Novo Nordisk (Buy, TP: DKK380.00) - A good fit, but offer may be too low
Novo Nordisk went public in its interest in Ablynx this morning, launching a EUR2.6bn bid in a move that is likely to put pressure on Ablynx’s board after previous rejections and now a refusal to talk. We believe the bid was motivated by caplacizumab, Ablynx’s lead asset, which would fit nicely with Novo Nordisk’s acquisition strategy to offset the expected slowdown in biopharma sales, and could help its group growth profile. However, we believe the bid is likely to go up before any deal can be reached. We maintain our BUY recommendation and DKK380 target price on Novo Nordisk.Novo-Nordisk is a global healthcare company engaged in the innovation of diabetes care. Co. also provides haemophilia care, growth hormone therapy and hormone replacement therapy. The Diabetes care business segment includes research, development, manufacturing and marketing of products within the areas of insulin, GLP-1 and related delivery systems, oral antidiabetic products (OAD) and obesity. The Biopharmaceuticals business segment includes research, development, manufacturing and marketing of products within the areas of haemophilia, growth hormone therapy, hormone replacement therapy, inflammation therapy and other therapy areas.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.