Cinclus: agreement with the FDA on the iPSP

Similar to the agreement for the PIP concluded with the EU's EMA a couple of weeks ago, Cinclus has reached an agreement with the FDA on the company’s initial Paediatric Study Plan (iPSP) for linaprazan glurate, which is a prerequisite for market approval for adult use in the US. The study plan wil

BICO: divests Nanoscribe for EUR26m in line with BICO 2.0 Strategy

BICO has agreed to sell Nanoscribe to LAB14 GmbH for an equity value of EUR26m (SEK294m), with the transaction set to close in Q4 2024. We are pleased to see the company executing the BICO 2.0 strategy shared during CMD 2024, which designates Nanoscribe as non-core due to its primary focus outside

Exclusive Networks: expanding into the US with Cloudrise acquisition

Yesterday evening, Exclusive Networks announced the acquisition of 100% of Cloudrise, a security services provider headquartered in the USA. This acquisition represents a positive step towards the continued penetration of the highly attractive US cybersecurity market, which the group sees as a key

Daily Healthcare - November 21st, 2024

Ebusco: successful EUR36m rights issue

Ebusco has announced the successful completion of its EUR36m rights issue. This capital increase will allow the company to fund operations in the context of its Turnaround Plan, improve its working capital and repay bank guarantee credit facility. A further new share issuance at the issue price of

Abivax ATM program

Abivax has announced the implementation of an At-The-Market program (ATM program) in American Depositary Shares (ADS) for an aggregate gross volume of USD150m. The ATM program will be effective for three years until November 2027. The ADS sales price is set on the volume-weighted average trading pr

Avantium: collaboration with SCGC in PLGA polyester

This morning, Avantium announced it has signed a multiyear collaboration with SCGC to pilot the production of PLGA (polylactic-co-glycolic acid) building on the Joint Development Agreement signed in June 2023 and SCGC's long-term commitment in Avantium as a shareholder (3% stake). As part of the ag

Delivery Hero: model update

Post-Q3 trading update, we have again updated our model with an unchanged PT at EUR46 (based on a mix of DCF and SOTP) and a Buy rating.FY 2025 estimates adjustment: We have left our FY 2024 estimates unchanged but cut our FY 2025 EBITDA by c.EUR60m or c.5% to reflect more investments in Korea (rev

ONWARD Medical: EIC grant expands ARC-BCI development to subcortical s...

This morning, ONWARD Medical announced that it had secured a significant grant from the European Innovation Council (EIC) to investigate and develop ARC-BCI Therapy aimed at restoring upper limb function in patients with subcortical stroke. While SCI-related movement disorders remain the company’s

Aelis: AEF0217 showed encouraging efficacy signals in the phase 1/2 in...

Aelis reported positive results for the phase 1/2 trial with AEF0217 in Down Syndrom patients, meeting the primary (safety), secondary (PK) and exploratory endpoints (efficacy). We view the safety data consistent with the one observed in prior phase 1 study in healthy candidates, which further vali

On the shelves now: Consumer Weekly #48

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week we look at the annual Bain-Altagamma Luxury Goods study which expects a period of tur

Well on track to meet FY24 targets and savings in FY25-26

Whereas Q3 was clearly a transitional quarter following the launch of the group's restructuring transformation programme SpexFocus, MRX posted in-line Q3 revenue and a lower aEBITDA loss thanks to a strong GM improvement. Also, as part of SpexFocus aimed at strengthening its "Vision-as-a-service" i

Abivax Q3 2024 update

Abivax has reported uneventful Q3 results, very much focused on balance sheet items and a recap of corporate achievements this year. On financials, Abivax reiterated its cash reach to Q4 2025 (unchanged) on a cash position exiting Q3 at EUR180.5m, pointing to estimated operating expenses of EUR41.8

Casino: pragmatic low-cost plan does not solve liquidity issues beyond...

With management very pragmatic about its financial leeway, the 2028 plan looks more like a restructuring/optimisation operation than a relaunch. We remain more cautious on EBITDA recovery and FCF breakeven with unlevered FCF to turn positive in 2027 and levered FCF only beyond 2028. With no additio

Cinclus: preparations on track to start phase 3 trial

Cinclus Pharma reported its Q3'24 results with a cash position at SEK644.2m and an EBIT at SEK(39.15m). On the operational side, i) all is on track to recruit the first patient for its phase 3 trial in 2025, with topline data on the healing part expected in Q2/Q3 2026, and ii) market approval of li

Lhyfe: partnership with Energy Pool

This morning, Lhyfe announced a demand response partnership with Energy Pool, a leading French flexibility operator and distributed energy services provider with more than 8GW of energy production and storage assets under management worldwide. Leveraging the flexibility of Lhyfe's French PEM electr

Mister Spex: first take on Q3 results

This morning Mister Spex posted in-line Q3 revenue marked by a sharp decline in International (-17%) following future store closures, while Germany posted resilient 2% growth. The aEBITDA loss of EUR1.4m was lower than CSSe (-EUR2.7m) thanks to a solid GM expansion of 300bps. FY24 sales and margin

Interparfums: cautious prospects for 2025

Interparfums management released cautious sales prospects for 2025 yesterday with limited growth despite the roll-out of Lacoste Original. Although we are slightly more aggressive than management, we have notched down our FY25 sales estimate from EUR960m to EUR950m. Buy reiterated with EUR54 vs EUR

Just Eat Takeaway: the end of an American adventure to forget, further...

We welcome the long-awaited disposal of Grubhub, even at price close to zero, as it improves the group's growth profile. However, this profile remains a couple of points lower than European peers and explains why JET continues to trade at such a discount vs. DHER and ROO despite showcasing broadly

Innate Pharma Q3 2024 update

Innate Pharma reported has reported Q3 2024 results, basically confirming unchanged cash reach to end-2025 on a net cash position at EUR96.4m exiting Q3 2024 (in-line with consensus) and 9M 2024 revenue at EUR10.2m (EUR8.3m in H1 2024).More importantly, the company provided an update on its pipelin