Building Blocks in China, Strategic Acquisition Adds China to CSL Global Manufacturing Footprint
We retain our AUD 137 per share fair value estimate for narrow-moat CSL following the news that it will acquire an 80% stake in Chinese plasma fractionator Wuhan Zhong Yuan Rui De Biologics, or Ruide, for USD 352 million. At current levels, CSL is trading broadly in line with our intrinsic assessment. Despite an implied premium paid for control, we remain positive on the deal, given that Ruide allows CSL to fully participate in the underpenetrated Chinese plasma sector and complements solid albu...CSL is engaged in the research, development, manufacture, marketing and distribution of biopharmaceutical and allied products. Co.'s operations are divided into three segments: CSL Behring, Seqirus, and CSL Intellectual Property. CSL Behring is engaged in manufacturing, marketing and developing plasma therapies (plasma products and recombinants). Seqirus is engaged in manufacturing and distributing non-plasma biotherapeutic products. CSL Intellectual Property is engaged in the licensing of intellectual property of Co. to unrelated third parties. Co. operates primarily in five specific geographic areas, namely Australia, the U.S., Germany, Switzerland, and the U.K.
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