In today’s briefing:
- MBK/Unison Launch ANOTHER Tender on Osstem Implant (048260 KS) To Squeeze Out Minorities
- MBK/Unison Capital Announces a Second Tender Offer for Osstem Implant to Take It Private
- CSPC Pharmaceutical (1093 HK): Double-Digit Sales and Profit Growth in 2022; MRNA Vaccine Approval
- Quest Diagnostics Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report
- Numinus Stands Tall as Others Fall
- Quest Diagnostics Incorporated: Initiation of Coverage – Business Strategy & Key Drivers
- Zimmer Biomet Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Zimmer Biomet Holdings Inc.: Initiation of Coverage – Acquisition Of Embody & Other Drivers
MBK/Unison Launch ANOTHER Tender on Osstem Implant (048260 KS) To Squeeze Out Minorities
- As discussed in MBK/Unison Capital Korea Do a Deal for Osstem Implant (048260 KS) Thwarting Activist KCGI, at end-Jan, they launched a deal to get a minimum of 15.4%.
- They ended up getting 61.16%. That left 10.6% of shares out in unaffiliated hands.
- Now they have launched another tender offer to buy the remaining at the same KRW 190k price. There is no minimum. Straight simple risk arb.
MBK/Unison Capital Announces a Second Tender Offer for Osstem Implant to Take It Private
- MBK/Unison Capital consortium announced a second tender offer for Osstem Implant (048260 KS) today in order to take the company private.
- The tender offer price is 190,000 won per share, which is the same price as the first tender offer price.
- The number of shares for the tender offer is 1,654,916, accounting for 10.62% of the outstanding shares.
CSPC Pharmaceutical (1093 HK): Double-Digit Sales and Profit Growth in 2022; MRNA Vaccine Approval
- CSPC Pharmaceutical Group (1093 HK) reported 11% YoY revenue growth in 2022. The finished drug business maintained steady growth in 2022, with a continued increase in contribution from new products.
- Within the next 5 years, more than 40 innovative drugs are expected to be approved, which will provide continuous momentum for the company’s development.
- In March 2023, CSPC’s COVID-19 mRNA vaccine SYS6006 has become the first independently developed mRNA vaccine product in China that has been granted for emergency use.
Quest Diagnostics Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report
- Quest Diagnostics Incorporated is a well-known provider of diagnostic information services.
- The company produced significant double-digit growth in prenatal genetics and pharmaceutical services for sophisticated diagnostics.
- Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.
Numinus Stands Tall as Others Fall
- Opportunity knocks. In a period of sector upheaval, Numinus remains a steadfast business, with operating profitability in clear line of sight.
- The company is well positioned to benefit from reduced competition.
- Field Trip, Delic clinic closures. On March 15, 2023, Field Trip Health & Wellness announced that it will be closing five clinics located in Chicago, Washington DC, Seattle, San Diego, and Fredericton, the majority of its active nine clinics across North America, to “reduce expenditures and preserve capital”.
Quest Diagnostics Incorporated: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on leading diagnostic service provider, Quest Diagnostics Incorporated.
- The company produced significant double-digit growth in prenatal genetics and pharmaceutical services for sophisticated diagnostics.
- Agilent Technologies further signed an agreement with Quest to make the Agilent Resolution ctDx FIRST liquid biopsy next-generation sequencing (NGS) test available to providers and patients across the U.S.
Zimmer Biomet Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Zimmer Biomet Holdings is a global medical technology giant.
- The management has been seeing positive comps across 2022 and saw good growth in major joints, with their entire global hip and knee business expanding well.
- Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.
Zimmer Biomet Holdings Inc.: Initiation of Coverage – Acquisition Of Embody & Other Drivers
- This is our first report on the global medical technology behemoth Zimmer Biomet Holdings.
- They observed another quarter of year-over-year growth in major joints, with their entire global hip and knee business expanding by more than 8% and 10% on an ex FX basis.
- We initiate coverage on the stock of Zimmer Biomet Holdings, Inc. with a ‘Hold’ rating.
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