, By, Mesirow Equity Management, |, Caleb Ezell, Senior Vice President Research Analyst and, Leo Harmon, CFA CAIA Chief Investment Officer Portfolio Manager, A catalyst for healthcare innovation and strategic investment opportunities, The emergence of GLP-1 (glucagon-like peptide-1 agonist drugs is driving a significant transformation in the treatment of obesity and type 2 diabetes GLP-1 agonist drugs act on certain receptors in the body to lower serum glucose levels slow digestion and curb appetite While recognized for their efficacy in weight loss and glycemic control these drugs are poised to have profound second-order and…, Ozempic, (semiglutide injection, Rybelsus, (semiglutide tablets, Wegovy, (semiglutide injection, Mounjaro, (tirzepatide injection US $936 $936 $1349 $1023 Japan $169 $69 – $319 Canada $147 $158 – – Switzerland $144 $147 – – Germany $103 – $328 – Netherlands $103 $203 $296 $444 Sweden $96 $103 – – United Kingdom $93 – – – Australia $87 – – – France $83 – – – Source Peterson-KFF Health System Tracker KFF analysis of country websites (see Methods section Note List prices in $USD based on web searches as…, From injectable to oral Reducing barriers to access and accelerating uptake, One of the most significant developments on the GLP-1 horizon is the transition from injectable to oral formulations which could occur as soon as 2026 based on current development timelines This shift is expected to be a game-changer in terms of reducing barriers to adoption and accelerating the global uptake of GLP-1 therapies for several reasons, Enhanced patient compliance, Injectable medications while effective often face resistance from patients due to the discomfort and inconvenience associated with regular injections , Broadened patient demographics, Oral formulations are expected to appeal to a broader demographic including those who are needle-averse or who have difficulty managing injectable treatments, Accelerated market penetration, The ease of use associated with oral medications is anticipated to drive faster market penetration As oral GLP-1 drugs become available healthcare providers are likely to prescribe them more readily especially for patients who were previously hesitant to start on injectable therapies, Improved coverage and affordability, The transition from injectable to oral GLP-1 formulations is also expected to have a substantial impact on pricing dynamics and insurance coverage Oral formulations are anticipated to enter the market at a 10–20% lower price point compared to injectables which coupled with broader insurance coverage will increase accessibility for a larger patient population Further competition in the marketplace…, Healthcare Services and Providers, We maintain a preference for Healthcare Services companies that are exposed to secular growth themes in the ambulatory surgical environment as well as providers with concentrated exposure to non-GLP-1 impacted market segments (eg behavioral health radiology reproductive health and senior living One current investment is Surgery Partners Inc (SGRY a leading pure-play operator of ambulatory…, Medical Devices and Diagnostics, We took advantage of the broad GLP-1-driven sell-off in MedTech last summer to increase exposure to stocks with idiosyncratic catalysts new product launches durable pricing power and/or margin expansion opportunities at attractive relative and absolute valuations while avoiding names with material near-term thematic and fundamental risks associated with ongoing clinical trial results and…, Biopharma, Currently opportunities for direct investment into the biopharma companies commercializing GLP-1-related therapies remain relatively limited given that the space is dominated by large pharma companies such as Ely Lilly and Novo Nordisk (LLY NVO and smaller biotech companies that have no earnings and in many cases do not even have revenues However given the tremendous size of the market…, Healthcare Technology, While large pharmacy benefit managers (PBMs and distributors might face cost pressures we believe smaller technology-driven companies that provide niche services such as personalized patient management platforms or cost-containment solutions tailored to GLP-1 therapies provide potential investment opportunities These companies are more agile and can carve out specialized roles in the evolving…, R&D and Innovation, We are exploring opportunities within the Life Science Tools subsector with firms that offer valuable and unique R&D and manufacturing services to the biopharma companies that are developing and commercializing GLP-1 therapies Given the rapid and robust growth in demand for these products we are seeing notable investments being made in identification and development of new pipeline candidates…, Investing in the growth of AI,       Identifying value in an overheated market requires human ingenuity Read the Insight   Past performance is not necessarily indicative of future results | Mesirow Equity Management is a division of Mesirow Institutional Investment Management Inc an SEC-registered investment advisor | FOR INSTITUTIONAL EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY As of 9302024 Mesirow Equity Management owned…

February 27 2024 | By, Mesirow Currency Management,  , Is gold the cause or consequence of peace and prosperity, One link that connects generations and joins ancient societies to modern ones is money People no matter the era need to trade save and guard against uncertainty  Gold was a popular form of money for thousands of years until it fell out of favor in the 1970s Fifty years later gold is attempting a comeback In July 2023 Russia caused a sensation when it announced plans for a gold-back currency…,  , Up next, Our second article on gold as money W e talk about the aftermath of World War I How did gold affect the worlds desire for peace and harmony  , Explore, Cryptocurrencies and Tokenization, Distributed ledger technology fosters digitization of just about everything Read article, Futures overlays for investors, Hedge Share Class Investors Grapple with Shorter (T+1 Security Settlement Cycle Read article

Greg McKee is a senior managing director in Mesirow Institutional Sales and Trading He currently works as a corporate bond trader servicing and providing liquidity for the firm’s institutional customers Greg has more than 12 years of experience in institutional sales and trading Prior to joining Mesirow in 2008 he was an analyst at Lehman Brothers in their fixed income sales department Greg is…

Gregg Lunceford is a Managing Director and Wealth Advisor in Mesirow Wealth Management He works with individuals families organizations athletes and business owners to help them create comprehensive financial planning strategies designed to accumulate grow protect and distribute their wealth  Gregg has 32 years of experience in the financial services industry Prior to joining Mesirow in 2017 he…