Consolidation du marché de l’insuffisance cardiaque - NEUTRE - OC 42€
MEDTRONIC a annoncé le rachat d’un spécialiste de l’insuffisance cardiaque gauche, HeartWare, au prix de 1,1Md$ (VE/CA 2016: 5,2x, prime: +93%). Ce prix reste raisonnable si on se réfère au multiple VE/CA (7,1x) de l’acquisition de Thoratec par St Jude Medical en 2015, mais il est justifié car HeartWare est encore à un stade moins avancé de développement. Ces différentes acquisitions montrent que Carmat évolue dans un secteur en forte consolidation. Nous considérons cependant que Carmat ne deviendra une cible M&A qu’à la suite des résultats de l’étude pivot validant la technologie à plus grande échelle. Nous maintenons notre recommandation à NEUTRE avec un objectif de 42€.Carmat is focused on the research and development of an innovative product in the medical sector, developing an orthotopic and biocompatible artificial heart which is completely implantable, as well as its electrical power supply system and remote diagnosis system. Co. is developing a long-term therapeutic solution for patients who suffer from advanced bi-ventricular heart failure and who are not eligible for cardiac transplantation and who have exhausted all drug possibilties. Co. is still in the phase of research and development and thus do not generate any revenues.
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