Global Healthcare Analyst

Tina Banerjee

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bristol-myers-squibb-co" target="_blank" data-smartkarma-citation="entities:1133:1" rel="noopener">Bristol Myers Squibb Co (BMY US)</a> is acquiring <a href="https://www.smartkarma.com/entities/karuna-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:28720:1" rel="noopener">Karuna Therapeutics Inc (KRTX US)</a> for $330/share in cash for equity value of ~$14B. The transaction is expected to close in 1H24. </li>
<li>Karuna’s lead asset, KarXT has FDA action date of September 26, 2024 for the treatment of schizophrenia in adults. KarXT has peak annual sales potential of $6–7B.</li>
<li>Considering strong clinical efficacy and favorable risk profile of KarXT, the deal seems to be fairly valued. Current market price of Karuna shares of $318.41 represents absolute spread of ~3.6%.</li>
</ul>



Bristol Myers Squibb Co (BMY US) is acquiring Karuna Therapeutics Inc (KRTX US) for $330/share in cash for equity value of ~$14B. The transaction is expected to close in 1H24. 
Karuna’s lead asset, KarXT has FDA action date of September 26, 2024 for the treatment of schizophrenia in adults. KarXT has peak annual sales potential of $6–7B.
Considering strong clinical efficacy and favorable risk profile of KarXT, the deal seems to be fairly valued. Current market price of Karuna shares of $318.41 represents absolute spread of ~3.6%.


Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 15 January, Orion Corp announced that its subsidiary PAN Orion Corp will purchase a 25.7% stake in Legochem Biosciences for 549 billion won. </li>
<li>LegoChem Bio specializes in antibody-drug conjugate (ADC) technology. Legochem Bio signed a total of 13 technology transfer contracts amounting to 8.7 trillion won in the past 9 years. </li>
<li>Most investors in Orion Corp would rather have the company focus on its core confectionery/snack business, rather than expand into high risk/high reward biotech business.</li>
</ul>


On 15 January, Orion Corp announced that its subsidiary PAN Orion Corp will purchase a 25.7% stake in Legochem Biosciences for 549 billion won. 
LegoChem Bio specializes in antibody-drug conjugate (ADC) technology. Legochem Bio signed a total of 13 technology transfer contracts amounting to 8.7 trillion won in the past 9 years. 
Most investors in Orion Corp would rather have the company focus on its core confectionery/snack business, rather than expand into high risk/high reward biotech business.


Orion Corp: Concerns About Diversification into LegoChem Bioscience

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

<ul><li>AbbVie managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Skyrizi and Rinvoq are exhibiting exceptional growth in immunology, with sales for both treatments increasing over the previous year.</li><li>Skyrizi and Rinvoq are now approved across ten significant indications and are projecting combined revenue growth this year.</li></ul>

AbbVie managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.Skyrizi and Rinvoq are exhibiting exceptional growth in immunology, with sales for both treatments increasing over the previous year.Skyrizi and Rinvoq are now approved across ten significant indications and are projecting combined revenue growth this year.

AbbVie Inc.: Interesting Advancements In Several Preclinical & Early-stage Clinical Assets – Key Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> has launched Humira biosimilar Yuflyma in the U.S. market, with a list price of $6,576.50 per month, 5% cheaper than Humira.</li>
<li>Yuflyma is a citrate-free formulation that is highly concentrated. More than 80% of patients treated with Humira in the U.S. rely on a high-concentration and citrate-free formulation.</li>
<li>Celltrion has submitted marketing application to the FDA for Eylea biosimilar candidate, CT-P42. The company plans to file for approval for the same in Europe and other countries later.</li>
</ul>



Celltrion Inc (068270 KS) has launched Humira biosimilar Yuflyma in the U.S. market, with a list price of $6,576.50 per month, 5% cheaper than Humira.
Yuflyma is a citrate-free formulation that is highly concentrated. More than 80% of patients treated with Humira in the U.S. rely on a high-concentration and citrate-free formulation.
Celltrion has submitted marketing application to the FDA for Eylea biosimilar candidate, CT-P42. The company plans to file for approval for the same in Europe and other countries later.


Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

<ul><li>AbbVie delivered a decent result in the first quarter of the year with revenues above Wall Street expectations and earnings in line with the analyst consensus.</li><li>Skyrizi and Rinvoq continued to perform well in the first quarter and are still on track to produce more than $11 billion in combined sales this year.</li><li>Growth rates for both products in the first quarter are in line with the company's estimation for the entire year.</li></ul>

AbbVie delivered a decent result in the first quarter of the year with revenues above Wall Street expectations and earnings in line with the analyst consensus.Skyrizi and Rinvoq continued to perform well in the first quarter and are still on track to produce more than $11 billion in combined sales this year.Growth rates for both products in the first quarter are in line with the company's estimation for the entire year.

AbbVie Inc.: Is The CytomX Collaboration Failure A Big Setback? – Key Drivers

United States

AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including Multiple Sclerosis, Parkinson's, and Alzheimer's disease.

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Abbvie Inc (ABBV US)

Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity

BMS is acquiring Karuna Therapeutics for $330/share in cash, with the deal expected to close in 1H24. Current market price of Karuna shares...

Tina Banerjee

Orion Corp: Concerns About Diversification into LegoChem Bioscience

Orion Corp's investment in LegoChem Bio raises concerns about diversification into risky biotech business. Investors would rather have Orion Corp...

Douglas Kim

AbbVie Inc.: Interesting Advancements In Several Preclinical & Early-stage Clinical Assets – Key Drivers

AbbVie managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. Skyrizi and Rinvoq are exhibiting...

Baptista Research

Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

Celltrion has launched Humira biosimilar Yuflyma in the US, with a list price of $6,576.50 per month, 5% cheaper than Humira. The company filed for...

Tina Banerjee

AbbVie Inc.: Is The CytomX Collaboration Failure A Big Setback? – Key Drivers

AbbVie delivered a decent result in the first quarter of the year with revenues above Wall Street expectations and earnings in line with the...

Baptista Research

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Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity

​BMS is acquiring Karuna Therapeutics for $330/share in cash, with the deal expected to close in 1H24. Current market price of Karuna shares...

Tina Banerjee

Orion Corp: Concerns About Diversification into LegoChem Bioscience

Orion Corp's investment in LegoChem Bio raises concerns about diversification into risky biotech business. Investors would rather have Orion Corp...

Douglas Kim

AbbVie Inc.: Interesting Advancements In Several Preclinical & Early-stage Clinical Assets – Key Drivers

AbbVie managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. Skyrizi and Rinvoq are exhibiting...

Baptista Research

Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

Celltrion has launched Humira biosimilar Yuflyma in the US, with a list price of $6,576.50 per month, 5% cheaper than Humira. The company filed for...

Tina Banerjee

AbbVie Inc.: Is The CytomX Collaboration Failure A Big Setback? – Key Drivers

AbbVie delivered a decent result in the first quarter of the year with revenues above Wall Street expectations and earnings in line with the...

Baptista Research

BMS is acquiring Karuna Therapeutics for $330/share in cash, with the deal expected to close in 1H24. Current market price of Karuna shares...