Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ALEXZA PHARMACEUTICALS INC. We currently have 4 research reports from 1 professional analysts.
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ALEXZA PHARMACEUTICALS INC
ALEXZA PHARMACEUTICALS INC
Ferrer to buy Alexza for $0.90 per share plus CVR
11 May 16
Ferrer entered into a definitive agreement with Alexza, whereby Ferrer will acquire the company for $0.90 per share in cash, plus contingent value rights (CVRs) entitling shareholders to a pro rata share of up to four milestone-based payments, totalling a potential maximum of $35m (or approximately $1.60 per share) subject to certain deductions. This offer, unanimously supported by Alexza’s board, follows the letter of intent entered into by both parties in late February. The offer represents a 67% premium to the 9 May closing price and is expected to close in Q216, subject to completing the tender offer by shareholders.
Ferrer signals intent to potentially buy company
08 Mar 16
Alexza disclosed on 26 February that it had entered into a non-binding letter of intent (LOI) from Ferrer on 15 February to acquire all outstanding Alexza common shares, and Alexza agreed to proceed with discussions to help further facilitate Ferrer’s due diligence. Although Ferrer has already completed a significant amount of due diligence, a key factor in the negotiations will be determining a price acceptable to both parties. Ferrer’s LOI signaled it could potentially finalize a formal offer within 20 days. We are placing our valuation under review, pending the outcome of the Ferrer approach. Our last published equity valuation was $20.9m.
Regaining Adasuve rights amid strategic review
01 Dec 15
Alexza is in transition as it is undergoing a strategic review to either unlock value or fund R&D programs such as AZ-007. The decision to reacquire US Adasuve rights from Teva may facilitate this process, as an outright sale or royalty agreement for its entire interest in Adasuve may be more straightforward once the US rights are regained. After lowering our revenue and COGS assumptions, our valuation on a standalone basis, net of debt, is $20.9m, or $1.04 per share fully diluted.
Regaining US Adasuve rights, new opportunity?
02 Nov 15
Alexza and Teva have reached an agreement whereby Alexza will reacquire the US commercial rights for Adasuve, with a projected target completion date of 1 January 2016. US sales since the March 2014 launch have been tepid (Teva-derived product revenue to Alexza was under $3m) and recent developments at Teva (ie Actavis acquisition) may have deprioritized Adasuve’s position within the firm. While Teva’s Adasuve relinquishment may reflect a reduced long-term sales outlook, the process may actually help facilitate Alexza’s ongoing strategic review. An outright sale or royalty agreement for Alexza’s entire interest in Adasuve may be more straightforward once US rights are regained.
20 Apr 17
Although the last two months have seen a broadly neutral performance from the UK healthcare sector compared to a significantly more volatile 6 months prior, we continue to expect macro-events and increased geo-political risk to result in an overall neutral performance from the sector over the next period. However, company specific news is likely to drive a strong outperformance from selected mid-market companies. We retain our neutral sector stance whilst highlighting those we expect to outperform.
N+1 Singer - Morning Song 24-04-2017
24 Apr 17
First Derivatives (FDP LN) FY slightly ahead as strong trading momentum continues | Goals Soccer Centres (GOAL LN) A potentially exciting corporate development | mporium Group (MPM LN) 2016 results: course set for exciting 2017 | Vectura Group (VEC LN) VR315 risk outweighs longer-term potential
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
N+1 Singer - Sinclair Pharma - EBITDA upgrade for 2017, but lower TP due to warranty claim and costs
19 Apr 17
We have updated product-level forecasts and included the £10m SVB debt facility and £5m warranty claim settlement with Alliance Pharma in our forecasts. The 6.3% upgrade to our FY2017 sales estimate (from £46.0m to £48.9m) brings expected EBITDA profitability forward by one year (to FY2017 from FY2018). We remain positive on the ongoing rollout of Silhouette Instalift® in particular and retain our Buy recommendation. However, higher expected sales & marketing costs and the warranty claim weigh on our valuation: we downgrade our target price from 42p to 37p.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)