Cerus Corporation

**Signal Note: Baker Bros. Initiates Large Position in Cerus Corporation (CERS)** Baker Bros. building a significant new position in Cerus is notable given their track record of concentrated, conviction-driven bets in biotech; Cerus's core asset is the INTERCEPT Blood System, a pathogen reduction technology for blood components, with potential catalysts tied to expanded FDA clearances (particularly red blood cells, where a pivotal trial has been ongoing) and growing hospital/blood center adoption driving revenue inflection. The position size — over 10 million shares — suggests Baker sees a near-term value unlock, likely around additional INTERCEPT RBC regulatory milestones or accelerating platelet/plasma revenue growth as the U.S. blood supply market increasingly mandates pathogen reduction. Worth monitoring upcoming quarterly revenue trajectory and any FDA communications on the red blood cell indication closely.