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<ul><li>Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market.</li><li>57-65% of early diagnosis lung cancer patients suffer from LCC, it is a highly debilitating condition.</li><li>The US lung cancer therapeutics market consensus values range from ~USD 29.9bn in 2023 to ~USD 71.3bn in 2034, suggesting a compound annual growth rate (CAGR) of 8.2% over our 10 year forecast period.</li></ul>

Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market.57-65% of early diagnosis lung cancer patients suffer from LCC, it is a highly debilitating condition.The US lung cancer therapeutics market consensus values range from ~USD 29.9bn in 2023 to ~USD 71.3bn in 2034, suggesting a compound annual growth rate (CAGR) of 8.2% over our 10 year forecast period.

Merus NV - ACF Thematic Oncology Lung Cancer Cough LCC 25042025

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.

Equity Research Firm

Thematic (Sector/Industry)

<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

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>We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.</li><li>Last week, BIOA discontinued its lead obesity study, while JANX had impressive prostate cancer data, which also lifted VIR.</li><li>MRUS gained from earlier HNSCC abstract data but may give it back after its weekend presentation. </li></ul>

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.Last week, BIOA discontinued its lead obesity study, while JANX had impressive prostate cancer data, which also lifted VIR.MRUS gained from earlier HNSCC abstract data but may give it back after its weekend presentation. 

Biopharma Week in Review - December 9, 2024

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Bicara Therapeutics / Equity Capital Markets

<ul>
<li>Bicara Therapeutics unveiled the terms of its IPO: a clinical-stage biotech company offers ~11.8M shares at the price range of $16.00-$18.00, implying a market cap of ~$800M at the midpoint.</li>
<li>Existing shareholders do not intend to sell shares in this offering and Bicara Therapeutics shares will list on the Nasdaq under the ticker symbol “BCAX”.</li>
<li>The biotech company is focused on patients with HPV-negative head and neck cancer, and I view Bicara's IPO valuation as attractive, with major catalysts coming up in 2025.</li>
</ul>


Bicara Therapeutics unveiled the terms of its IPO: a clinical-stage biotech company offers ~11.8M shares at the price range of $16.00-$18.00, implying a market cap of ~$800M at the midpoint.
Existing shareholders do not intend to sell shares in this offering and Bicara Therapeutics shares will list on the Nasdaq under the ticker symbol “BCAX”.
The biotech company is focused on patients with HPV-negative head and neck cancer, and I view Bicara's IPO valuation as attractive, with major catalysts coming up in 2025.


Key Updates on Bicara Therapeutics IPO: ~$800M Valuation at the Midpoint and Strong Balance Sheet

Netherlands

Merus N.V. operates as a clinical-stage immuno-oncology company. The Company focuses on developing bispecific antibody therapeutics. Merus develops and manufactures therapeutics to treat and cure cancer patients.

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Merus NV (MRUS US)

Merus NV - ACF Thematic Oncology Lung Cancer Cough LCC 25042025

Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market. 57-65% of early diagnosis...

ACF Equity 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 - 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 - December 9, 2024

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&A. Last week, BIOA discontinued...

Water Tower Research

Key Updates on Bicara Therapeutics IPO: ~$800M Valuation at the Midpoint and Strong Balance Sheet

Biocon-backed Bicara Therapeutics will go public this week. With top-tier backers, a promising lead program and strong balance sheet, I expect...

Andrei Zakharov

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