Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

Equity Bottom-Up

<ul>
<li>FDA approval of Wegovy is overvalued at approx. $460 billion. Market exaggerated the worth without proper assessment of weight loss results and risks associated with the drug.</li>
<li>Clinical trials showed a 14.9% weight loss with diet and exercise; real-world results would be lower. Impact on BMI for obese individuals won't be significant. Long-term use is questionable.</li>
<li>Competition in the GLP-1 market is fierce. Novo Nordisk faces challenges in India and China, increased capex spending, and risks from compounding pharmacies and potential legal issues.</li>
</ul>


FDA approval of Wegovy is overvalued at approx. $460 billion. Market exaggerated the worth without proper assessment of weight loss results and risks associated with the drug.
Clinical trials showed a 14.9% weight loss with diet and exercise; real-world results would be lower. Impact on BMI for obese individuals won't be significant. Long-term use is questionable.
Competition in the GLP-1 market is fierce. Novo Nordisk faces challenges in India and China, increased capex spending, and risks from compounding pharmacies and potential legal issues.


Novo Nordisk: Is the FDA Approval of Wegovy Worth an Extra $460 Bn?

<ul>
<li>Innovent is most well-known as the developer of mazdutide in China, however this is overshadowing a strong portfolio of oncology drugs in a very high growth market.</li>
<li>China’s approach to healthcare is being defined by having the biggest diabetic population, over 4 million new cancer cases per year, and over 100 million living with obesity.</li>
<li>We expect the valuation gap between the two first-to-market GLP-1 drugs, and competition to close. Oncology drug sales and valuations will continue its growth trajectory.</li>
</ul>


Innovent is most well-known as the developer of mazdutide in China, however this is overshadowing a strong portfolio of oncology drugs in a very high growth market.
China’s approach to healthcare is being defined by having the biggest diabetic population, over 4 million new cancer cases per year, and over 100 million living with obesity.
We expect the valuation gap between the two first-to-market GLP-1 drugs, and competition to close. Oncology drug sales and valuations will continue its growth trajectory.


Innovent Biologics(1801 HK)– More than Just a GLP-1 Play

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>San Francisco-based Woodline Partners LP was formed in August 2018.</li><li>Its Form ADV lists Matthew Hooker, Karl Kroeker, and Michael Rockefeller as the firm’s principals.</li><li>As of June 30, 2026, the firm reported $32.35 billion across 1,011 disclosed long positions, according to its latest 13F filing.</li></ul>

San Francisco-based Woodline Partners LP was formed in August 2018.Its Form ADV lists Matthew Hooker, Karl Kroeker, and Michael Rockefeller as the firm’s principals.As of June 30, 2026, the firm reported $32.35 billion across 1,011 disclosed long positions, according to its latest 13F filing.

Woodline Partners Portfolio: Top Holdings (Q2 2026)

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.

<ul><li>Eli Lilly has moved beyond its obesity-led growth narrative with the acquisition of 4E Therapeutics, an Austin-based neuroscience company developing oral, non-opioid therapies for chronic pain.</li><li>The transaction, announced on June 16, 2026, brings Lilly a pipeline of MNK inhibitors designed to target the MNK-eIF4E signaling pathway in peripheral sensory neurons, with the goal of reducing chronic pain without the central nervous system effects associated with many existing pain treatments.</li><li>The lead candidate, 4ET1103, has already entered human clinical testing and showed a favorable safety profile in Phase 1.</li></ul>

Eli Lilly has moved beyond its obesity-led growth narrative with the acquisition of 4E Therapeutics, an Austin-based neuroscience company developing oral, non-opioid therapies for chronic pain.The transaction, announced on June 16, 2026, brings Lilly a pipeline of MNK inhibitors designed to target the MNK-eIF4E signaling pathway in peripheral sensory neurons, with the goal of reducing chronic pain without the central nervous system effects associated with many existing pain treatments.The lead candidate, 4ET1103, has already entered human clinical testing and showed a favorable safety profile in Phase 1.

Eli Lilly's LATEST Takeover: A Bold Non-Opioid Bet Beyond Obesity Drugs!

<ul><li>Eli Lilly has moved to expand beyond its dominant GLP-1 franchise by agreeing to acquire three vaccine developers—Curevo, LimmaTech Biologics, and Vaccine Company—in transactions valued at up to nearly $4 billion combined.</li><li>The move comes as Lilly remains flush with cash from Mounjaro and Zepbound, while its Q1 2026 earnings call highlighted 56% revenue growth, a broader business-development push, and continued pipeline expansion across cardiometabolic health, immunology, oncology, and neuroscience.</li><li>Curevo brings a midstage shingles vaccine candidate that Lilly believes could match the current standard with lower side effects.</li></ul>

Eli Lilly has moved to expand beyond its dominant GLP-1 franchise by agreeing to acquire three vaccine developers—Curevo, LimmaTech Biologics, and Vaccine Company—in transactions valued at up to nearly $4 billion combined.The move comes as Lilly remains flush with cash from Mounjaro and Zepbound, while its Q1 2026 earnings call highlighted 56% revenue growth, a broader business-development push, and continued pipeline expansion across cardiometabolic health, immunology, oncology, and neuroscience.Curevo brings a midstage shingles vaccine candidate that Lilly believes could match the current standard with lower side effects.

Eli Lilly $4 Billion Takeover Trail: How Three Small Vaccine Targets Could Add Big Optionality!

United States

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

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Eli Lilly & Co (LLY US)

Novo Nordisk: Is the FDA Approval of Wegovy Worth an Extra $460 Bn?

In light of the bullish Innovent report, and the ongoing news about new GLP-1s in the pipeline, this "Novo Nordisk - critical analysis" provides a...

daaimon

Innovent Biologics(1801 HK)– More than Just a GLP-1 Play

Mazdutide's strong results will position it well against the competition, and the valuation gap will narrow. The oncology portfolio will continue...

daaimon

Woodline Partners Portfolio: Top Holdings (Q2 2026)

San Francisco-based Woodline Partners LP was formed in August 2018.Its Form ADV lists Matthew Hooker, Karl Kroeker, and Michael Rockefeller as the...

Hedge Fund Alpha

Eli Lilly's LATEST Takeover: A Bold Non-Opioid Bet Beyond Obesity Drugs!

Eli Lilly has moved beyond its obesity-led growth narrative with the acquisition of 4E Therapeutics, an Austin-based neuroscience company...

Baptista Research

Eli Lilly $4 Billion Takeover Trail: How Three Small Vaccine Targets Could Add Big Optionality!

Eli Lilly has moved to expand beyond its dominant GLP-1 franchise by agreeing to acquire three vaccine developers—Curevo, LimmaTech Biologics, and...

Baptista Research

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