IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a> IE considers <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a>’s A$3.00 offer fair and reasonable as it is within its A$2.79-A$3.28 per share valuation range.</li>
<li>The scheme remains conditional on shareholders' (Probiotec and Pyridam), FIRB, and OJK approvals. Probiotec can also pay a permitted dividend of up to A$0.04 per share.</li>
<li>The gross spread of 4.9% (6.3% including dividends) reflects doubts about Pyridam’s funding credibility, as Pyridam’s market cap is 16% of Probiotec’s implied by the offer.</li>
</ul>


The Probiotec Ltd (PBP AU) IE considers Pyridam Farma (PYFA IJ)’s A$3.00 offer fair and reasonable as it is within its A$2.79-A$3.28 per share valuation range.
The scheme remains conditional on shareholders' (Probiotec and Pyridam), FIRB, and OJK approvals. Probiotec can also pay a permitted dividend of up to A$0.04 per share.
The gross spread of 4.9% (6.3% including dividends) reflects doubts about Pyridam’s funding credibility, as Pyridam’s market cap is 16% of Probiotec’s implied by the offer.


Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

On Friday post market close, S&amp;P Dow Jones announced the results of the September review for the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a> that will be effective after the close of trading on 17 September.There are 3 inclusion -  <a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a>, <a href="https://www.smartkarma.com/entities/ceridian-hcm-holding-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Ceridian HCM Holding Inc (CDAY US)</a> and <a href="https://www.smartkarma.com/entities/brown-brown-inc" target="_blank" data-smartkarma-citation="entities:19532:1" rel="noopener">Brown &amp; Brown (BRO US)</a>, while the exclusions are <a href="https://www.smartkarma.com/entities/unum-group" target="_blank" data-smartkarma-citation="entities:2521:1" rel="noopener">Unum Group (UNM US)</a>, <a href="https://www.smartkarma.com/entities/national-oilwell-varco-inc" target="_blank" data-smartkarma-citation="entities:3046:1" rel="noopener">National Oilwell Varco (NOV US)</a> and <a href="https://www.smartkarma.com/entities/perrigo-co-plc" target="_blank" data-smartkarma-citation="entities:869:1" rel="noopener">Perrigo Co Plc (PRGO US)</a>.There are inclusions/exclusions to the S&amp;P MidCap 400 and the S&amp;P SmallCap 600 as well.The stocks with the largest impact from passive buying are <a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a>, <a href="https://www.smartkarma.com/entities/tandem-diabetes-care-inc" target="_blank" data-smartkarma-citation="entities:20893:1" rel="noopener">Tandem Diabetes Care (TNDM US)</a>, <a href="https://www.smartkarma.com/entities/brown-brown-inc" target="_blank" data-smartkarma-citation="entities:19532:1" rel="noopener">Brown &amp; Brown (BRO US)</a>, UniqureNV (QURE US) and <a href="https://www.smartkarma.com/entities/ceridian-hcm-holding-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Ceridian HCM Holding Inc (CDAY US)</a>.The stocks with the largest impact from passive selling are <a href="https://www.smartkarma.com/entities/united-insurance-holdings-corp" target="_blank" data-smartkarma-citation="entities:19222:1" rel="noopener">United Insurance Holdings (UIHC US)</a>, <a href="https://www.smartkarma.com/entities/team-inc" target="_blank" data-smartkarma-citation="entities:6811:1" rel="noopener">Team Inc (TISI US)</a>, <a href="https://www.smartkarma.com/entities/unum-group" target="_blank" data-smartkarma-citation="entities:2521:1" rel="noopener">Unum Group (UNM US)</a>, <a href="https://www.smartkarma.com/entities/perrigo-co-plc" target="_blank" data-smartkarma-citation="entities:869:1" rel="noopener">Perrigo Co Plc (PRGO US)</a> and <a href="https://www.smartkarma.com/entities/national-oilwell-varco-inc" target="_blank" data-smartkarma-citation="entities:3046:1" rel="noopener">National Oilwell Varco (NOV US)</a>.There are a lot of other stocks that will have a lot to buy/sell from passive funds due to changes in the number of shares and free float and due to funding flows.

