Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

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>Pfizer has intensified its oncology push through a major global licensing and collaboration agreement with Innovent Biologics (HKEX:1801), giving it access to 12 early-stage cancer programs in a deal worth up to $10.5 billion.</li><li>The agreement includes a $650 million upfront payment to Innovent and as much as $9.85 billion in milestone payments, with Innovent leading Phase 1 development before Pfizer assumes global development responsibilities.</li><li>The transaction follows Pfizer’s earlier licensing activity with China’s 3SBio and comes as global pharmaceutical companies increasingly tap China’s biotech ecosystem for antibody-drug conjugates, multi-specific antibodies, and differentiated oncology platforms.</li></ul>

Pfizer has intensified its oncology push through a major global licensing and collaboration agreement with Innovent Biologics (HKEX:1801), giving it access to 12 early-stage cancer programs in a deal worth up to $10.5 billion.The agreement includes a $650 million upfront payment to Innovent and as much as $9.85 billion in milestone payments, with Innovent leading Phase 1 development before Pfizer assumes global development responsibilities.The transaction follows Pfizer’s earlier licensing activity with China’s 3SBio and comes as global pharmaceutical companies increasingly tap China’s biotech ecosystem for antibody-drug conjugates, multi-specific antibodies, and differentiated oncology platforms.

Pfizer $10.5 Billion Buyout Target? Innovent Could Be The Cancer Pipeline Prize!

<ul><li>Pfizer Incorporated reported first-quarter 2026 results that surpassed expectations, driven by solid revenue growth, disciplined cost management, and progress across key strategic areas.</li><li>Total revenues reached $14.5 billion, marking a 2% operational increase, while adjusted diluted earnings per share (EPS) were $0.75, exceeding forecasts.</li><li>Excluding COVID-related products, underlying business revenues grew approximately 7%, reflecting robust performances from several products, including Padcev, Nurtec (migraines), Eliquis (anticoagulant), Lorbrena (oncology), and the Vyndaqel family (cardiometabolic).</li></ul>

Pfizer Incorporated reported first-quarter 2026 results that surpassed expectations, driven by solid revenue growth, disciplined cost management, and progress across key strategic areas.Total revenues reached $14.5 billion, marking a 2% operational increase, while adjusted diluted earnings per share (EPS) were $0.75, exceeding forecasts.Excluding COVID-related products, underlying business revenues grew approximately 7%, reflecting robust performances from several products, including Padcev, Nurtec (migraines), Eliquis (anticoagulant), Lorbrena (oncology), and the Vyndaqel family (cardiometabolic).

Pfizer: Obesity, Vaccines, and Oncology—Are Three Growth Engines Emerging at Once?

<ul><li>Pfizer just released mid-stage data from its Metsera-acquired obesity drug showing 12.3% weight loss at 28 weeks with monthly dosing.</li><li>It’s the company’s first real swing at the obesity market after acquiring Metsera for $10 billion to diversify beyond fading COVID revenues.</li><li>The headline efficacy looks decent but not industry-leading — and that’s exactly what the market is focused on.</li></ul>

Pfizer just released mid-stage data from its Metsera-acquired obesity drug showing 12.3% weight loss at 28 weeks with monthly dosing.It’s the company’s first real swing at the obesity market after acquiring Metsera for $10 billion to diversify beyond fading COVID revenues.The headline efficacy looks decent but not industry-leading — and that’s exactly what the market is focused on.

Pfizer's Fightback Against Eli Lilly & Novo Nordisk: Who Gets OUTPLAYED in the Obesity Arms Race?

<ul><li>Pfizer is navigating one of the most complex chapters in its recent history.</li><li>On December 16, 2025, CEO Albert Bourla forcefully defended the pharmaceutical giant’s vaccine business amid rising political skepticism and regulatory headwinds.</li><li>His remarks came as the company issued 2026 financial guidance that fell short of Wall Street expectations, projecting adjusted EPS of $2.80 to $3.00—below the $3.06 consensus—and revenues of $59.5 billion to $62.5 billion.</li></ul>

Pfizer is navigating one of the most complex chapters in its recent history.On December 16, 2025, CEO Albert Bourla forcefully defended the pharmaceutical giant’s vaccine business amid rising political skepticism and regulatory headwinds.His remarks came as the company issued 2026 financial guidance that fell short of Wall Street expectations, projecting adjusted EPS of $2.80 to $3.00—below the $3.06 consensus—and revenues of $59.5 billion to $62.5 billion.

Pfizer Slashes Guidance, Faces Patent Cliff—Is the Worst Yet to Come?

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Pfizer $10.5 Billion Buyout Target? Innovent Could Be The Cancer Pipeline Prize!

Pfizer has intensified its oncology push through a major global licensing and collaboration agreement with Innovent Biologics (HKEX:1801), giving...

Baptista Research

Pfizer: Obesity, Vaccines, and Oncology—Are Three Growth Engines Emerging at Once?

Pfizer Incorporated reported first-quarter 2026 results that surpassed expectations, driven by solid revenue growth, disciplined cost management,...

Baptista Research

Pfizer's Fightback Against Eli Lilly & Novo Nordisk: Who Gets OUTPLAYED in the Obesity Arms Race?

Pfizer just released mid-stage data from its Metsera-acquired obesity drug showing 12.3% weight loss at 28 weeks with monthly dosing. It’s the...

Baptista Research

Pfizer Slashes Guidance, Faces Patent Cliff—Is the Worst Yet to Come?

Pfizer is navigating one of the most complex chapters in its recent history. On December 16, 2025, CEO Albert Bourla forcefully defended the...

Baptista Research

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