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Latest News/RNS

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Date Source Announcement
26Apr18 06:01 GNW Vistin Pharma ASA : Delivers 22% revenue growth in first quarter 2018
22Mar18 15:36 GNW Vistin Pharma ASA : UPDATE ON THE ENERGY TRADING BUSINESS
16Mar18 09:47 GNW Vistin Pharma ASA : Torbjørn Kjus joins Vistin to develop new business area
27Feb18 06:00 GNW Vistin Pharma ASA : Fourth quarter 2017 results
09Oct17 13:33 GNW Vistin Pharma ASA : Proposal for Extraordinary Dividend
02Oct17 09:28 GNW Vistin Pharma ASA : Sale of Opioids and CMO business completed
31Aug17 06:00 GNW Vistin Pharma ASA : Second quarter 2017 results - continuing strong demand for metformin
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  • 10 Apr 18

Trading update and strategic review

A trading update for the year ending 31 March 2018 indicates revenues to be c.£1m lower than expected at £13.6m, resulting in an adjusted pre-tax loss of c.£0.7m versus our pre-tax profit forecast of £0.5m. A strategic review of the business by the new CEO has led to the decision to withdraw from its German Allergy business and manufacturing facility in Pune India, which had a combined LBITDA of c.£0.8m in FY 2018. Together with a legal simplification of its UK businesses, annualised losses of £1.0m should be eliminated. Assuming the closure of these two sites, the group should be profitable (adjusted EBITDA and pre-tax profit of £1.5m and £0.5m in FY 2018), albeit on a reduced revenue base. Year-end net debt is expected to have been c.£0.7m and with an available overdraft facility of £2m, this is expected to be sufficient meet the ongoing cash needs of the remaining businesses. Forecasts under review.

Companies: Omega Diagnostics Group
  • 25 Apr 18

SFX-01 – Anticipating Two Positive Phase 2 Read-outs in 2018

Phase 2 trial ‘STEM’ in metastatic breast cancer: With 18 out of the 60 patients in the trial having been dosed as of December 2017, an interim read-out is expected this quarter followed by final topline results in H2’2018E. A compassionate use programme, which allows patients to stay on the drug post trial end, has already been implemented.

Companies: Evgen Pharma
  • 04 Apr 18

The Monthly

This month’s feature article is the first publication of the 2017 global pharmaceutical industry statistics from which the global and US rankings of the top 15 drug companies are derived. Comparisons are made with historical data to show how different company strategies have evolved. In addition, an analysis of the evolution of biopharmaceuical drugs has been made, together with a key sub-set, namely drugs derived from antibody technology, which now represent 12% of the entire market. Two more drugs joined the $100bn club in 2017.

Companies: OPM ABZA AVO AGY APH ARBB AVCT BNO BUR CMH CLIG COS DNL EVG GTLY GDR INL KOOV MCL MUR NSF OBT OXB NIPT PHP RE/ REDX SCLP SCE SIXH TRX TON VAL

  • 21 Feb 18

Small Cap Breakfast

Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd | Stirling Industries—Acquisition vehicle focusing on industrials. Offer TBA. Due 5 March | GRC International Group— holding company for a group of companies providing a range of products and services to address the IT governance, risk management and compliance requirements of organisations. Offer TBC, expected 5 March 2018 | Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area . Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. expected 21 Feb | Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb | Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC

Companies: RRL TMT CNC GHH EVRH IHC BILB EUSP VRS SBTX

  • 19 Oct 17

FY 2017 results – RoW now dominates

FY results were marginally ahead of July’s trading update, boosted by FX tailwinds and stronger-than-expected gross margins. Revenue growth of 19% was driven by overseas markets (+42%), despite intentional declines in non-ClO2 chemistry-based products. We make only minor changes to our FY 2018 forecasts, with EPS 2% higher than previously forecast and representing c.2% growth (+10% if adjusted for 2017 lower tax charge) during a period of higher investment ahead of the US launch expected in FY 2019. We re-introduce a target price of 275p, underpinned by a DCF analysis, which depends on the timing and success of the company’s entry into the US market.

Companies: Tristel
  • 21 Nov 17

Rude Health

The AIM Healthcare index has shown positive returns in all but three out of the past 11 years (2007, 2008 and 2011), growing at a CAGR of 7.6% over the period. This compares with a CAGR of -0.3% for the broader FT AIM All Share, +0.6% for the AIM 100 and +3.5% for its more senior FT All Share Health index. Sector growth and relative performance to the AIM All Share index has accelerated over the past five years; the sector having risen 19.19% CAGR since 1 Jan 2012. This compares with 6.8% growth in the AIM All Share and 6.1% in the FT All Share. This outperformance can be attributed to the increasing success amongst the Healthcare constituents which have progressed their business plans to a point where substantial value has been/is being created and where many companies have successfully scaled their businesses to sustain future growth. We highlight four companies that have different business models but exemplify the opportunities that are increasingly becoming evident within the sector.

Companies: ABZA AKR AGY APH AGL AVCT BVXP COG CTH IHC LID MTFB ODX OPTI NIPT PRM SDI STX SNG TSTL

  • 23 Apr 18

Takeda continues to pursue

In its fourth offer, Takeda has further sweetened the bid to £47 a share, reflecting equity value of £44bn (~$62bn). This price comprises cash of £21 per share and stock worth £26 per share in the new entity. At Takeda’s current market cap, Shire’s shareholders would own ~49% of the combined entity. Shire has announced that the Board is considering the offer.