On Friday post market close, S&amp;P Dow Jones announced the results of the September review for the S&amp;P 500 (SPX INDEX) that will be effective after the close of trading on 17 September.There are 3 inclusion -  Match Group Inc (MTCH US), Ceridian HCM Holding Inc (CDAY US) and Brown &amp; Brown (BRO US), while the exclusions are Unum Group (UNM US), National Oilwell Varco (NOV US) and Perrigo Co Plc (PRGO US).There are inclusions/exclusions to the S&amp;P MidCap 400 and the S&amp;P SmallCap 600 as well.The stocks with the largest impact from passive buying are Match Group Inc (MTCH US), Tandem Diabetes Care (TNDM US), Brown &amp; Brown (BRO US), UniqureNV (QURE US) and Ceridian HCM Holding Inc (CDAY US).The stocks with the largest impact from passive selling are United Insurance Holdings (UIHC US), Team Inc (TISI US), Unum Group (UNM US), Perrigo Co Plc (PRGO US) and National Oilwell Varco (NOV US).There are a lot of other stocks that will have a lot to buy/sell from passive funds due to changes in the number of shares and free float and due to funding flows.

S&P500 Index Rebalance: Swiping Right on Match

Pharma Global, Research Delta Advisors

Nimish Mehta

Pharma Global

Research Delta Advisors

Research Delta is a SEBI registered investment adviser focused on the pharmaceutical sector with a passion to finding strategic opportunities / unique business models and valuing them. We do this by coupling our macro understanding of key trends in the pharmaceutical industry with bottoms-up analysis to help serve our clients in taking crucial strategic and investment decision. We work closely with various stakeholders of this decision making process by becoming an extension of their thought process and by bringing in a worldwide perspective of opportunities and challenges. 

Thematic (Sector/Industry)

This month’s Para IV developments suggest that there is likely to be benefit to <a href="https://www.smartkarma.com/entities/868" target="_blank" data-smartkarma-citation="entities:868:1">Teva Pharmaceutical Sp Adr (TEVA US)</a> on Vesicare, Soolantra and Tyvaso, <a href="https://www.smartkarma.com/entities/27161" target="_blank" data-smartkarma-citation="entities:27161:1">Amneal Pharmaceuticals Inc (AMRX US)</a> on Oracea, <a href="https://www.smartkarma.com/entities/870" target="_blank" data-smartkarma-citation="entities:870:1">Mylan Nv (MYL US)</a> on Minivelle. Besides this Aleor (<a href="https://www.smartkarma.com/entities/11196" target="_blank" data-smartkarma-citation="entities:11196:1">Alembic Pharmaceuticals (ALPM IN)</a> JV), <a href="https://www.smartkarma.com/entities/26928" target="_blank" data-smartkarma-citation="entities:26928:1">Alkem Laboratories (ALKEM IN)</a>, <a href="https://www.smartkarma.com/entities/27161" target="_blank" data-smartkarma-citation="entities:27161:1">Amneal Pharmaceuticals Inc (AMRX US)</a>, Apotex, <a href="https://www.smartkarma.com/entities/19974" target="_blank" data-smartkarma-citation="entities:19974:1">Aurobindo Pharma (ARBP IN)</a>, <a href="https://www.smartkarma.com/entities/3918" target="_blank" data-smartkarma-citation="entities:3918:1">Cipla Ltd (CIPLA IN)</a>, Endo pharma, KVK tech, <a href="https://www.smartkarma.com/entities/17910" target="_blank" data-smartkarma-citation="entities:17910:1">Lupin Ltd (LPC IN)</a>, Macleods, <a href="https://www.smartkarma.com/entities/870" target="_blank" data-smartkarma-citation="entities:870:1">Mylan Nv (MYL US)</a>, <a href="https://www.smartkarma.com/entities/869" target="_blank" data-smartkarma-citation="entities:869:1">Perrigo Co Plc (PRGO US)</a>, Slayback pharma, Solaris pharma, Strites, <a href="https://www.smartkarma.com/entities/868" target="_blank" data-smartkarma-citation="entities:868:1">Teva Pharmaceutical Sp Adr (TEVA US)</a>, <a href="https://www.smartkarma.com/entities/12914" target="_blank" data-smartkarma-citation="entities:12914:1">Cadila Healthcare (CDH IN)</a> becomes eligible for FTF on Jublia and <a href="https://www.smartkarma.com/entities/27161" target="_blank" data-smartkarma-citation="entities:27161:1">Amneal Pharmaceuticals Inc (AMRX US)</a> files Para IV on Restasis.

