bearish
Ono Pharmaceutical (4528 JP): Deciphera Acquisition Will Not Bring Immediate Respite
347 Views30 Apr 2024 21:12
SUMMARY
- Ono Pharmaceutical (4528 JP) is acquiring Deciphera Pharmaceuticals (DCPH US) for $25.60/share in cash through a tender offer. The total equity value of the acquisition is approximately $2.4B.
- Ono is expected to reap the benefit of Deciphera acquisition earliest from FY27. In the short-run, the company’s major problem of loss of revenue will not be addressed.
- Ono needs to stretch its balance sheet to fund Deciphera acquisition. The acquisition will be earnings dilutive for Ono. Pricey valuation of the deal is another deterrent.
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Tina Banerjee
Global Healthcare Analyst
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