Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Event-Driven

<p>Japanese pharma firm <a href="https://www.smartkarma.com/entities/11747" target="_blank" data-smartkarma-citation="entities:11747:1">Takeda Pharmaceutical Co Ltd (4502 JP)</a> said it is officially considering making an offer for diversified rare-disease-focused <a href="https://www.smartkarma.com/entities/22142" target="_blank" data-smartkarma-citation="entities:22142:1">Shire PLC (SHP LN)</a> in what would probably be a merger of equals (both companies have recently traded around the $40 billion market cap level). We are maintaining our fair value estimates for both until we see evidence that discussions are advancing; an official offer is expected in April. While we see Takeda's shares as fairly valued, we’ve seen…</p>

Japanese pharma firm Takeda Pharmaceutical Co Ltd (4502 JP) said it is officially considering making an offer for diversified rare-disease-focused Shire PLC (SHP LN) in what would probably be a merger of equals (both companies have recently traded around the $40 billion market cap level). We are maintaining our fair value estimates for both until we see evidence that discussions are advancing; an official offer is expected in April. While we see Takeda's shares as fairly valued, we’ve seen…

Takeda Considers Swallowing Shire, a Somewhat Surprising Move That Could Make Strategic Sense

Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

Equity Bottom-Up

<h2>Core coverage <strong>– relative valuations </strong>
</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/049/367/original/core%20coverage.PNG?1523424273" class="editor-image img-responsive" data-smartkarma-image-id="49367"></figure><div class="content-caption">Price as on March 26, 2018<br>*Financial year of Otsula, Chugai and KHK ends in December</div><h2><strong><a href="https://www.smartkarma.com/entities/11747" target="_blank" data-smartkarma-citation="entities:11747">Takeda Pharmaceutical Co Ltd (4502 JP)</a> </strong></h2><p>(NB: Pre-Shire announcement | Pro-Forma analysis to be published shortly) <br>OW | CMP ¥ 5,550| TP ¥ 6,600</p><table class="table table-striped"><tbody>
<tr>
<td><strong>Key drivers / highlights</strong></td>
<td><ul><li>Currently marketed drugs including <strong>Entyvio </strong>(vedolizumab, in-house), <strong>Ninlaro </strong>(ixazomib,in-house), <strong>Trintellix</strong> (vortioxetine, co-develop with Lundbeck) &amp; <strong>Takecab </strong>(vonoprazan, developed in-house) to drive topline over…</li></ul></td>
</tr>
</tbody></table>

Core coverage – relative valuations 
Price as on March 26, 2018 *Financial year of Otsula, Chugai and KHK ends in DecemberTakeda Pharmaceutical Co Ltd (4502 JP) (NB: Pre-Shire announcement | Pro-Forma analysis to be published shortly)  OW | CMP ¥ 5,550| TP ¥ 6,600

Key drivers / highlights
Currently marketed drugs including Entyvio (vedolizumab, in-house), Ninlaro (ixazomib,in-house), Trintellix (vortioxetine, co-develop with Lundbeck) &amp; Takecab (vonoprazan, developed in-house) to drive topline over…



Healthcare Specialist

Winnie Wong

<p>On 12 March 2018, <a href="https://www.smartkarma.com/entities/972" target="_blank" data-smartkarma-citation="entities:972:1">Biogen Inc (BIIB US)</a> announced an <a href="https://www.businesswire.com/news/home/20180312005361/en/Biogen-Acquire-Pfizer-First-in-Class-Phase-2b-Ready" target="_blank">agreement</a> to acquire <a href="https://www.smartkarma.com/entities/1131" target="_blank" data-smartkarma-citation="entities:1131:1">Pfizer Inc (PFE US)</a>'s first-in-class, Phase 2b ready AMPA receptor potentiator, <strong>PF-04958242</strong>, for cognitive impairment associated with schizophrenia (CIAS).   The deal will include an upfront payment of $75 million plus potential milestones of up to $515 million, as well as tiered royalties in the low to mid-teen percentages.  Biogen aims to initiate a Phase 2b trial in the second half of 2018.  </p><p>Globally there are over <a href="http://www.who.int/mental_health/management/schizophrenia/en/" target="_blank">21</a>…</p>

On 12 March 2018, Biogen Inc (BIIB US) announced an agreement to acquire Pfizer Inc (PFE US)'s first-in-class, Phase 2b ready AMPA receptor potentiator, PF-04958242, for cognitive impairment associated with schizophrenia (CIAS).   The deal will include an upfront payment of $75 million plus potential milestones of up to $515 million, as well as tiered royalties in the low to mid-teen percentages.  Biogen aims to initiate a Phase 2b trial in the second half of 2018.  Globally there are over 21…

