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Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

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<ul><li>Portfolio reshape mid-pivot—clean M&amp;A, messy pipeline. April and May arguably delivered the most significant portfolio reshape in Biogen’s recent history, accelerating the pivot from a declining MS franchise toward a diversified base spanning neurology, immunology, and rare disease.</li><li>In April, Biogen agreed to acquire TJ Biopharma’s Greater China rights to felzartamab, consolidating exclusive worldwide rights to the CD38-directed antibody in antibody-driven kidney disease.</li><li>May brought the close of the Apellis acquisition plus some clinical disappointments: CELIA Phase 2 results for diranersen (BIIB080), Biogen’s tau-targeting Alzheimer’s candidate; the failed Phase 2b LUMA readout for BIIB122, the Parkinson’s candidate partnered with Denali (NASDAQ: DNLI), which was subsequently discontinued; and the FDA review extension on the LEQEMBI IQLIK subcutaneous starting dose.</li></ul>

Portfolio reshape mid-pivot—clean M&amp;A, messy pipeline. April and May arguably delivered the most significant portfolio reshape in Biogen’s recent history, accelerating the pivot from a declining MS franchise toward a diversified base spanning neurology, immunology, and rare disease.In April, Biogen agreed to acquire TJ Biopharma’s Greater China rights to felzartamab, consolidating exclusive worldwide rights to the CD38-directed antibody in antibody-driven kidney disease.May brought the close of the Apellis acquisition plus some clinical disappointments: CELIA Phase 2 results for diranersen (BIIB080), Biogen’s tau-targeting Alzheimer’s candidate; the failed Phase 2b LUMA readout for BIIB122, the Parkinson’s candidate partnered with Denali (NASDAQ: DNLI), which was subsequently discontinued; and the FDA review extension on the LEQEMBI IQLIK subcutaneous starting dose.

BIIB: Reshaping Biogen; What the Latest Developments Tell Us About the 2027 Setup