This month’s Para IV developments suggest that there is likely to be benefit to Teva Pharmaceutical Sp Adr (TEVA US) on Vesicare, Soolantra and Tyvaso, Amneal Pharmaceuticals Inc (AMRX US) on Oracea, Mylan Nv (MYL US) on Minivelle. Besides this Aleor (Alembic Pharmaceuticals (ALPM IN) JV), Alkem Laboratories (ALKEM IN), Amneal Pharmaceuticals Inc (AMRX US), Apotex, Aurobindo Pharma (ARBP IN), Cipla Ltd (CIPLA IN), Endo pharma, KVK tech, Lupin Ltd (LPC IN), Macleods, Mylan Nv (MYL US), Perrigo Co Plc (PRGO US), Slayback pharma, Solaris pharma, Strites, Teva Pharmaceutical Sp Adr (TEVA US), Cadila Healthcare (CDH IN) becomes eligible for FTF on Jublia and Amneal Pharmaceuticals Inc (AMRX US) files Para IV on Restasis.

Para IV Winners and Losers - September 2018

This month’s Para IV developments suggest that there is likely to be benefit to <a href="https://www.smartkarma.com/entities/870" target="_blank" data-smartkarma-citation="entities:870:1">Mylan Nv (MYL US)</a> for Minivelle, <a href="https://www.smartkarma.com/entities/868" target="_blank" data-smartkarma-citation="entities:868:1">Teva Pharmaceutical Sp Adr (TEVA US)</a> for Vesicare, <a href="https://www.smartkarma.com/entities/27161" target="_blank" data-smartkarma-citation="entities:27161:1">Amneal Pharmaceuticals Inc (AMRX US)</a> on Faslodex, <a href="https://www.smartkarma.com/entities/17910" target="_blank" data-smartkarma-citation="entities:17910:1">Lupin Ltd (LPC IN)</a> &amp; <a href="https://www.smartkarma.com/entities/869" target="_blank" data-smartkarma-citation="entities:869:1">Perrigo Co Plc (PRGO US)</a> for Topicort and <a href="https://www.smartkarma.com/entities/12955" target="_blank" data-smartkarma-citation="entities:12955:1">Endo International (ENDP US)</a> (Par)&amp; Roxane  for Afinitor, <a href="https://www.smartkarma.com/entities/26255" target="_blank" data-smartkarma-citation="entities:26255:1">Athenex Inc (ATNX US)</a> on Vasostrict. Besides this, <a href="https://www.smartkarma.com/entities/17910" target="_blank" data-smartkarma-citation="entities:17910:1">Lupin Ltd (LPC IN)</a> becomes eligible for FTF on Spiriva and Saptalis pharma files Para IV on Restasis.

This month’s Para IV developments suggest that there is likely to be benefit to Mylan Nv (MYL US) for Minivelle, Teva Pharmaceutical Sp Adr (TEVA US) for Vesicare, Amneal Pharmaceuticals Inc (AMRX US) on Faslodex, Lupin Ltd (LPC IN) &amp; Perrigo Co Plc (PRGO US) for Topicort and Endo International (ENDP US) (Par)&amp; Roxane  for Afinitor, Athenex Inc (ATNX US) on Vasostrict. Besides this, Lupin Ltd (LPC IN) becomes eligible for FTF on Spiriva and Saptalis pharma files Para IV on Restasis.

