Exclusive agreement with Lucideon

N+1 Singer acts as broker and adviser to Skyepharma. We have withdrawn our forecasts in line with rules of The Panel on Takeovers and Mergers during the offer period (Skyepharma and Vectura Group announced a recommended merger on 16th March 2016). This note reproduces the RNS released at 2:56pm on 7th June 2016.

AGM trading update

N+1 Singer acts as broker and adviser to Skyepharma. We have withdrawn our forecasts in line with rules of The Panel on Takeovers and Mergers during the offer period (Skyepharma and Vectura Group announced a recommended merger on 16th March 2016). This note reproduces the RNS released at 7am on the 18th May 2016. Skyepharma provided an update ahead of its Annual General Meeting.

Breath-actuated version of flutiform® accepted for review in Europe

Below we reproduce the RNS released at 7am on 30th March 2016

Morning Song

Burford Capital (BUR LN) Stick with it | Cathay International Holdings Limited (CTI LN) FY2015 results: affected by weak Lansen trading | Eckoh (ECK LN) Further 5-yr contract win

2015 results; proposed merger with Vectura

Skyepharma reported 2015 results and a proposed merger with Vectura on 16th March. The enlarged group would have significant expertise across three inhalation delivery platforms (pMDI, DPI and nebulisers). The proposed terms of the deal offers Skyepharma shareholders 2.7977 Vectura shares per Skyepharma share, currently valuing Skyepharma at c.£470.8m. Skyepharma’s shareholders will own 41.75% of the enlarged group before any of the partial cash alternative (up to £70m) is paid. Skyepharma repor

Lifesciences Review - Down but not out

Stocks in the life sciences industry have struggled to regain their sparkle following the autumn 2015 sell off triggered by Hilary Clinton’s comments on drug pricing with the NASDAQ Biotechnology Index down some 22% since the beginning of the year. Indeed both sides of the presidential race have now targeted pharmaceutical companies with Donald Trump campaigning for price negotiations between drug manufacturers and Medicare

Vectura and Skyepharma announce merger

Vectura and Skyepharma (SKP) have announced they have reached a merger agreement; under the terms of the deal SKP shareholders will be entitled to receive 2.7977 new Vectura shares for every SKP share, valuing the company at £441.3m or 410.15p per share. Our last published valuation (A shining start to 2016) of SKP is 422p/share. The rationale for the merger is to combine the complementary inhalation businesses and create an industry-leading respiratory speciality business to accelerate growth i

Encouraging EXPAREL® outlook

Pacira remains positive on the prospects for EXPAREL®, with the FDA challenges firmly behind it and 2015 sales slightly ahead of our expectations. We remain bullish on EXPAREL®’s long term growth potential with launches for oral and veterinary surgery anticipated later in 2016 as well as Pacira working on additional indications, including nerve block and chronic pain. We continue to expect Skyepharma to receive an $8m milestone from Pacira in 2016 for net sales reaching $250m over four consecuti

Morning Song

Grainger (GRI LN) GRIP fund makes £57m London PRS acquisition | Skyepharma (SKP LN) Very attractive opportunity

Very attractive opportunity

We feel Skyepharma’s share price performance yesterday was unjustified given the recent strong news flow and future prospects. Skyepharma continues to make excellent progress in multiple areas of the business. The recent recognition of a €10m flutiform® sales milestone highlights the continued strong sales growth of the product whilst work continues in parallel to add additional indications and geographies. The development products SKP-2075 (asthma COPD crossover syndrome) and SKP-2076 (asthma t

Morning Song

ACCESSO TECHNOLOGY GRP PLC (ACSO LN) FY 2015 results comfortably in line | BCA MARKETPLACE PLC (BCA LN) Bullish EPS outlook driven by volumes, gearing and buyer finance | CARCLO (CAR LN) Trading in line | SKYEPHARMA PLC (SKP LN) GSK Q4 2015 results highlight Ellipta® sales ahead of expectations

GSK Q4 2015 results highlight Ellipta® sales ahead of expectations

GSK’s Q4 2015 results highlighted significantly improved performance from the products incorporating Skyepharma’s dry powder inhalation formulation technologies. The Ellipta® range (Breo®/Relvar®, Anoro® and Incruse®) continued to post growth with combined sales in Q4 increasing 53% from Q3, generating full year sales of £350m (ahead of our £335m estimate). We expect the positive momentum to continue going forward although we make no changes to our forecasts at this stage. We believe Skyepharma

flutiform® driving growth, major pipeline potential

Skyepharma continues to make excellent progress in multiple areas of the business. The recent recognition of a €10m flutiform® sales milestone highlights the continued strong sales growth of the product whilst work continues in parallel to add additional indications and geographies. The development products SKP-2075 and SKP-2076 could also potentially add significant value to the group’s respiratory franchise. We continue to believe that Skyepharma has further strong growth potential.

Mundipharma appointed partner for flutiform® in Latin America

Today's news that Mundipharma has been appointed partner for flutiform® in Mexico, Central and South America expands on its partnership already in place with Skyepharma for the product. The relationship has proven to be very successful to date with flutiform® continuing to generate substantial growth, as highlighted by the recent recognition of a €10m sales milestone. The transfer of the exclusive rights from Sanofi to Mundipharma in this region has been undertaken on the same terms as establish

Warpaint London+ (W7L, House Stock at 375p) - Trading ahead of expectations - +10% upgrade implied

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Hybridan Small Cap Feast - 15 April 24

15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

Morning Note – 9 April 2024

Morning Note – 8 April 2024

Avon Protection - Unmasking its growth potential

Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r

Cambridge Nutritional Sciences - H1 2024 interims: Executing a newly focussed st

Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We

Venture Life Group - Strong organic growth; focus on EBITDA

Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli

Morning Note – 22 March 2024

LIBERUM: Futura Medical: An increasing degree of confidence

Hybridan Small Cap Feast - 17 April 24

17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Diaceutics | FY23 update – 22% revenue growth, £16.7m YE cash

Diaceutics has released a trading statement for the year to December 2023 guiding to revenue growth of 22% YoY to £23.7m, up 19% on a constant currency basis. The order book jumped 57% to £26.6m, of which c£12.3m is expected to be realised in FY24, and which currently stands at £30.8m. The proportion of recurring revenue continues to increase and is now over 50% (FY22 35%). Cash at YE23 stood at £16.7m, indicating a near halving of the rate of cash burn in 2H23 compared to 1H23. We adjust our FY

Belluscura Trading Update

Belluscura has released a Trading Update stating that due to the delay in securing funding and Chinese NMPA approval, sales and manufacturing have been delayed by at least four months and it now expects EBITDA breakeven in Q3 and to turn cashflow positive in Q1 2025.

Zoetis Inc.: Launch Of CircoMatch & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

Zoetis delivered a decent set of results for the last quarter of 2022 meeting analyst expectations as well as the high end of its management guidance. Despite the economic challenges, ongoing pandemic recovery, and the political unpredictability brought on by the war in Ukraine, they delivered operational growth for the year in each of their top 13 markets. The company's unique companion animal portfolio drove its 8% operational revenue increase for the year, growing 14% operationally. In compar

Morning Note – 12 February 2024