Edison Investment Research - BTG plc (BTG) BTG - The BTG acquisition: Small fly, big ointment

Report

Edison Investment Research

Andy Smith

BTG - The BTG acquisition: Small fly, big ointment

Following our note on BTGâ€™s interim results, the proposed Â£3.3bn all-cash acquisition by Boston Scientific was announced. Further, on 21 November, BTG and its partner Johnson & Johnson (J&J) failed to prevent the launch of generic competition to Zytiga (28% of BTGâ€™s H1 revenue). We examine the potential impact of generic Zytiga on the transaction.

22/11/2018 2 EN

Underlying

BTG plc

BTG is engaged in the business of healthcare which focusing on Interventional Medicine therapies for cancer, severe emphysema, severe bloodclots and varicose veins, and Specialty Pharmaceuticals for acute care uses, and a licensing business. Co. manufactures a number of products in-house including the Bead products, the EKOS Endovascular System, Varithena®, the PneumRx® Coil, the GALIL™ Cryoablation Solutions, and the polyclonal antibodies CroFab® and DigiFab®. The EKOS® System is an ultrasonic catheter drug delivery device used in the treatment of blood clots, and Varithena® is a proprietary engineered microfoam used in the treatment of varicose veins.

See profile

GB0001001592 United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Andy Smith

Other Reports on these Companies

Independent Investment Research

Monthly LMI Update Independent Investment Research

Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked. This compares to the total dividends of 5 cents per share in FY20. The Board has confirmed that, in...

August 6, 2021 August 6, 2021 10 EN

Fundamental Research

Feasibility Study Results in December to be a Catalyst for this Junior

EUR 18.67

November 25, 2019 November 25, 2019 14 EN

EQS Group AG

Form 8.3 - The Vanguard Group, Inc.: BTG plc

The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: BTG plc 16-Aug-2019 / 14:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 Â PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") Â 1.Â KEY INFORMATION Â (a)Â Full name of discloser: The Vanguard Group, Inc. (b)Â Owner or controller of interests and short positio...

August 16, 2019 August 16, 2019 1 EN

International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from the existing portfolio with opportunities for further enhancement.

15h / 56m 15h / 56m 1 EN

Kate Heseltine

Kate Heseltine

Portobello SpA - Focus back on the operations

Portobello’s FY23 results demonstrate the primary effects of the out-of-court settlement with respect to VAT and direct taxes (a higher year-end net debt position) and the secondary effects, such as disruption to its trading activities due to management’s focus on cash generation and the company’s inability to trade as previously expected. Following the period end, two capital raises totalling €12.6m, including €3.8m by three of the executive management team, from a maximum mandated amount of €20m, have improved the company’s financial position. The requirement to improve the balance sheet fur...

16h / 40m 16h / 40m 1 EN

Kate Heseltine

Kate Heseltine

Intralot - Focus on business development in FY24

Intralot enjoyed good underlying trends in performance in FY23 with encouraging trends in its main countries of focus and further progress on profitability. The much-improved balance sheet and extension of debt maturities mean management can focus on the significant business development opportunities available in FY24 and beyond. The share price looks attractive in the absence of potential new contract wins, which could be materially enhancing to the valuation.

21h / 54m 21h / 54m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN