Swedish Orphan Biovitrum (Hold, TP: SEK235.00) - Trading in line with Advent’s bid
We have lifted our 2021e sales by ~4%, reflecting high respiratory syncytial virus (RSV) transmission levels, and a likely boost to Doptelet sales from inclusion on China’s National Reimbursement Drug List (NRDL). The stock is now trading in line with Advent’s offer of SEK235/share and we still see a high likelihood of a successful takeover at – or just above – the offer price. We reiterate our HOLD and SEK235 target price.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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