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>Merck & Co., Inc. reported first-quarter 2026 revenues of $16.3 billion, reflecting a 5% increase year-over-year or 3% excluding foreign exchange effects.</li><li>Growth was primarily driven by strength in Oncology, Animal Health, and new product launches.</li><li>The KEYTRUDA family, a key oncology franchise, generated $8 billion in sales, up 8%, benefiting from strong demand in metastatic and early-stage cancers, particularly tumors prevalent in women and urothelial cancer.</li></ul>

Merck & Co., Inc. reported first-quarter 2026 revenues of $16.3 billion, reflecting a 5% increase year-over-year or 3% excluding foreign exchange effects.Growth was primarily driven by strength in Oncology, Animal Health, and new product launches.The KEYTRUDA family, a key oncology franchise, generated $8 billion in sales, up 8%, benefiting from strong demand in metastatic and early-stage cancers, particularly tumors prevalent in women and urothelial cancer.

Merck: Hematology, HIV & Oncology—The Pipeline Power Play Behind Its Next Growth Wave!

<ul><li>Merck & Co. is reportedly in advanced talks to acquire Terns Pharmaceuticals in an all-cash transaction valued at about $6 billion, according to the text provided in this conversation.</li><li>The reported interest arrives at a highly consequential moment for Merck.</li><li>Management has been explicit that the company is reshaping its portfolio ahead of Keytruda’s expected loss of exclusivity, while also using disciplined business development to add late-stage and strategically relevant assets.</li></ul>

Merck & Co. is reportedly in advanced talks to acquire Terns Pharmaceuticals in an all-cash transaction valued at about $6 billion, according to the text provided in this conversation.The reported interest arrives at a highly consequential moment for Merck.Management has been explicit that the company is reshaping its portfolio ahead of Keytruda’s expected loss of exclusivity, while also using disciplined business development to add late-stage and strategically relevant assets.

Merck Acquisition Shock: Is The $6B Terns Takeover A Game-Changer?

<ul><li>When Merck & Co. reported Phase 3 data showing its two-drug HIV regimen of doravirine and islatravir matched the efficacy of Gilead Sciences’ Biktarvy, it wasn’t just another clinical headline.</li><li>It was a strategic signal.</li><li>The study showed non-inferiority at 48 weeks in treatment-naïve adults with HIV-1, with a similar safety profile.</li></ul>

When Merck & Co. reported Phase 3 data showing its two-drug HIV regimen of doravirine and islatravir matched the efficacy of Gilead Sciences’ Biktarvy, it wasn’t just another clinical headline.It was a strategic signal.The study showed non-inferiority at 48 weeks in treatment-naïve adults with HIV-1, with a similar safety profile.

Merck Just Matched Gilead — But The REAL Story Is Portfolio Defense!

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> signed an outlicensing deal worth more than $6B with Pfizer for its PD-1/VEGF bispecific antibody, SSGJ-707. Since signing the deal, 3SBio shares rallied more than 55%.</li>
<li>Considering deals signed with Chinese companies for bispecific antibody drug candidates in recent times, 3SBio seems to have secured best valuation for its asset.</li>
<li>Initiation of global trial of SSGJ-707 and data readout from its ongoing China trials for additional indications, continued strong financial performance, and new approvals are upcoming catalysts.</li>
</ul>



3SBio Inc (1530 HK) signed an outlicensing deal worth more than $6B with Pfizer for its PD-1/VEGF bispecific antibody, SSGJ-707. Since signing the deal, 3SBio shares rallied more than 55%.
Considering deals signed with Chinese companies for bispecific antibody drug candidates in recent times, 3SBio seems to have secured best valuation for its asset.
Initiation of global trial of SSGJ-707 and data readout from its ongoing China trials for additional indications, continued strong financial performance, and new approvals are upcoming catalysts.


