Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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>Biogen entered 2026 with a stronger operating backdrop than it had a year earlier, reporting fourth-quarter and full-year 2025 results slightly above guidance, $3.3 billion in growth-product revenue, and a late-stage pipeline that management increasingly frames as the bridge to its next phase of expansion.</li><li>Against that backdrop, Biogen’s March 31, 2026 agreement to acquire Apellis adds a new layer to that strategy.</li><li>The proposed deal would bring in two commercialized complement medicines, EMPAVELI and SYFOVRE, for an upfront equity value of about $5.6 billion, plus contingent value rights tied to SYFOVRE sales milestones.</li></ul>

Biogen entered 2026 with a stronger operating backdrop than it had a year earlier, reporting fourth-quarter and full-year 2025 results slightly above guidance, $3.3 billion in growth-product revenue, and a late-stage pipeline that management increasingly frames as the bridge to its next phase of expansion.Against that backdrop, Biogen’s March 31, 2026 agreement to acquire Apellis adds a new layer to that strategy.The proposed deal would bring in two commercialized complement medicines, EMPAVELI and SYFOVRE, for an upfront equity value of about $5.6 billion, plus contingent value rights tied to SYFOVRE sales milestones.

Biogen Acquisition Shock: Why The $5.6B Apellis Deal Could Be A Game-Changer!

Biogen Inc

Biogen Acquisition Shock: Why The $5.6B Apellis Deal Could Be A Game-Changer!