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 Capital Markets

<ul><li>Gilead Sciences continues to witness strong growth backed by its Covid-19 drug, Veklury (remdesivir) which contributed a staggering $829 million to the quarter’s revenues.</li><li>The pharma major lost exclusivity on two of its key HIV drugs viz.</li><li>The management believes that its market share in the HIV market is steady despite the generics entering the market.</li></ul>

Gilead Sciences continues to witness strong growth backed by its Covid-19 drug, Veklury (remdesivir) which contributed a staggering $829 million to the quarter’s revenues.The pharma major lost exclusivity on two of its key HIV drugs viz.The management believes that its market share in the HIV market is steady despite the generics entering the market.

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>The intensive procurement of high-value orthopedic consumables officially kicked off.</li>
<li>Recently, the National Health Commission issued related document about the long-term prescription management.</li>
<li>In the past three years, the domestic patch-type medical skin repair dressing market has grown rapidly, with a CAGR exceeding 40%.</li>
</ul>Company news:News about the updated progress of new drugs and sites inspections from <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>, <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a> and <a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK).</a>Market review:Last week, stock price for healthcare sector in A share decreased 0.89%, while CSI 300 decreased 2.45% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The intensive procurement of high-value orthopedic consumables officially kicked off.
Recently, the National Health Commission issued related document about the long-term prescription management.
In the past three years, the domestic patch-type medical skin repair dressing market has grown rapidly, with a CAGR exceeding 40%.
Company news:News about the updated progress of new drugs and sites inspections from Antengene (6996 HK), Wuxi Biologics (2269 HK), BeiGene Ltd (6160 HK) and Everest Medicines (1952 HK).Market review:Last week, stock price for healthcare sector in A share decreased 0.89%, while CSI 300 decreased 2.45% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Everest Medicines / Equity Capital Markets

The valuation of pre-revenue biotechnology companies is, at best, an imprecise exercise. The traditional valuation tools (DCF, peer company comparisons, M&amp;A valuations) still apply, but require some modifications to reflect the unique circumstances. One tool is to consider the company's valuation in the context of the "step-up" from its last funding round to the pre-money valuation for the IPO. This Insight analyzes this data for pre-revenue biotechnology companies that have listed under the HKEX's "Biotech Chapter" and how investors can use this data to frame their analysis of these deals.

The valuation of pre-revenue biotechnology companies is, at best, an imprecise exercise. The traditional valuation tools (DCF, peer company comparisons, M&amp;A valuations) still apply, but require some modifications to reflect the unique circumstances. One tool is to consider the company's valuation in the context of the "step-up" from its last funding round to the pre-money valuation for the IPO. This Insight analyzes this data for pre-revenue biotechnology companies that have listed under the HKEX's "Biotech Chapter" and how investors can use this data to frame their analysis of these deals.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

A clinical-stage biotech company Kronos Bio, founded by partners and executives from Two River Group, priced its IPO of ~13.1 million shares at price of $19 a share or IPO valuation of ~$1.2B at above the price range. We estimate net proceeds from the offering to reach ~$231 million. Lead underwriters are Goldman Sachs, Jefferies, Cowen and Piper Sandler.Kronos Bio was backed by investment and venture capital firms Omega Funds, Vida Ventures, Perceptive Advisors, GV (formerly Google Ventures), Polaris Partners, Invus and established global asset managers Fidelity Investments, T. Rowe Price and Blackrock. According to Crunchbase, Kronos Bio raised ~$278M from sales of preferred stock and convertible debt.

A clinical-stage biotech company Kronos Bio, founded by partners and executives from Two River Group, priced its IPO of ~13.1 million shares at price of $19 a share or IPO valuation of ~$1.2B at above the price range. We estimate net proceeds from the offering to reach ~$231 million. Lead underwriters are Goldman Sachs, Jefferies, Cowen and Piper Sandler.Kronos Bio was backed by investment and venture capital firms Omega Funds, Vida Ventures, Perceptive Advisors, GV (formerly Google Ventures), Polaris Partners, Invus and established global asset managers Fidelity Investments, T. Rowe Price and Blackrock. According to Crunchbase, Kronos Bio raised ~$278M from sales of preferred stock and convertible debt.

Kronos Bio IPO. Gilead’s SYK Inhibitor Portfolio Will Boost The Pipeline

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: NTT Docomo, Evergrande Properties/Auto, Wilmar, Swire, Immunomedics

United States

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases.  The Company's primary areas of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions.

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Gilead Sciences (GILD US)

Gilead Sciences Inc. - Investment Thesis

Gilead Sciences continues to witness strong growth backed by its Covid-19 drug, Veklury (remdesivir) which contributed a staggering $829 million...

Baptista Research

China Healthcare Weekly (Apr.9)

The article analyzed intensive procurement of high-value orthopedic consumables,new policy about long-term prescription management,the patch-type...

Xinyao (Criss) Wang

What HKEX Biotech "Step-Ups" Can Tell Us

This Insight explains the concept of valuation "step-ups" for pre-revenue biotechnology companies listing on the HKEX and how to use this data to...

Kemp Dolliver, CFA

Kronos Bio IPO. Gilead’s SYK Inhibitor Portfolio Will Boost The Pipeline

A clinical-stage biotech company Kronos Bio, founded by partners and executives from Two River Group, priced its IPO of ~13.1 million shares at...

Andrei Zakharov

Last Week in Event SPACE: NTT Docomo, Evergrande Properties/Auto, Wilmar, Swire, Immunomedics

Last Week in Event SPACE ... Plus, other events, CCASS movements and Mood Spins. (This insight covers specific insights & comments...

David Blennerhassett

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