Standing Alone in the Ampakines Pipeline: Biogen Sees Potential in Pfizer's Neuropsychiatry Asset

<p><a href="https://www.smartkarma.com/entities/15060" target="_blank" data-smartkarma-citation="entities:15060:1">Nektar Therapeutics (NKTR US)</a> 's share price soared 11.02% to $84 on Wednesday after it <a href="http://ir.nektar.com/news-releases/news-release-details/bristol-myers-squibb-and-nektar-therapeutics-announce-global" target="_blank">announced</a> the world's largest ever biotech deal with <a href="https://www.smartkarma.com/entities/1133" target="_blank" data-smartkarma-citation="entities:1133:1">Bristol Myers Squibb Co (BMY US)</a> (up 2.32%) to jointly develop and commercialise Nektar's NKTR-214 with Bristol's blockbuster cancer drug Opdivo and CTLA-4 drug Yervoy.</p><h2>Deal Highlights</h2><p>Netkar will receive total upfront payments of $1.85 billion, consisting of $1 billion in cash and $850 million in equity.  Bristol will purchase 8.3 million shares of Netkar at…</p>

Nektar Therapeutics (NKTR US) 's share price soared 11.02% to $84 on Wednesday after it announced the world's largest ever biotech deal with Bristol Myers Squibb Co (BMY US) (up 2.32%) to jointly develop and commercialise Nektar's NKTR-214 with Bristol's blockbuster cancer drug Opdivo and CTLA-4 drug Yervoy.Deal HighlightsNetkar will receive total upfront payments of $1.85 billion, consisting of $1 billion in cash and $850 million in equity.  Bristol will purchase 8.3 million shares of Netkar at…

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

<p>With 3Q Earning Season basically done, we looked back to see which names have done well in the first 3Q and are well positioned to beat full-year guidance / consensus and which ones are not. We first screened for names that have already achieved more than 100% of current Net Income consensus estimates.</p><p><a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank Group Corp (9984 JP)</a> tops this list having already achieved 266% of full-year consensus net income. As of 3 quarters, Softbank has achieved ¥1tn of Net Income. This is compared to…</p>

With 3Q Earning Season basically done, we looked back to see which names have done well in the first 3Q and are well positioned to beat full-year guidance / consensus and which ones are not. We first screened for names that have already achieved more than 100% of current Net Income consensus estimates.Softbank Group Corp (9984 JP) tops this list having already achieved 266% of full-year consensus net income. As of 3 quarters, Softbank has achieved ¥1tn of Net Income. This is compared to…

With 3Q Earnings Pretty Much Done Which Names Are Best / Worst Position for Full-Year End....

Japan

Takeda Pharmaceutical Co Ltd focuses on the Research & Development, Manufacturing, Sales and Marketing and Import/Export of Pharmaceutical Drugs. The Company focuses on the following core therapeutic areas: Cardiovascular & Metabolic, Oncology, Central Nervous System, Respiratory & Immunology, General Medicine (Gastrointestinal & Genitourinary) and Vaccine.

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Takeda Pharmaceutical (4502 JP)

Takeda Considers Swallowing Shire, a Somewhat Surprising Move That Could Make Strategic Sense

Japanese pharma firm Takeda Pharmaceutical Co Ltd (4502 JP) said it is officially considering making an offer for diversified rare-disease-focused...

Morningstar, Inc.

Japan Pharmaceutical - Sector Overview

Core coverage – relative valuations Takeda Pharmaceutical Co Ltd (4502 JP) (NB: Pre-Shire announcement | Pro-Forma analysis to be published...

Dion Stéfan Büchner M.D., FCAP

Standing Alone in the Ampakines Pipeline: Biogen Sees Potential in Pfizer's Neuropsychiatry Asset

On 12 March 2018, Biogen Inc (BIIB US) announced an agreement to acquire Pfizer Inc (PFE US)'s first-in-class, Phase 2b ready AMPA receptor...

Winnie Wong

Nektar: New Pathways To Smarter Deals?

Nektar Therapeutics (NKTR US) 's share price soared 11.02% to $84 on Wednesday after it announced the world's largest ever biotech deal with...

Winnie Wong

With 3Q Earnings Pretty Much Done Which Names Are Best / Worst Position for Full-Year End....

With 3Q Earning Season basically done, we looked back to see which names have done well in the first 3Q and are well positioned to beat full-year...

Custom Products Group

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