MaaT signed a licensing, distribution, and commercial supply agreement with Clinigen in Europe for Xervyteg (MaaT013, microbiome therapy, enema formulation) in aGvHD for a € 10.5m upfront, € 18m in milestones, and mid-thirties flat royalty on sales. We believe this deal serves as validation of MaaT013's potential, and see the partnership as a de-risking event for MaaT013's commercialisation in Europe, given Clinigen's experience commercialising in haemato-oncology, with 3 products currently on t...
Unsurprising and in line with earlier announced strategic guidelines, Akzo Nobel announced to have signed an agreement to divest its 75% stake in Akzo Nobel India for net cash proceeds of c. € 900m, with the overall deal valuation roughly in line with current stock market valuation. The EV/EBITDA of the transaction is a very healthy 22x multiple. Akzo will use the proceeds to partly deleverage (€ 500m) while it intends to launch a €400m share buyback program after closing. We expect Akzo to cont...
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