In today’s briefing:
- Capitol Health (CAJ AU)/Integral Diagnostics (IDX AU): 31st Oct Merger Vote
- Rigaku IPO – The Positives – Catering to a Range of End Industries, and Track Record Has Been Strong
- Rigaku Holdings IPO: Initial Thoughts
- Clinuvel: A Big Future in Skin Disease Treatment
- Varex Imaging Corp (VREX US): No Near-Term Respite Visible From China Headwinds
Capitol Health (CAJ AU)/Integral Diagnostics (IDX AU): 31st Oct Merger Vote
- On the 18th July, diagnostic imaging provider Capitol Health (CAJ AU) entered a Scheme with Integral Diagnostics (IDX AU). IDX will issue 0.12849 new IDX shares for each Capitol share
- Upon completing the transaction, Integral would hold ~63% in the MergeCo. They key risk is the ACCC signing off. A decision is expected on (or around) the 28th November.
- The Scheme Booklet is now out, with a Scheme Meeting to be held on the 31st October. Expected implementation on the 14th November. The IE says fair & reasonable.
Rigaku IPO – The Positives – Catering to a Range of End Industries, and Track Record Has Been Strong
- Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO.
- Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
- In this note, we will talk about the positive aspects of the deal.
Rigaku Holdings IPO: Initial Thoughts
- Rigaku Holdings (268A JP) provides cutting-edge analytical solutions centered on X-ray technology globally. The company is one of the largest players globally in X-ray diffraction instrument market.
- The company has filed for an IPO on the Tokyo Stock Exchange and plans to raise proceeds of around US$900m from the IPO at a potential valuation of US$2bn.
- In this insight, we discuss Rigaku’s business model, key drivers, financials and outlook for the company.
Clinuvel: A Big Future in Skin Disease Treatment
- Clinuvel Pharmaceuticals (CUV AU)’s Scenesse is the only approved erythropoietic protoporphyria (EPP) treatment. Patent protection and orphan drug status solidifies Clinuvel’s market position.
- Clinuvel is expanding Scenesse’s (afamelanotide) use and developing and testing additional products for clinical and photo-cosmetic use.
- Profitability metrics and growth are solid and cash position strong to support R&D for trials and new product development.
Varex Imaging Corp (VREX US): No Near-Term Respite Visible From China Headwinds
- Varex Imaging Corp (VREX US) reported 10% YoY drop in revenue and a squeeze in profits as well in Q3FY24, driven by weakness in Medical segment business.
- China market softness continues to drag the operating performance of the company. The woes faced in China does not appear to subside quickly in the near foreseeable future.
- The company has guided for Q4FY24 sales and EPS in the range of $190-210M and $0.00-0.15, respectively, representing significant drop from year-ago quarter.
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