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

Report

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.

See profile

SE0007730650 Sweden

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

Daniel Wilkinson

Other Reports on these Companies

Edison Investment Research

Nuevolution - Small molecules, big ambitions

Positive progress in Nuevolutionâ€™s RORÎ³t partnership with Almirall has triggered a â‚¬1m milestone payment (SEK10.5m) and we continue to forecast that it will enter the clinic in 2019. FY18 was defined by the progress in the Amgen partnership as it opted in for two oncology programmes, further validating Nuevolutionâ€™s Chemetics technology. In Nuevolutionâ€™s BET-BD1 programme, a development candidate (NUE20798) has been nominated; data in animal cancer models highlight that it may have synergistic effects in combination with immunotherapies. The FY18 net loss was down year-on-year to SEK9...

March 19, 2019 March 19, 2019 15 EN

Edison Investment Research

Nuevolution - Pipeline and partnerships continue to strengthen

With the completion of the up-listing to the Nasdaq Stockholm main market and the successful gross SEK110m capital raise, Nuevolution continues to strengthen both its investor base and financial position. Amgenâ€™s opt-in on the first programme in its multi-target collaboration and the identification of much sought-after small-molecule IL-17A inhibitors continue to validate Nuevolutionâ€™s Chemetics technology. Its transition to a clinical asset-focused company continues with the Almirall RORÎ³t inhibitor programme likely to enter the clinic in 2019 and additional internal programmes (RORÎ³t a...

September 25, 2018 September 25, 2018 9 EN

Metro Bank - Profitability achieved and targets reiterated

Metro Bank (Metro) has published a trading update that shows that it returned to profitability in October. This is consistent with previous guidance of a return to profitability during Q424 and the bank has reiterated its guidance for a mid- to upper single-digit FY25 return on tangible equity (RoTE). The October net interest margin of 2.48% also points to faster improvement than we had anticipated. Separately, the bank reported that it has resolved Financial Conduct Authority (FCA) enquiries into legacy transactions monitoring systems and control. The £16.7m financial penalty is non-recurring...

11h / 41m 11h / 41m 1 EN

Alison Turner

Alison Turner

Pan African Resources - Tennant Creek acquisition

On 5 November, Pan African Resources (PAF) announced that it is to acquire privately owned Tennant Consolidated Mining Group (TCMG) in Australia’s Northern Territory for a total consideration of US$54.2m in an all-share deal that involves it issuing an additional 125.4m shares (or 6.5% of its existing share capital). The acquisition price equates to an undemanding US$42.15 per resource ounce of gold or US$139.21 per reserve ounce. While we expect the acquisition to have little effect on PAF’s earnings in FY25 (apart from the increase in share capital), we estimate that it will increase FY26 ea...

11h / 58m 11h / 58m 1 EN

Richard Williamson

Richard Williamson

Datatec - Operational focus drives H125 profit growth

In H125, while revenue declined due to mix and net revenue accounting, Datatec grew gross profit by 3.5% y-o-y and adjusted EBITDA by 18.5%, resulting in a 56.2% increase in underlying EPS (uEPS). Both Westcon and Logicalis International delivered strong profit growth, while Logicalis Latin America managed to offset lower revenues with reductions in its cost base. Management continues to expect a better financial performance from all three businesses in FY25. We have upgraded our forecasts to reflect the strong H125 performance, lifting FY25 uEPS by 10% and reducing year-end net debt by 12%.

14h / 53m 14h / 53m 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

Nuevolution - Amgen offers SEK32.50/share in cash

Nuevolution - Small molecules, big ambitions

Nuevolution - Pipeline and partnerships continue to strengthen

Metro Bank - Profitability achieved and targets reiterated

Pan African Resources - Tennant Creek acquisition

Datatec - Operational focus drives H125 profit growth

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

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe