Swedish Orphan Biovitrum (Buy, TP: SEK340.00) - Agrees to buy US Synagis rights
Sobi has agreed to acquire US rights to Synagis, in line with a main strategic goal to diversify revenues by expanding Specialty Care with focus on the US. Synagis could face competition, but adding MEDI8897 in to the deal mitigates this risk in our view. Synagis had LTM sales of SEK2.4bn. Sobi expects the product to generate an EBITA margin in excess of 60% and that the agreement will be accretive to EPS in 2019. Sobi will pay SEK13.6bn upfront SEK9.1bn in cash and SEK4.5bn equivalent in new Sobi shares.Swedish Orphan Biovitrum AB is a healthcare company focused on rare diseases. Co. develops, manufactures and commercializes treatments with a particular focus on four therapeutic areas: Inflammation, Genetics & Metabolism, Haemophilia and Neonatology. Co. also markets a portfolio of rare disease products for partner companies. Co.'s pipeline programmes include research and development focused on recombinant protein drugs in late preclinical and clinical phase for indications.
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.
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