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 AG has entered another important stretch in its portfolio reshaping as the company continues to post resilient operating performance, absorb a historic patent-loss cycle, and selectively add external innovation to support growth beyond the current decade.</li><li>The latest development is its agreement to acquire U.S. biotech Excellergy for up to $2 billion in upfront and milestone payments, a move aimed at strengthening Novartis’ allergy pipeline with EXL-111, an early-stage trifunctional Effector Cell Response Inhibitor designed for IgE-driven diseases.</li><li>The timing is notable.</li></ul>

Novartis AG has entered another important stretch in its portfolio reshaping as the company continues to post resilient operating performance, absorb a historic patent-loss cycle, and selectively add external innovation to support growth beyond the current decade.The latest development is its agreement to acquire U.S. biotech Excellergy for up to $2 billion in upfront and milestone payments, a move aimed at strengthening Novartis’ allergy pipeline with EXL-111, an early-stage trifunctional Effector Cell Response Inhibitor designed for IgE-driven diseases.The timing is notable.

Novartis Takeover Alert: Why This $2B Acquisition Could Reshape Immunology Markets!

<ul><li>Novartis has moved to deepen its oncology pipeline with an agreement to acquire Pikavation Therapeutics, a wholly owned subsidiary of Synnovation Therapeutics, for $2 billion upfront and up to $1 billion in milestones, bringing in SNV4818, a pan-mutant-selective PI3Kα inhibitor now in Phase 1/2 testing.</li><li>The timing matters.</li><li>The company entered 2026 after delivering 8% sales growth in 2025, reaching a 40.1% core margin ahead of plan, and reiterating confidence in its medium-term growth algorithm despite a heavy patent-expiry cycle.</li></ul>

Novartis has moved to deepen its oncology pipeline with an agreement to acquire Pikavation Therapeutics, a wholly owned subsidiary of Synnovation Therapeutics, for $2 billion upfront and up to $1 billion in milestones, bringing in SNV4818, a pan-mutant-selective PI3Kα inhibitor now in Phase 1/2 testing.The timing matters.The company entered 2026 after delivering 8% sales growth in 2025, reaching a 40.1% core margin ahead of plan, and reiterating confidence in its medium-term growth algorithm despite a heavy patent-expiry cycle.

Novartis Is Building The Next Big Breast Cancer Franchise—Here’s How!

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Event-Driven

<ul>
<li>Novartis (NVS) has agreed to acquire Avidity Biosciences (RNA) in the first half of 2026.</li>
<li>As part of the transaction, Novartis will acquire Avidity’s RNA therapeutics platform and pipeline focused on neuromuscular diseases.</li>
<li>Avidity’s RNA programs targeting cardiovascular disease will be separated into a new independent company called Atrium (expected to trade under the same RNA ticker) and distributed to existing shareholders.</li>
</ul>


Novartis (NVS) has agreed to acquire Avidity Biosciences (RNA) in the first half of 2026.
As part of the transaction, Novartis will acquire Avidity’s RNA therapeutics platform and pipeline focused on neuromuscular diseases.
Avidity’s RNA programs targeting cardiovascular disease will be separated into a new independent company called Atrium (expected to trade under the same RNA ticker) and distributed to existing shareholders.


<ul><li>Novartis, a global healthcare company, released its Q4 and full-year 2025 financial results, highlighting both achievements and challenges.</li><li>The company posted an 8% growth in full-year sales, driven largely by its priority brands.</li><li>Core operating income (Core OpInc) increased by 14%, and the company achieved a core margin of 40.1% two years ahead of its target.</li></ul>

Novartis, a global healthcare company, released its Q4 and full-year 2025 financial results, highlighting both achievements and challenges.The company posted an 8% growth in full-year sales, driven largely by its priority brands.Core operating income (Core OpInc) increased by 14%, and the company achieved a core margin of 40.1% two years ahead of its target.

Novartis’ Next Growth Engine—B-Cell Therapies, Autoimmune Breakthroughs, and Massive Unmet Needs!

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharmaceutical initiated Phase 2 trial of FXS7553 for COPD in China. CSPC Pharma’s mpox mRNA vaccine candidate obtained clinical trial approval from the FDA.</li>
<li>Akeso secured NMPA approval for ivonescimab, in combination with chemotherapy, for the treatment of first-line squamous non-small cell lung cancer (sq-NSCLC). This indication marks ivonescimab’s third major approval.</li>
<li>Daiichi Sankyo’s Enhertu got China approval for the first-line treatment of breast cancer. Peptidream marked a milestone following the initiation of Phase 1 study for two radioligand therapies by Novartis.</li>
</ul>


Fosun Pharmaceutical initiated Phase 2 trial of FXS7553 for COPD in China. CSPC Pharma’s mpox mRNA vaccine candidate obtained clinical trial approval from the FDA.
Akeso secured NMPA approval for ivonescimab, in combination with chemotherapy, for the treatment of first-line squamous non-small cell lung cancer (sq-NSCLC). This indication marks ivonescimab’s third major approval.
Daiichi Sankyo’s Enhertu got China approval for the first-line treatment of breast cancer. Peptidream marked a milestone following the initiation of Phase 1 study for two radioligand therapies by Novartis.


APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

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 Takeover Alert: Why This $2B Acquisition Could Reshape Immunology Markets!

Novartis AG has entered another important stretch in its portfolio reshaping as the company continues to post resilient operating performance,...

Baptista Research

Novartis Is Building The Next Big Breast Cancer Franchise—Here’s How!

Novartis has moved to deepen its oncology pipeline with an agreement to acquire Pikavation Therapeutics, a wholly owned subsidiary of Synnovation...

Baptista Research

Weekly Update (ANGI, MEDXF, RNA)

Novartis (NVS) has agreed to acquire Avidity Biosciences (RNA) in the first half of 2026. As part of the transaction, Novartis will acquire...

Richard Howe

Novartis’ Next Growth Engine—B-Cell Therapies, Autoimmune Breakthroughs, and Massive Unmet Needs!

Novartis, a global healthcare company, released its Q4 and full-year 2025 financial results, highlighting both achievements and challenges. The...

Baptista Research

APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

Akeso’s ivonescimab and Daiichi Sankyo’s Enhertu got additional indications approvals in China. CSPC Pharma’s mpox mRNA vaccine candidate got FDA...

Tina Banerjee

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