Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Following our note on BTG’s interim results, the proposed £3.3bn all-cash acquisition by Boston Scientific was announced. Further, on 21 November, BTG and its partner Johnson & Johnson (J&J) failed to prevent the launch of generic competition to Zytiga (28% of BTG’s H1 revenue). We examine the potential impact of generic Zytiga on the transaction.

Following our note on BTG’s interim results, the proposed £3.3bn all-cash acquisition by Boston Scientific was announced. Further, on 21 November, BTG and its partner Johnson & Johnson (J&J) failed to prevent the launch of generic competition to Zytiga (28% of BTG’s H1 revenue). We examine the potential impact of generic Zytiga on the transaction.

BTG - The BTG acquisition: Small fly, big ointment

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

After the close of trading yesterday, <a href="https://www.smartkarma.com/entities/10365" target="_blank" data-smartkarma-citation="entities:10365:1">Sirtex Medical Ltd (SRX AU)</a>’s board <a href="https://www.asx.com.au/asxpdf/20180130/pdf/43r5095mw67lms.pdf" target="_blank">unanimously recommended</a> a Scheme Implementation Deed from <a href="https://www.smartkarma.com/entities/7308" target="_blank" data-smartkarma-citation="entities:7308:1">Varian Medical Systems Inc (VAR US)</a> at A$28/share, a 49% premium to the undisturbed price and a multiple of 18.6x EV/EBITDA for FY18E.This offer looks priced to complete with an expected implementation date late May. A rundown of the Scheme specifics, conditions and valuations analysis, all below the fold.

After the close of trading yesterday, Sirtex Medical Ltd (SRX AU)’s board unanimously recommended a Scheme Implementation Deed from Varian Medical Systems Inc (VAR US) at A$28/share, a 49% premium to the undisturbed price and a multiple of 18.6x EV/EBITDA for FY18E.This offer looks priced to complete with an expected implementation date late May. A rundown of the Scheme specifics, conditions and valuations analysis, all below the fold.

United Kingdom

BTG plc licenses, develops and commercializes pharmaceuticals and has a pipeline of development programs targeting neurological and other disorders, including varicose veins. The Company also has a substantial and growing revenue stream of milestone payments and royalties from out-licensed products.

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BTG PLC (BTG LN)

BTG - The BTG acquisition: Small fly, big ointment

Following our note on BTG’s interim results, the proposed £3.3bn all-cash acquisition by Boston Scientific was announced. Further, on 21 November,...

Edison Investment Research

Sirtex: A Fantastic Voyage

After the close of trading yesterday, Sirtex Medical Ltd (SRX AU)’s board unanimously recommended a Scheme Implementation Deed from Varian Medical...

David Blennerhassett

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