Global Healthcare Analyst

Tina Banerjee

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> (SPIL) announced the plan to acquire <a href="https://www.smartkarma.com/entities/checkpoint-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:37743:1" rel="noopener">Checkpoint Therapeutics (CKPT US)</a>, a commercial stage immunotherapy and targeted oncology company, for ~$200M.</li>
<li>In December, Checkpoint has received FDA approval for its maiden drug, Unloxcyt (cosibelimab), for the treatment of certain type of skin cancer. Unloxcyt has peak sales estimate of $1.6B.</li>
<li>SPIL’s offer for Checkpoint seems compelling and provides superior risk-adjusted value. However, the acquisition will not be near-term value generator for SPIL, which doesn’t have good track record for acquisition.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) (SPIL) announced the plan to acquire Checkpoint Therapeutics (CKPT US), a commercial stage immunotherapy and targeted oncology company, for ~$200M.
In December, Checkpoint has received FDA approval for its maiden drug, Unloxcyt (cosibelimab), for the treatment of certain type of skin cancer. Unloxcyt has peak sales estimate of $1.6B.
SPIL’s offer for Checkpoint seems compelling and provides superior risk-adjusted value. However, the acquisition will not be near-term value generator for SPIL, which doesn’t have good track record for acquisition.


Sun Pharmaceutical (SUNP IN): Checkpoint Acquisition Does Not Check All the Boxes

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

Regeneron Pharmaceuticals / Equity Bottom-Up

<ul><li>Regeneron Pharmaceuticals presented its fourth-quarter 2024 results, revealing a 10% year-over-year revenue growth, driven by strong performances from key product lines such as Dupixent, EYLEA, and Libtayo.</li><li>Dupixent, in particular, has become a blockbuster treatment in multiple indications, showing robust uptake across the globe with more than 1 million patients currently benefiting from the drug in various approved applications.</li><li>However, the performance of EYLEA was noted in a competitive landscape, with the company focused on increasing the market share of EYLEA HD through upcoming product enhancements like prefilled syringe options and extended dosing intervals.</li></ul>

Regeneron Pharmaceuticals presented its fourth-quarter 2024 results, revealing a 10% year-over-year revenue growth, driven by strong performances from key product lines such as Dupixent, EYLEA, and Libtayo.Dupixent, in particular, has become a blockbuster treatment in multiple indications, showing robust uptake across the globe with more than 1 million patients currently benefiting from the drug in various approved applications.However, the performance of EYLEA was noted in a competitive landscape, with the company focused on increasing the market share of EYLEA HD through upcoming product enhancements like prefilled syringe options and extended dosing intervals.

Regeneron Pharmaceuticals: Libtayo Expansion To Up Their Oncology Game!

<ul><li>Regeneron Pharmaceuticals reported a solid financial and operational performance for the third quarter of 2024, highlighting key successes but also facing certain market challenges.</li><li>Total revenue for Q3 2024 saw an 11% increase year-over-year, amounting to $3.72 billion, primarily fueled by stronger Sanofi collaboration revenues and growth in key products like Dupixent and EYLEA HD.</li><li>Dupixent sales continue to impress with a 24% increase in global revenues to $3.8 billion.</li></ul>

Regeneron Pharmaceuticals reported a solid financial and operational performance for the third quarter of 2024, highlighting key successes but also facing certain market challenges.Total revenue for Q3 2024 saw an 11% increase year-over-year, amounting to $3.72 billion, primarily fueled by stronger Sanofi collaboration revenues and growth in key products like Dupixent and EYLEA HD.Dupixent sales continue to impress with a 24% increase in global revenues to $3.8 billion.

