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>In a bold strategic step, Halozyme Therapeutics announced its agreement to acquire Boston-based drug delivery innovator Elektrofi for $750 million in cash, with up to $150 million more in milestone payments tied to three product approvals.</li><li>The acquisition is expected to close in Q4 2025 and is being financed through a mix of cash reserves and debt, raising Halozyme’s net leverage to approximately 2x net debt-to-EBITDA.</li><li>The move complements Halozyme’s existing ENHANZE platform with Elektrofi’s Hypercon technology, which enables ultra-high biologic concentrations of 400–500 mg/mL—4–5x above current industry norms—allowing for subcutaneous administration of large-molecule drugs in smaller volumes.</li></ul>

In a bold strategic step, Halozyme Therapeutics announced its agreement to acquire Boston-based drug delivery innovator Elektrofi for $750 million in cash, with up to $150 million more in milestone payments tied to three product approvals.The acquisition is expected to close in Q4 2025 and is being financed through a mix of cash reserves and debt, raising Halozyme’s net leverage to approximately 2x net debt-to-EBITDA.The move complements Halozyme’s existing ENHANZE platform with Elektrofi’s Hypercon technology, which enables ultra-high biologic concentrations of 400–500 mg/mL—4–5x above current industry norms—allowing for subcutaneous administration of large-molecule drugs in smaller volumes.

Halozyme's $900M Hypercon Bet: Will Elektrofi Redefine SubQ Drug Delivery?