Edison Investment Research - Nuevolution AS Nuevolution - Amgen offers SEK32.50/share in cash

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Edison Investment Research

Daniel Wilkinson

Nuevolution - Amgen offers SEK32.50/share in cash

Amgen has announced a recommended cash offer for Nuevolutionâ€™s shares of SEK32.50/share, valuing the company at approximately SEK1,610m (US$167m). The offer represents a 169% premium to the closing price (SEK12.10) on 21 May (the day before the announcement) and a 69% premium to the highest trading price (SEK19.26) over the 52-week period (before 21 May 2019). Nuevolutionâ€™s board has unanimously recommended that shareholders accept the offer. The offer is not subject to any financing conditions and is funded by cash on hand. The settlement of the offer is expected to take place on or around 15 July. We note the offer represents a 57% premium to our previously published valuation of SEK20.7/share.

29/05/2019 3 EN

Underlying

Nuevolution AS

Nuevolution AB (publ). Nuevolution AB is a Sweden-based biopharmaceutical company working to develop future medicine for the treatment of cancer and inflammatory diseases. The Company's business is conducted through its wholly owned subsidiary, Nuevolution A/S.

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SE0007730650 Sweden

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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.

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Analysts

Daniel Wilkinson

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Nuevolution - Amgen offers SEK32.50/share in cash

Nuevolution - Small molecules, big ambitions

Nuevolution - Pipeline and partnerships continue to strengthen

Partners Group Private Equity - Seeing good demand for several of its assets

Cereno Scientific - A productive period with plenty more to come

Focusrite - Cautious optimism after significant challenges

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