This month’s Para IV developments suggest that there is likely to be benefit to <a href="https://www.smartkarma.com/entities/27161" target="_blank" data-smartkarma-citation="entities:27161:1">Amneal Pharmaceuticals Inc (AMRX US)</a> on Lialda, BioQ pharma for Diprivan, <a href="https://www.smartkarma.com/entities/98" target="_blank" data-smartkarma-citation="entities:98:1">Sun Pharmaceutical Indus (SUNP IN)</a> on Prevacid Solutab, <a href="https://www.smartkarma.com/entities/19974" target="_blank" data-smartkarma-citation="entities:19974:1">Aurobindo Pharma Ltd (ARBP IN)</a> for Tikosyn and <a href="https://www.smartkarma.com/entities/12914" target="_blank" data-smartkarma-citation="entities:12914:1">Cadila Healthcare Ltd (CDH IN)</a>on Farxiga.Besides this, <a href="https://www.smartkarma.com/entities/27162" target="_blank" data-smartkarma-citation="entities:27162:1">Taro Pharmaceutical Indus (TARO US)</a>&amp; <a href="https://www.smartkarma.com/entities/869" target="_blank" data-smartkarma-citation="entities:869:1">Perrigo Co Plc (PRGO US)</a> becomes eligible for FTF on Sernivo, Apotex becomes eligible for FTF on Inlyta and <a href="https://www.smartkarma.com/entities/6004" target="_blank" data-smartkarma-citation="entities:6004:1">Eagle Pharmaceuticals Inc (EGRX US)</a> becomes eligible for FTF on Vasostrict.

This month’s Para IV developments suggest that there is likely to be benefit to Amneal Pharmaceuticals Inc (AMRX US) on Lialda, BioQ pharma for Diprivan, Sun Pharmaceutical Indus (SUNP IN) on Prevacid Solutab, Aurobindo Pharma Ltd (ARBP IN) for Tikosyn and Cadila Healthcare Ltd (CDH IN)on Farxiga.Besides this, Taro Pharmaceutical Indus (TARO US)&amp; Perrigo Co Plc (PRGO US) becomes eligible for FTF on Sernivo, Apotex becomes eligible for FTF on Inlyta and Eagle Pharmaceuticals Inc (EGRX US) becomes eligible for FTF on Vasostrict.

United States

Perrigo Company PLC is a global healthcare supplier that develops, manufactures, and distributes OTC and generic prescription pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products. The Company's primary markets and locations of manufacturing and logistics operations are the US, UK, Mexico, and Australia.

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Perrigo (PRGO US)

Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger

The spread reflects concerns about the credibility of Pyridam’s funding (which requires OJK approval) due to the stark disparities in market cap....

Arun George

S&P500 Index Rebalance: Swiping Right on Match

There are 3 changes to the S&P500 that will be implemented at the close on 17 Sep. There are changes to the S&P400 & S&P600 as well. There will be...

Brian Freitas

Para IV Winners and Losers - September 2018

This month’s Para IV developments suggest that there is likely to be benefit to Teva Pharmaceutical Sp Adr (TEVA US) on Vesicare, Soolantra and...

Nimish Mehta

Para IV Winners and Losers - August 2018

This month’s Para IV developments suggest that there is likely to be benefit to Mylan Nv (MYL US) for Minivelle, Teva Pharmaceutical Sp Adr (TEVA...

Nimish Mehta

Para IV Winners & Losers - May 2018

This month’s Para IV developments suggest that there is likely to be benefit to Amneal Pharmaceuticals Inc (AMRX US) on Lialda, BioQ pharma for...

Nimish Mehta

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