Regeneron Pharmaceuticals: Expansion of Dupixent to Additional Indications & Other Key Developments! - Major Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kyowa-kirin-co-ltd" target="_blank" data-smartkarma-citation="entities:18055:1" rel="noopener">Kyowa Kirin Co Ltd (4151 JP)</a> announced top-line results of the Phase 3 trial of rocatinlimab targeting moderate to severe Atopic Dermatitis (eczema), which affects 6.6M patients in the U.S.</li>
<li>The trial met co-primary endpoints and reached statistically significant differences from placebo for all key secondary endpoints. However, efficacy data was less compelling compared to current standard of care.</li>
<li>Kyowa Kirin shares nosedived mainly on the concern over competitive strength of rocatinlimab. Amid gloomy outlook, Kyowa Kirin shares will need time to recover.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) announced top-line results of the Phase 3 trial of rocatinlimab targeting moderate to severe Atopic Dermatitis (eczema), which affects 6.6M patients in the U.S.
The trial met co-primary endpoints and reached statistically significant differences from placebo for all key secondary endpoints. However, efficacy data was less compelling compared to current standard of care.
Kyowa Kirin shares nosedived mainly on the concern over competitive strength of rocatinlimab. Amid gloomy outlook, Kyowa Kirin shares will need time to recover.


Kyowa Kirin (4151 JP): Reports Phase 3 Trial Result in Atopic Dermatitis; Rivalry Remains Doubtful

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.</li>
<li>Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.</li>
<li>My DCF analysis suggests that Upstream Bio's core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.</li>
</ul>


Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.
Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.
My DCF analysis suggests that Upstream Bio's core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.


Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

United States

Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company that discovers, develops, and commercializes pharmaceutical products for the treatment of serious medical conditions. The Company has therapeutic candidates in clinical trials for the potential treatment of cancer, eye diseases, and inflammatory diseases, and has preclinical programs in other diseases and disorders.

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Regeneron Pharmaceuticals (REGN US)

Sun Pharmaceutical (SUNP IN): Checkpoint Acquisition Does Not Check All the Boxes

Sun Pharm plans to acquire Checkpoint Therapeutics for ~$200M. Sun's offer for Checkpoint seems compelling. However, the acquisition will not be...

Tina Banerjee

Regeneron Pharmaceuticals: Libtayo Expansion To Up Their Oncology Game!

Regeneron Pharmaceuticals presented its fourth-quarter 2024 results, revealing a 10% year-over-year revenue growth, driven by strong performances...

Baptista Research

Regeneron Pharmaceuticals: Expansion of Dupixent to Additional Indications & Other Key Developments! - Major Drivers

Regeneron Pharmaceuticals reported a solid financial and operational performance for the third quarter of 2024, highlighting key successes but...

Baptista Research

Kyowa Kirin (4151 JP): Reports Phase 3 Trial Result in Atopic Dermatitis; Rivalry Remains Doubtful

Kyowa Kirin maintained 2024 guidance, which calls for 5% decline in operating profit and 16% decrease in net profit. The company is expected to...

Tina Banerjee

Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

In my insight, I discuss DCF valuation for biotech company Upstream Bio ahead of upcoming IPO, which is expected to be priced in October

Andrei Zakharov

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Sun Pharmaceutical (SUNP IN): Checkpoint Acquisition Does Not Check All the Boxes

​Sun Pharm plans to acquire Checkpoint Therapeutics for ~$200M. Sun's offer for Checkpoint seems compelling. However, the acquisition will not be...

Tina Banerjee

Regeneron Pharmaceuticals: Libtayo Expansion To Up Their Oncology Game!

Regeneron Pharmaceuticals presented its fourth-quarter 2024 results, revealing a 10% year-over-year revenue growth, driven by strong performances...

Baptista Research

Regeneron Pharmaceuticals: Expansion of Dupixent to Additional Indications & Other Key Developments! - Major Drivers

Regeneron Pharmaceuticals reported a solid financial and operational performance for the third quarter of 2024, highlighting key successes but...

Baptista Research

Kyowa Kirin (4151 JP): Reports Phase 3 Trial Result in Atopic Dermatitis; Rivalry Remains Doubtful

Kyowa Kirin maintained 2024 guidance, which calls for 5% decline in operating profit and 16% decrease in net profit. The company is expected to...

Tina Banerjee

Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

In my insight, I discuss DCF valuation for biotech company Upstream Bio ahead of upcoming IPO, which is expected to be priced in October

Andrei Zakharov

Sun Pharm plans to acquire Checkpoint Therapeutics for ~$200M. Sun's offer for Checkpoint seems compelling. However, the acquisition will not be...