Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharma outlicensed XH-S004 to Expedition Therapeutics for $120M upfront and milestone payment. Remegen’s drug candidate met primary endpoint in Phase 3 trial for Sjögren's syndrome in China.</li>
<li>Astellas Pharma announced positive topline results from the Phase 3 trial evaluating Padcev in bladder cancer. Daewoong Pharmaceutical announced positive result for their self-developed semaglutide microneedle patch.</li>
<li>Zydus Lifesciences received FDA approval for chest pain drug Diltiazem Hydrochloride tablets. Lupin has partnered with Sandoz to market and commercialize Lupin’s biosimilar ranibizumab across multiple regions.</li>
</ul>


Fosun Pharma outlicensed XH-S004 to Expedition Therapeutics for $120M upfront and milestone payment. Remegen’s drug candidate met primary endpoint in Phase 3 trial for Sjögren's syndrome in China.
Astellas Pharma announced positive topline results from the Phase 3 trial evaluating Padcev in bladder cancer. Daewoong Pharmaceutical announced positive result for their self-developed semaglutide microneedle patch.
Zydus Lifesciences received FDA approval for chest pain drug Diltiazem Hydrochloride tablets. Lupin has partnered with Sandoz to market and commercialize Lupin’s biosimilar ranibizumab across multiple regions.


APAC Healthcare Weekly (Aug 17) – Fosun Pharma, Remegen, Astellas, Daewoong Pharma, Zydus, Lupin

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Bottom-Up

<ul>
<li>Natco specializes in complex generics with a catalogue of 30 Para IV filings (14 approved), demonstrating strong R&amp;D expertise and a track record of successful high-value launches most prominently gRevlimid.</li>
<li>Its current pipeline include potential blockbuster drugs like generic versions of Evrysdi, Ozempic/Wegovy (GLP-1), Kyprolis, and Imbruvica, which could drive future growth and offset concerns about declining Revlimid revenues post-FY26.</li>
<li>We estimate Natco (ex-Revlimid) can generate ~2,500cr in revenues with profit of 320-350cr. Its 3,500cr cash-in-hand, Para IV optionalities and NCE investments (Gene therapy) make its current valuation attractive.</li>
</ul>


Natco specializes in complex generics with a catalogue of 30 Para IV filings (14 approved), demonstrating strong R&amp;D expertise and a track record of successful high-value launches most prominently gRevlimid.
Its current pipeline include potential blockbuster drugs like generic versions of Evrysdi, Ozempic/Wegovy (GLP-1), Kyprolis, and Imbruvica, which could drive future growth and offset concerns about declining Revlimid revenues post-FY26.
We estimate Natco (ex-Revlimid) can generate ~2,500cr in revenues with profit of 320-350cr. Its 3,500cr cash-in-hand, Para IV optionalities and NCE investments (Gene therapy) make its current valuation attractive.


Natco Pharma (NTCPH IN): Getting Ready for the Next Moonshot

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.

<ul><li>Viatris's Q3 2024 results showcased key elements both bolstering and challenging its financial position.</li><li>Notably, the company delivered significant revenue growth, with total revenues reaching $3.8 billion, a 3% increase on an operational basis.</li><li>Additionally, Viatris achieved its sixth consecutive quarter of growth in terms of adjusted EBITDA and adjusted earnings per share (EPS).</li></ul>

Viatris's Q3 2024 results showcased key elements both bolstering and challenging its financial position.Notably, the company delivered significant revenue growth, with total revenues reaching $3.8 billion, a 3% increase on an operational basis.Additionally, Viatris achieved its sixth consecutive quarter of growth in terms of adjusted EBITDA and adjusted earnings per share (EPS).

Viatris Inc.: Expansion of Innovative Portfolio As A Vital Factor Driving Growth! - Major Drivers

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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.

Equity Capital Markets

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$130m in its India IPO.</li>
<li>It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$130m in its India IPO.
It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we talk about the company’s historical performance.


Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

<ul><li>Viatris has delivered a solid performance in the second quarter of 2024, marking the fifth consecutive quarter of operational revenue growth.</li><li>Under the leadership of CEO Scott Smith, the company, which was formed from the merging of Mylan and Upjohn, a division of Pfizer, has effectively integrated two global entities and streamlined its operations through strategic divestitures.</li><li>This strategic realignment has evidently positioned Viatris at a pivotal point for future growth, focusing strongly on expanding its innovative products alongside its stable base business.</li></ul>

Viatris has delivered a solid performance in the second quarter of 2024, marking the fifth consecutive quarter of operational revenue growth.Under the leadership of CEO Scott Smith, the company, which was formed from the merging of Mylan and Upjohn, a division of Pfizer, has effectively integrated two global entities and streamlined its operations through strategic divestitures.This strategic realignment has evidently positioned Viatris at a pivotal point for future growth, focusing strongly on expanding its innovative products alongside its stable base business.

Viatris Inc.: Unlocking The Dry Eye Disease Market With Tyrvaya! - Major Drivers

United States

Viatris Inc. operates as a pharmaceutical company. The Company produces medicines for patients across broad range of major therapeutic areas spanning both noncommunicable and infectious diseases. Viatris serves clients worldwide.

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Viatris (VTRS US)

APAC Healthcare Weekly (Aug 17) – Fosun Pharma, Remegen, Astellas, Daewoong Pharma, Zydus, Lupin

Astellas, Remegen, and Daewoong Pharma announced positive trial results for their respective drug candidates. Fosun Pharma stuck outlicensing deal....

Tina Banerjee

Natco Pharma (NTCPH IN): Getting Ready for the Next Moonshot

Natco excels in complex generics, with a strong R&D track record and potential blockbuster drugs in its pipeline, positioning it for future growth...

Himanshu Dugar

Viatris Inc.: Expansion of Innovative Portfolio As A Vital Factor Driving Growth! - Major Drivers

Viatris's Q3 2024 results showcased key elements both bolstering and challenging its financial position. Notably, the company delivered...

Baptista Research

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Viatris Inc.: Unlocking The Dry Eye Disease Market With Tyrvaya! - Major Drivers

Viatris has delivered a solid performance in the second quarter of 2024, marking the fifth consecutive quarter of operational revenue...

Baptista Research

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APAC Healthcare Weekly (Aug 17) – Fosun Pharma, Remegen, Astellas, Daewoong Pharma, Zydus, Lupin

Astellas, Remegen, and Daewoong Pharma announced positive trial results for their respective drug candidates. Fosun Pharma stuck outlicensing deal....

Tina Banerjee

Natco Pharma (NTCPH IN): Getting Ready for the Next Moonshot

​Natco excels in complex generics, with a strong R&D track record and potential blockbuster drugs in its pipeline, positioning it for future growth...

Himanshu Dugar

Viatris Inc.: Expansion of Innovative Portfolio As A Vital Factor Driving Growth! - Major Drivers

Viatris's Q3 2024 results showcased key elements both bolstering and challenging its financial position. Notably, the company delivered...

Baptista Research

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Viatris Inc.: Unlocking The Dry Eye Disease Market With Tyrvaya! - Major Drivers

Viatris has delivered a solid performance in the second quarter of 2024, marking the fifth consecutive quarter of operational revenue...

Baptista Research

Natco excels in complex generics, with a strong R&D track record and potential blockbuster drugs in its pipeline, positioning it for future growth...