6, 2026, suggesting that investors anticipate a transformative deal.With a current market cap of roughly $600 million, the proposed acquisition is expected to exceed $1 billion in value and could be announced imminently.

Eli Lilly’s $1B Immunology Play: Why Ventyx Is Suddenly A Hot Target!

Global Healthcare Analyst

Tina Banerjee

Jiangsu Hengrui Pharmaceuticals / Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals (1276 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> entered into a license agreement with Novo Nordisk for obesity drug candidate HRS-1596, with potential for once-weekly oral dosing for total deal value of $2.6B.</li>
<li>The company is expected to launch GLP-1/GIP injectable ribupatide (HRS9531) in early 2027. If launched, injectable ribupatide will be third drug of its class in China market.</li>
<li>With near-to-market GLP-1 anchor assets, Hengrui is ready to build a leading obesity franchise in China. Although obesity market is competitive, China market is large enough to accommodate multiple players.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK) entered into a license agreement with Novo Nordisk for obesity drug candidate HRS-1596, with potential for once-weekly oral dosing for total deal value of $2.6B.
The company is expected to launch GLP-1/GIP injectable ribupatide (HRS9531) in early 2027. If launched, injectable ribupatide will be third drug of its class in China market.
With near-to-market GLP-1 anchor assets, Hengrui is ready to build a leading obesity franchise in China. Although obesity market is competitive, China market is large enough to accommodate multiple players.


Jiangsu Hengrui Pharmaceuticals (1276 HK): Big Fat Obesity Pipeline Is At Inflection Point

<ul><li>Eli Lilly isn’t slowing down.</li><li>After a quarter filled with blockbuster drug launches, accelerated global uptake of Mounjaro and Zepbound, and $12 billion in quarterly product revenue, the pharma heavyweight has turned its attention to gene therapy.</li><li>The Eli Lilly Adverum acquisition is now official, as announced on December 9, 2025.</li></ul>

Eli Lilly isn’t slowing down.After a quarter filled with blockbuster drug launches, accelerated global uptake of Mounjaro and Zepbound, and $12 billion in quarterly product revenue, the pharma heavyweight has turned its attention to gene therapy.The Eli Lilly Adverum acquisition is now official, as announced on December 9, 2025.

Eli Lilly’s Adverum Acquisition: What They Didn’t Say in the Press Release!

United States

Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals. The Company products are sold in countries around the world. Eli Lilly products include neuroscience, endocrine, anti-infectives, cardiovascular agents, oncology, and animal health products.

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Eli Lilly & (LLY UN)

Eli Lilly’s Ozempic Economy Just Hit Its First Big Reality Check!

Eli Lilly has become one of the clearest symbols of the modern obesity-drug boom, but the latest debate around the company suggests that this...

Baptista Research

Eli Lilly Just Bought Orna — But The REAL Story Is The Platform!

Eli Lilly’s move to acquire Orna Therapeutics landed quietly, framed as another pipeline add-on in a year already defined by growth and scale. On...

Baptista Research

Eli Lilly’s $1B Immunology Play: Why Ventyx Is Suddenly A Hot Target!

Eli Lilly is making headlines yet again—this time for reportedly entering advanced discussions to acquire Ventyx Biosciences, a clinical-stage...

Baptista Research

Jiangsu Hengrui Pharmaceuticals (1276 HK): Big Fat Obesity Pipeline Is At Inflection Point

Hengrui stuck license deal with Novo for obesity drug candidate HRS-1596 for total value of $2.6B. With near-to-market GLP-1 assets, Hengrui is...

Tina Banerjee

Eli Lilly’s Adverum Acquisition: What They Didn’t Say in the Press Release!

Eli Lilly isn’t slowing down. After a quarter filled with blockbuster drug launches, accelerated global uptake of Mounjaro and Zepbound, and $12...

Baptista Research

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