Companies: Shire
  • 24 Apr 18

Small Cap Breakfast

Rosenblatt Group -specialist litigation and contentious restructuring law firm established in 1989 based in the City of London. Offer TBC. Due 8 May. Supreme, a leading manufacturer and supplier of branded consumer batteries, a manufacturer and supplier of branded and licensed consumer lighting and a leading manufacturer and supplier of vaping products in the United Kingdom, is looking to join AIM. Offer TBC, expected early May 2018 KRM22, a closed-ended investment company with a particular focus on risk management in capital markets, is looking to join AIM. Offer tbc, expected 30 April 2018 Serinus Energy -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m. Offer TBA. Due mid May.

Companies: SAR VIS CORA DUKE TERN INSP REDX FAL COIN

  • 20 Apr 18

Strong commercial performance weighed down by FX; acquisition to dent profitability

Aided by an intense flu season in the US and robust growth in the Asia-Pacific region, bioMerieux showcased a strong commercial performance in Q1 18 (sales up 12.5% organically). However, adverse currency movements lowered the top-line dramatically (FX: -9.2%). Though the acquisition of Astute Medical has added another growth driver to the immunoassays franchise, it is likely to lower the operating margin by c.60bp in FY18. We reiterate our ‘Reduce’ recommendation on the stock.

Companies: BioMerieux
  • 24 Apr 18

FY results – positioning proteomic platform to perform

Full-year results were 6-7% ahead of expectations, with adjusted pre-tax losses of £1.85m, some £1.0m lower than 2016, albeit underpinned by one-off payments from Thermo Scientific (£0.58m) and Randox (£0.1m). While the reduction in losses is perhaps not as fast as we had originally expected at the time of its financing in 2016, the changes made to sales & marketing (37% increase in Q1 order book), an unprecedented number of inbound contacts for its service later in 2017/18, the launch of new TMTcalibrator workflows, and sustained TMT® reagents/royalties give us more confidence in 2018 growth, with cashflow breakeven achievable in H2 2019. We introduce a 2019 forecast and retain our 7p share price target.

Companies: Proteome Sciences
  • 03 Apr 18

Capital Network - Summit Therapeutics PLC - Stock Valuation Undemanding

Key inflection point: topline data readout from the PhaseOut DMD phase 2 trial in Duchenne (DMD) expected in 3Q 2018 Imminent start of a pivotal phase 3 study for ridinilazole in C. difficile infections (CDI) Recent Discuva acquisition reinforces novel antibiotics discovery capabilities Current valuation (market cap of c. $165 mln) undemanding given the stage and commercial potential of Summit's lead programs

Companies: Summit Therapeutics
  • 27 Mar 18

Novartis divests its consumer health stake

Novartis is exercising its put option to sell its 36.5% stake in the consumer health JV with GSK for $13bn (£9.2bn) in cash. GSK will now become the full owner of the business, which was formed as part of the three-part deal between GSK and Novartis in 2015. The business generated sales of £7.8bn and a reported operating margin of 17.7% in 2017. For 2018, management expects a low single-digit revenue growth, impacted negatively by the undercurrent of divestments, generics and GST in India (all three factors pulling down 1.5ppts from the 2017 growth), although from a longer term perspective, management reiterated its 2020 target of low-to-mid single-digit revenue CAGR. Management has maintained its 2022 operating profit margin target of ‘mid-20s’.

Companies: GlaxoSmithKline
  • 12 Dec 17

EPS-enhancing product acquisitions

Two product acquisitions fit with the company’s buy-and-build strategy and are forecast to be 2-6% EPS-enhancing in 2018-2020. Alliance paid £18.7m ($25m) for the two products, representing c.2.7x EV/Sales, up to $4.5m of which is deferred until 2019/2020. The larger acquisition of Vamousse is the company’s first acquisition with significant US sales, signalling perhaps the direction of its future M&A strategy. Net debt is expected to rise to c.£75m at year-end 2017 (2.6x leverage), We increase our target price to 70p, implying 2018 P/E and EV/EBITDA of 14.7x and 11.9x, respectively.

Companies: Alliance Pharma
  • 12 Dec 17

Magic bullet with butterfly wings?

Immupharma (IMM) is a drug discovery company whose lead product Lupuzor, is in Phase III trials for the treatment of Systemic Lupus Erythematous (SLE). Previous IIb trial demonstrated both efficacy and safety through novel immune system modulation that offers benefits to the only approved treatment, a monoclonal antibody (mAb) called Benlysta with £400m annual sales. Phase III pivotal study readout (n=200) expected Q1-18 (finnCap est. approval of 63%) follows on from Lupuzor being given Special Protocol Assessment (SPA) status by the FDA with existing global patent protection until 2032. Blockbuster status (sales >$1bn) could be achieved within 8 years and historical licence deal (Cephalon, 2009) suggestive of licence/partner agreement potential. Unusual upside potential from binary readout leads us to initiate coverage with a Buy recommendation and 237p price target (increasing 87% on +ve Phase III, which excludes the value of potential upfront (c.50p) and milestone payments that could amount to c£500m or 386p per share).

Companies: ImmuPharma
  • 05 Jan 18

Busy end to CY’17 - upcoming PhaseOut DMD data

Summit had a busy end to calendar year 2017 entering into an exclusive licence and commercialisation agreement with Eurofarma Laboratorios SA for Latin American rights to ridinilazole (group’s antibiotic in development for C. difficile infection) as well as acquiring Discuva for £10m in cash and shares. We detail both in this note and flag the important upcoming development milestones from both of the group’s clinical programmes. Interim 24-week data from the PhaseOut DMD trial is expected in Q1 2018 (highlighted in our note published 6 Dec) and the Phase III programme for ridinilazole is on track to commence in H1 2018. We remain very excited about Summit’s potential and increase our intrinsic value from 329p to 332p.

Companies: Summit Therapeutics