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>Novartis has put another marker down in oncology, agreeing to buy U.K.-based Myricx Bio for up to $1.5 billion.</li><li>The proposed deal includes $1.1 billion upfront and up to $400 million in milestone payments, with closing expected in the second half of 2026.</li><li>Myricx is still preclinical, yet its antibody-drug conjugate platform offers differentiated cancer-killing mechanisms aimed directly at tumor cells.</li></ul>

Novartis has put another marker down in oncology, agreeing to buy U.K.-based Myricx Bio for up to $1.5 billion.The proposed deal includes $1.1 billion upfront and up to $400 million in milestone payments, with closing expected in the second half of 2026.Myricx is still preclinical, yet its antibody-drug conjugate platform offers differentiated cancer-killing mechanisms aimed directly at tumor cells.

Novartis Buyout Of Myricx Raises A $1.5 Billion Question!

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Novartis offers an agreed €68/share, 89% premium, for <a href="https://www.smartkarma.com/entities/morphosys-ag-91f7c8f8-f418-4db5-953e-ec2206d64e67" target="_blank" data-smartkarma-citation="entities:27120:1" rel="noopener">MorphoSys AG (MOR US)</a> in a bet that pelabrisib could become a blockbuster to treat myelofibrosis (possibly reaching peak sales of $1.1-1.5 billion).</li>
<li>Considering that the shares of Morphosys were trading in the low teens in November, I believe that shareholders will be happy to part with the shares.</li>
<li>Spread (gross/annualised) is 4.65%/18.09% (assuming settlement by 20 May). Novartis believes pelabrisib is definitely worth the risk. Long.
</li>
</ul>


Novartis offers an agreed €68/share, 89% premium, for MorphoSys AG (MOR US) in a bet that pelabrisib could become a blockbuster to treat myelofibrosis (possibly reaching peak sales of $1.1-1.5 billion).
Considering that the shares of Morphosys were trading in the low teens in November, I believe that shareholders will be happy to part with the shares.
Spread (gross/annualised) is 4.65%/18.09% (assuming settlement by 20 May). Novartis believes pelabrisib is definitely worth the risk. Long.



Novartis Strikes for Possible Myelofibrosis Blockbuster

<ul><li>Novartis International AG reported its financial and operational results for the first quarter of 2026, reflecting a mixed performance amid ongoing challenges from U.S. generic competition and continued investment in research and development.</li><li>The company experienced a 5% decline in overall sales, primarily driven by generic erosion, notably in established products such as Entresto, Promacta, and Tasigna.</li><li>Core operating income dropped 14% relative to the prior period, influenced by both lower sales and increased R&D expenditures.</li></ul>

Novartis International AG reported its financial and operational results for the first quarter of 2026, reflecting a mixed performance amid ongoing challenges from U.S. generic competition and continued investment in research and development.The company experienced a 5% decline in overall sales, primarily driven by generic erosion, notably in established products such as Entresto, Promacta, and Tasigna.Core operating income dropped 14% relative to the prior period, influenced by both lower sales and increased R&D expenditures.

Novartis: What’s the Real Power Behind Kisqali’s Lifecycle Strategy and Next-Gen CDK Push?

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.</li>
<li>Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.</li>
<li>Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.</li>
</ul>


Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.
Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.
Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.


APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

Healthcare Analyst

Wilfred Yuen

<ul>
<li>
Hutchmed licensed out ex-China rights of KRAS-EGFR cancer asset to GSK for US$1.3bn and Simcere licensed out a B-cell targeting trispecific to Roche for US$1.5bn. Both assets are preclinical</li>
<li>
Hengrui presented phase 3 results of SHR-1918 (ANGPTL3) and phase 2 results of HRS-5346 (Lp(a)) at ESC Congress. Separately, for Lp(a), Novartis yesterday said pelacarsen failed in a phase 3</li>
<li>Other updates/news include BeOne, Sino Biopharma, Genscript, Akeso, Hansoh, MediLink...
</li>
</ul>



Hutchmed licensed out ex-China rights of KRAS-EGFR cancer asset to GSK for US$1.3bn and Simcere licensed out a B-cell targeting trispecific to Roche for US$1.5bn. Both assets are preclinical

Hengrui presented phase 3 results of SHR-1918 (ANGPTL3) and phase 2 results of HRS-5346 (Lp(a)) at ESC Congress. Separately, for Lp(a), Novartis yesterday said pelacarsen failed in a phase 3
Other updates/news include BeOne, Sino Biopharma, Genscript, Akeso, Hansoh, MediLink...



China Healthcare Weekly Wrap (31 Aug - 4 Sep)

Switzerland

Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company uses innovative science and digital technologies to create transformative treatments in areas of great medical need. Novartis offers patent protected prescription medicine and generic pharmaceuticals and biosimilars.

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Novartis (NOVN SW)

Novartis Buyout Of Myricx Raises A $1.5 Billion Question!

Novartis has put another marker down in oncology, agreeing to buy U.K.-based Myricx Bio for up to $1.5 billion. The proposed deal includes $1.1...

Baptista Research

Novartis Strikes for Possible Myelofibrosis Blockbuster

Novartis offers premium for MorphoSys AG in a bet on pelabrisib as a potential blockbuster for myelofibrosis treatment. Shareholders are likely to...

Jesus Rodriguez Aguilar

Novartis: What’s the Real Power Behind Kisqali’s Lifecycle Strategy and Next-Gen CDK Push?

Novartis International AG reported its financial and operational results for the first quarter of 2026, reflecting a mixed performance amid...

Baptista Research

APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

Simcere and Hutchmend inked outlicensing deals with Roche and GSK, respectively. Akeso’s ivonescimab extends lives vs Keytruda. Alteogen inked...

Tina Banerjee

China Healthcare Weekly Wrap (31 Aug - 4 Sep)

Key news this week: 1) licensing deals from Hutchmed and Simcere; 2) Hengrui's data of heart drugs in ESC. Separately, pelacarsen from Novartis...

Wilfred Yuen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Novartis Buyout Of Myricx Raises A $1.5 Billion Question!

Novartis has put another marker down in oncology, agreeing to buy U.K.-based Myricx Bio for up to $1.5 billion. The proposed deal includes $1.1...

Baptista Research

Novartis Strikes for Possible Myelofibrosis Blockbuster

​Novartis offers premium for MorphoSys AG in a bet on pelabrisib as a potential blockbuster for myelofibrosis treatment. Shareholders are likely to...

Jesus Rodriguez Aguilar

Novartis: What’s the Real Power Behind Kisqali’s Lifecycle Strategy and Next-Gen CDK Push?

Novartis International AG reported its financial and operational results for the first quarter of 2026, reflecting a mixed performance amid...

Baptista Research

APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

Simcere and Hutchmend inked outlicensing deals with Roche and GSK, respectively. Akeso’s ivonescimab extends lives vs Keytruda. Alteogen inked...

Tina Banerjee

China Healthcare Weekly Wrap (31 Aug - 4 Sep)

Key news this week: 1) licensing deals from Hutchmed and Simcere; 2) Hengrui's data of heart drugs in ESC. Separately, pelacarsen from Novartis...

Wilfred Yuen

Novartis offers premium for MorphoSys AG in a bet on pelabrisib as a potential blockbuster for myelofibrosis treatment. Shareholders are likely to...