3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Five weeks ago, JIC announced a delay in the commencement of the Tender Offer to buy <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, originally scheduled to start by end-December 2023. </li>
<li>In the <a href="https://www.j-ic.co.jp/en/news/pdf/E_20231219_JIC_JICC_PressRelease.pdf" target="_blank" rel="noopener">announcement</a>, they said they expected the deal to start by end-February. In the press conference afterwards, JIC CEO Yokoo <a href="https://www.reuters.com/world/asia-pacific/jic-chief-says-no-issues-with-chinese-antitrust-regulator-over-jsr-buyout-2023-12-20/" target="_blank" rel="noopener">said</a> "no particular issues with the Chinese regulator." </li>
<li>He then added he expected the deal to be done by March-end. Language is vague. I expect that means to start by then, but even then, annualised is now 30%.</li>
</ul>


Five weeks ago, JIC announced a delay in the commencement of the Tender Offer to buy JSR Corp (4185 JP), originally scheduled to start by end-December 2023. 
In the announcement, they said they expected the deal to start by end-February. In the press conference afterwards, JIC CEO Yokoo said "no particular issues with the Chinese regulator." 
He then added he expected the deal to be done by March-end. Language is vague. I expect that means to start by then, but even then, annualised is now 30%.


JSR (4185) - Very Juicy Arb Return At Expected Timeline

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 & Co (MRK US)

Merck: Hematology, HIV & Oncology—The Pipeline Power Play Behind Its Next Growth Wave!

Merck & Co., Inc. reported first-quarter 2026 revenues of $16.3 billion, reflecting a 5% increase year-over-year or 3% excluding foreign...

Baptista Research

Merck Acquisition Shock: Is The $6B Terns Takeover A Game-Changer?

Merck & Co. is reportedly in advanced talks to acquire Terns Pharmaceuticals in an all-cash transaction valued at about $6 billion, according...

Baptista Research

Merck Just Matched Gilead — But The REAL Story Is Portfolio Defense!

When Merck & Co. reported Phase 3 data showing its two-drug HIV regimen of doravirine and islatravir matched the efficacy of Gilead Sciences’...

Baptista Research

3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

3SBio signed $6B outlicensing deal with Pfizer for SSGJ-707, resulting in spectacular rally in 3SBio shares. Global trial initiation of SSGJ-707...

Tina Banerjee

JSR (4185) - Very Juicy Arb Return At Expected Timeline

JSR was a long-dated risk arb. People got tired of FUD and Flows, and sold. Now time is shorter and it offers a 24% yield to mid-May cashout of...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Merck: Hematology, HIV & Oncology—The Pipeline Power Play Behind Its Next Growth Wave!

Merck & Co., Inc. reported first-quarter 2026 revenues of $16.3 billion, reflecting a 5% increase year-over-year or 3% excluding foreign...

Baptista Research

Merck Acquisition Shock: Is The $6B Terns Takeover A Game-Changer?

Merck & Co. is reportedly in advanced talks to acquire Terns Pharmaceuticals in an all-cash transaction valued at about $6 billion, according...

Baptista Research

Merck Just Matched Gilead — But The REAL Story Is Portfolio Defense!

When Merck & Co. reported Phase 3 data showing its two-drug HIV regimen of doravirine and islatravir matched the efficacy of Gilead Sciences’...

Baptista Research

3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

​3SBio signed $6B outlicensing deal with Pfizer for SSGJ-707, resulting in spectacular rally in 3SBio shares. Global trial initiation of SSGJ-707...

Tina Banerjee

JSR (4185) - Very Juicy Arb Return At Expected Timeline

JSR was a long-dated risk arb. People got tired of FUD and Flows, and sold. Now time is shorter and it offers a 24% yield to mid-May cashout of...

Travis Lundy

3SBio signed $6B outlicensing deal with Pfizer for SSGJ-707, resulting in spectacular rally in 3SBio shares. Global trial initiation of SSGJ-707...