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>In the Q4 earnings, Merck & Co.</li><li>reported a strong financial performance, underpinned by a robust demand for their innovative portfolio, including Keytruda, Welireg, and Gardasil, among others.</li><li>The company has embarked on various collaborations further bolstering its product pipeline with a promising line of innovations.</li></ul>

In the Q4 earnings, Merck & Co.reported a strong financial performance, underpinned by a robust demand for their innovative portfolio, including Keytruda, Welireg, and Gardasil, among others.The company has embarked on various collaborations further bolstering its product pipeline with a promising line of innovations.

Merck & Co: A Story Of Significant Progress & Execution Across Therapeutic Areas! - Major Drivers

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (QUP HK)</a> (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In this note, we will talk about the not so positive aspects of the deal.


QuantumPharm (Xtalpi) Pre-IPO - The Negatives - Requires Deep Pockets to Fund Its Cash Burn

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (QUP HK)</a> (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In this note, we will talk about the positive aspects of the deal.


QuantumPharm (Xtalpi) Pre-IPO - The Positives - Grand Ambitions to Open New Monetisation Channels

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.</li>
<li>Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.</li>
<li>Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  </li>
</ul>



Alteogen Inc (196170 KS) has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.
Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.
Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  


Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Stocks / Cover Story: China’s three-year stock slump resists policy prescriptions for rebound </li><li><p>Leverage /: China’s debt-to-GDP ratio climbs to record 287.8% in 2023</p></li><li><p>Personnel /: China’s statistics, forex and energy agencies get new deputies</p></li></ul>

Stocks / Cover Story: China’s three-year stock slump resists policy prescriptions for rebound Leverage /: China’s debt-to-GDP ratio climbs to record 287.8% in 2023Personnel /: China’s statistics, forex and energy agencies get new deputies

CX Daily: China’s Three-Year Stock Slump Resists Policy Prescriptions for Rebound 

United States

Merck & Co., Inc. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

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Merck & (MRK UN)

Merck & Co: A Story Of Significant Progress & Execution Across Therapeutic Areas! - Major Drivers

In the Q4 earnings, Merck & Co. reported a strong financial performance, underpinned by a robust demand for their innovative portfolio,...

Baptista Research

QuantumPharm (Xtalpi) Pre-IPO - The Negatives - Requires Deep Pockets to Fund Its Cash Burn

QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

QuantumPharm (Xtalpi) Pre-IPO - The Positives - Grand Ambitions to Open New Monetisation Channels

QuantumPharm (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of the deal.

Clarence Chu

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...

Tina Banerjee

CX Daily: China’s Three-Year Stock Slump Resists Policy Prescriptions for Rebound

Stocks / Cover Story: China’s three-year stock slump resists policy prescriptions for rebound Chinese investors began 2023 full of optimism that...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Merck & Co: A Story Of Significant Progress & Execution Across Therapeutic Areas! - Major Drivers

In the Q4 earnings, Merck & Co. reported a strong financial performance, underpinned by a robust demand for their innovative portfolio,...

Baptista Research

QuantumPharm (Xtalpi) Pre-IPO - The Negatives - Requires Deep Pockets to Fund Its Cash Burn

QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

QuantumPharm (Xtalpi) Pre-IPO - The Positives - Grand Ambitions to Open New Monetisation Channels

QuantumPharm (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of the deal.

Clarence Chu

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

​Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...

Tina Banerjee

CX Daily: China’s Three-Year Stock Slump Resists Policy Prescriptions for Rebound

Stocks / Cover Story: China’s three-year stock slump resists policy prescriptions for rebound Chinese investors began 2023 full of optimism that...

Caixin Global

Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...