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MNK

Mallinckrodt

$23.32

-0.25 (-1.06%)

, SCMP

Sucampo

$17.00

0.05 (0.29%)

06:49
12/26/17
12/26
06:49
12/26/17
06:49

Mallinckrodt to acquire Sucampo for $18.00 per share

Mallinckrodt (MNK) and Sucampo Pharmaceutical (SCMP) announced that they have entered into an agreement under which Mallinckrodt will acquire Sucampo, including its commercial and development assets. The transaction was approved by the Boards of Directors of both companies. Sun Acquisition, a subsidiary of Mallinckrodt, will commence a cash tender offer to purchase all of the outstanding shares of Sucampo Pharmaceuticals' common stock for $18.00 per share. The total transaction value is approximately $1.2B. The acquisition is expected to be funded through borrowings under Mallinckrodt's existing revolving credit facility, a new secured term loan facility and/or cash on hand. Following the transaction, Mallinckrodt intends to utilize its significant cash generation to focus on reducing outstanding debt over time. Sucampo stockholders holding approximately 32% of the outstanding Sucampo shares have entered into a tender and support agreement for this transaction. Mallinckrodt expects accretion from the acquisition to adjusted diluted earnings per share of at least 30c in 2018 and at least double that amount in 2019, assuming a first quarter 2018 close. Guidance on the impact of the acquisition to the company's GAAP35 diluted earnings per share has not been provided due to the inherent difficulty of forecasting the timing or amount of items that would be included in calculating such impact. The transaction is subject to customary closing conditions, including expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and the tender of a majority of the outstanding Sucampo shares.

MNK

Mallinckrodt

$23.32

-0.25 (-1.06%)

SCMP

Sucampo

$17.00

0.05 (0.29%)

  • 27

    Feb

MNK Mallinckrodt
$23.32

-0.25 (-1.06%)

11/22/17
OPCO
11/22/17
DOWNGRADE
OPCO
Perform
Mallinckrodt downgraded to Perform from Outperform at Oppenheimer
Oppenheimer analyst Derek Archila downgraded Mallinckrodt to Perform saying he's been "flat out wrong" on the shares. The thesis of branded growth and material margin expansion has not and is unlikely to play out within the next 12-18 months, Archila tells investors in a research note. He sees "little-to-no visibility" on Acthar growth outside of management's remarks on the payer pushback/patient abandonment issues. Further, Archila is not certain whether the company can remedy the Acthar growth issue in a timely manner. He pulled his price target for Mallinckrodt shares.
11/22/17
11/22/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Salesforce (CRM) downgraded to Neutral from Buy at Roth Capital with analyst Richard Baldry citing the 59% year-to-date rally in the shares. 2. Bloomin' Brands (BLMN) downgraded to Neutral from Buy at BofA/Merrill with analyst Gregory Francfort citing news of Jana Partners' 8.7% stake and subsequent share price spike. 3. Halozyme (HALO) assumed with an Equal Weight from Overweight at Barclays with analyst Gena Wang saying she believes the potential of Halozyme's Enhanze technology is largely reflected in the stock following the recent rally. 4. Mallinckrodt (MNK) downgraded to Perform from Outperform at Oppenheimer with analyst Derek Archila saying he's been "flat out wrong" on the shares. 5. Cytokinetics (CYTK) was downgraded to Neutral from Overweight at Cantor Fitzgerald and to Buy from Strong Buy at Needham. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/12/17
LEHM
12/12/17
NO CHANGE
Target $23
LEHM
Equal Weight
Mallinckrodt management keeps conviction in Acthar, says Barclays
Barclays analyst Douglas Tsao says Mallinckrodt management in meetings last week reiterated their conviction in the Acthar franchise's durability. The analyst continues to believe the franchise should prove "reasonably durable," but after Q3's miss, he does not expect a "v-shaped" recovery next year. Further, Acthar,'s pressure could worsen if additional payers implement policies that affected Q3, Tsao tells investors in a research note titled "It always comes back to Acthar." The analyst keeps an Equal Weight rating on Mallinckrodt with a $23 price target.
12/22/17
WELS
12/22/17
NO CHANGE
WELS
Market Perform
Wells says tax act net effect seems positive for Mallinckrodt non-GAAP EPS
After Mallinckrodt released a regulatory filing this morning stating the company's anticipated puts and takes related to the passage of the U.S. Tax Cut and Jobs Act, Wells Fargo analyst David Maris said he believes the net effect of the TCJA seems positive for the company's non-GAAP EPS. Maris keeps a Market Perform rating on Mallinckrodt shares.
SCMP Sucampo
$17.00

0.05 (0.29%)

11/14/17
RILY
11/14/17
INITIATION
Target $14
RILY
Buy
Sucampo initiated with a Buy at B. Riley FBR
B. Riley FBR analyst David Buck started Sucampo Pharmaceuticals with a Buy rating and $14 price target.
12/07/17
MAXM
12/07/17
NO CHANGE
Target $23
MAXM
Buy
Sucampo shares undervalued based on fundamentals, says Maxim
Following a Bloomberg report that said Sucampo may be entertaining suitors, Maxim analyst Jason Kolbert said this would be plausible given that the company's shares are undervalued, it is generating free cash flow and has a strong pipeline. However, he has no specific knowledge to confirm the report, Kolbert adds. He has a Buy rating and $23 price target on Sucampo shares.
12/18/17
NOMU
12/18/17
INITIATION
Target $43
NOMU
Buy
Sucampo initiated with a Buy at Nomura Instinet
Nomura Instinet analyst Christopher Marai started Sucampo with a Buy rating and $43 price target, stating that he believes its current valuation primarily reflects cash flows from its currently marketed drug, Amitiza, and neglects potentially newer pipeline products that could double revenues to $500M by 2020.
12/19/17
12/19/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Michael Kors (KORS) was initiated with a Buy at Needham while Tapestry (TPR) was initiated with a Hold. 2. Sherwin-Williams (SHW) initiated with a Strong Buy, named a Top Pick at Raymond James. 3. Sucampo (SCMP) initiated with a Buy at Nomura Instinet. 4. Semtech (SMTC) initiated with a Neutral at Piper Jaffray. 5. Mimecast (MIME) initiated with a Buy at Deutsche Bank. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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