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NVO

Novo Nordisk

$54.74

0.25 (0.46%)

, ABLX

Ablynx

$25.91

0.85 (3.39%)

06:01
01/08/18
01/08
06:01
01/08/18
06:01

Novo Nordisk offers to acquire Ablynx for up to EUR30.50 per share in cash

Novo Nordisk (NVO) confirms that it made a proposal on December 22, 2017 to acquire Ablynx (ABLX) for EUR 28.00 per share in cash and one CVR with total potential cash payments over time of up to EUR 2.50 per share. This proposal implies a total equity valuation of approximately EUR 2.6 billion1 for Ablynx and represents a premium of up to 60% over Ablynx's share price as of December 6, 2017 of EUR 19.12, which was the day prior to our first proposal, and up to 66% over Ablynx's 3 month VWAP of EUR 18.39 as of 5 January 2018. Novo Nordisk has made a concerted and good faith effort to engage in discussions with Ablynx. This proposal is the second proposal that Novo Nordisk has made to Ablynx's Board of Directors and represents up to approximately a 14% increase over the first proposal. Novo Nordisk regrets that the Board of Directors of Ablynx has so far declined to engage in any discussions, despite the proposals which have been put forward. Novo Nordisk has conducted a deep analysis of Ablynx's business and product portfolio, based on publicly available information, including caplacizumab, ALX-0171, vobarilizumab, its other pipeline products and partnerships. Following that analysis, Novo Nordisk has concluded that combining Ablynx's caplacizumab with Novo Nordisk's strong global haematology franchise and extensive worldwide resources is a compelling opportunity and provides the clearest path to realizing full potential of Ablynx's portfolio in the best interests of all stakeholders, including patients and physicians. The proposed transaction would combine Novo Nordisk's regulatory, scientific and commercial expertise with Ablynx's strong existing medical teams to optimise the development and global commercialisation of caplacizumab.

NVO

Novo Nordisk

$54.74

0.25 (0.46%)

ABLX

Ablynx

$25.91

0.85 (3.39%)

  • 08

    Jan

  • 08

    Jan

NVO Novo Nordisk
$54.74

0.25 (0.46%)

12/01/17
MSCO
12/01/17
UPGRADE
MSCO
Overweight
Novo Nordisk upgraded to Overweight from Equal Weight at Morgan Stanley
12/06/17
BOFA
12/06/17
UPGRADE
BOFA
Buy
Novo Nordisk upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Sachin Jain upgraded Novo Nordisk to Buy citing high visible growth from the GLP-1 franchise and upward sentiment related to oral semaglutide data.
12/29/17
JPMS
12/29/17
UPGRADE
JPMS
Neutral
Novo Nordisk upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Richard Vosser upgraded Novo Nordisk to Neutral and raised his price target for the shares to 290 kroner from 230 kroner. The analyst expects "strong" oral semaglutide Phase III newsflow in 2018. He believes this will overshadow concerns over the long-term growth potential of the company's business.
12/29/17
12/29/17
NO CHANGE

On The Fly: Top five analyst actions
Catch up on today's top five analyst actions with this list compiled by The Fly: 1. AstraZeneca (AZN) upgraded to Overweight from Neutral at JPMorgan with analyst James Gordon saying the company's "superior medium-term growth outlook," which is twice the peer average, warrants a 25% sector premium. 2. PriceSmart (PSMT) upgraded to Outperform from Market Perform at IFS Securities. 3. Novo Nordisk (NVO) upgraded to Neutral from Underweight at JPMorgan with analyst Richard Vosser saying he expects "strong" oral semaglutide Phase III newsflow in 2018. 4. Syntel (SYNT) downgraded to Underperform from Market Perform at Wells Fargo with analyst Ed Caso saying he sees the company's "weak" positioning for the ongoing shift in information technology demand from "legacy" low-cost offshore-centric software services to more onshore-necessary "digital" solutions as dragging down its growth and margins. 5. RioCan REIT downgraded to Sector Perform from Outperform at RBC Capital. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ABLX Ablynx
$25.91

0.85 (3.39%)

11/20/17
BARD
11/20/17
INITIATION
Target $33
BARD
Outperform
Ablynx initiated with an Outperform at Baird
Baird analyst Brian Skorney initiated Ablynx with an Outperform rating, stating it has a host of promising internal assets for diseases with significant unmet needs and a proprietary platform technology. He sees the company well positioned over the next few years as it stands to receive significant milestone payments from big pharma partners. Skorney has a $33 price target on Ablynx shares.
11/20/17
LTCO
11/20/17
INITIATION
Target $30
LTCO
Buy
Ablynx initiated with a Buy at Ladenburg
Ladenburg Thalmann analyst Kevin DeGeeter started Ablynx with a Buy rating and $30 price target.
11/20/17
JEFF
11/20/17
NO CHANGE
Target $34
JEFF
Buy
Jefferies puts Buy rating, $34 target on Ablynx at Jefferies
Jefferies analyst Peter Welford says positive Phase III data further boost his belief that caplacizumab for rare blood disorder acquired thrombotic thrombocytopenic purpura is a "potential game-changer" for Ablynx. The analyst believes the drug may become a standard-of-care and he increased his approval probability to 90%. Welford believes caplacizumab's value is underappreciated at current share levels. He has a Buy rating on Ablynx's ADRs with a $34 price target.
11/20/17
11/20/17
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. Innoviva (INVA) initiated with a Hold at Deutsche Bank. 2. National Vision (EYE) was initiated with an Overweight at Morgan Stanley, an Outperform at Wells Fargo, a Buy at Jefferies and Citi, as well as a Neutral at Goldman Sachs, UBS, and BofA/Merrill. 3. Ablynx (ABLX) was initiated with an Overweight at JPMorgan, an Outperform at Baird, and a Buy at Ladenburg. 4. Blue Apron (APRN) initiated with a Sector Weight at KeyBanc. 5. BP Midstream (BPMP) was initiated with an Overweight at JPMorgan, a Buy at UBS and Citi, an Equal Weight at Morgan Stanley and Barclays, as well as a Neutral at Goldman Sachs. 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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