Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&amp;D and drug-development partnerships with global pharmaceutical companies.</li>
<li>Over 30% of new drugs were developed using AI tools in 2025, with discovery timelines reduced by 25–50%, and the industry is projected to grow by 25%/year through 2033.</li>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">Insilico Medicine (3696 HK)</a> is a pure-play AIDD company. Insilico operates an end-to-end AI drug discovery platform (Pharma.AI) spanning target identification, molecule generation, and clinical trial outcome prediction. 
</li>
</ul>


China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&amp;D and drug-development partnerships with global pharmaceutical companies.
Over 30% of new drugs were developed using AI tools in 2025, with discovery timelines reduced by 25–50%, and the industry is projected to grow by 25%/year through 2033.

Insilico Medicine (3696 HK) is a pure-play AIDD company. Insilico operates an end-to-end AI drug discovery platform (Pharma.AI) spanning target identification, molecule generation, and clinical trial outcome prediction. 



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>The recent earnings call for Pfizer provides a detailed look at the company's financial and operational performance in the third quarter of 2025.</li><li>The discussion reveals several pivotal aspects of Pfizer's current business strategy and future outlook.</li><li>Financially, Pfizer reported revenues of $16.7 billion, marking a 7% operational decline from the same period last year, primarily due to reduced contributions from COVID-19 products like Paxlovid and Comirnaty.</li></ul>

The recent earnings call for Pfizer provides a detailed look at the company's financial and operational performance in the third quarter of 2025.The discussion reveals several pivotal aspects of Pfizer's current business strategy and future outlook.Financially, Pfizer reported revenues of $16.7 billion, marking a 7% operational decline from the same period last year, primarily due to reduced contributions from COVID-19 products like Paxlovid and Comirnaty.

Pfizer Secures a Major Regulatory Win—How Will Its U.S. Drug Pricing Deal Shape 2026?

Podcast of business and financial stories, Behind the Money

Behind the Money

Podcast of business and financial stories

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world.

<ul>
<li>Pfizer and Novo Nordisk engaged in a heated battle for control over biotech company Metcera, which is developing innovative weight loss drugs</li>
<li>Novo Nordisk, once seen as a leader in the obesity drug market, has recently faced challenges and a decline in stock price due to competition from Eli Lilly and a weaker drug pipeline</li>
<li>Investors are closely watching the outcome of the bidding war between Pfizer and Novo Nordisk, as the future of the weight loss drug market could be lucrative and competitive</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Pfizer and Novo Nordisk engaged in a heated battle for control over biotech company Metcera, which is developing innovative weight loss drugs
Novo Nordisk, once seen as a leader in the obesity drug market, has recently faced challenges and a decline in stock price due to competition from Eli Lilly and a weaker drug pipeline
Investors are closely watching the outcome of the bidding war between Pfizer and Novo Nordisk, as the future of the weight loss drug market could be lucrative and competitive

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Pfizer and Novo Nordisk’s $10bn battle over weight-loss drugs

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>CSPC Pharmaceutical’s Phase 3 trial of depression drug candidate HA1406 met pre-specified primary efficacy endpoint. Jiangsu Hengrui Pharmaceuticals received NMPA approval for long-acting basal insulin, sudelidec injection.</li>
<li>Otsuka Holdings secured FDA approval for Simtriyo, a once-daily extended-release capsule for ADHD. Nippon Shinyaku obtained exclusive commercialization rights for Tadekinig alfa in the U.S. for Hyperinflammatory Syndrome.</li>
<li>Pharmaessentia announced topline results from the Phase 1b clinical trial of P1101 (Besremi) and anti-PD1 in Chronic Hepatitis B or D. Cipla secured FDA approval for generic Advair Diskus.</li>
</ul>


CSPC Pharmaceutical’s Phase 3 trial of depression drug candidate HA1406 met pre-specified primary efficacy endpoint. Jiangsu Hengrui Pharmaceuticals received NMPA approval for long-acting basal insulin, sudelidec injection.
Otsuka Holdings secured FDA approval for Simtriyo, a once-daily extended-release capsule for ADHD. Nippon Shinyaku obtained exclusive commercialization rights for Tadekinig alfa in the U.S. for Hyperinflammatory Syndrome.
Pharmaessentia announced topline results from the Phase 1b clinical trial of P1101 (Besremi) and anti-PD1 in Chronic Hepatitis B or D. Cipla secured FDA approval for generic Advair Diskus.


APAC Healthcare Weekly (August 2) – CSPC, Hengrui, Otsuka, Nippon Shinyaku, PharmaEssnetia, Cipla

<ul>
<li>Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.</li>
<li>Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.</li>
<li>Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.</li>
</ul>


Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.
Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.
Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.


APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

United States

Pfizer Inc. operates as a pharmaceutical company. The Company offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. Pfizer serves customers worldwide.

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Pfizer (PFE UN)

CHINA/HK: AI & RX - Together At Last !!

China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&D and drug-development...

David Mudd

Pfizer Secures a Major Regulatory Win—How Will Its U.S. Drug Pricing Deal Shape 2026?

The recent earnings call for Pfizer provides a detailed look at the company's financial and operational performance in the third quarter of...

Baptista Research

Pfizer and Novo Nordisk’s $10bn battle over weight-loss drugs

The battle between Pfizer and Novo Nordisk for biotech company Metcera highlights the fierce competition and high stakes in the lucrative weight...

Behind the Money

APAC Healthcare Weekly (August 2) – CSPC, Hengrui, Otsuka, Nippon Shinyaku, PharmaEssnetia, Cipla

Hengrui got NMPA approval for long-acting insulin. FDA approves Otsuka’s new CNS drug. Pharmaessentia announced positive topline result from Phase...

Tina Banerjee

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

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