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MNK

Mallinckrodt

$22.90

-0.5 (-2.14%)

, BAX

Baxter

$69.18

0.77 (1.13%)

07:48
01/08/18
01/08
07:48
01/08/18
07:48

Mallinckrodt to sell RECOTHROM, PREVELEAK to Baxter for about $185M

Mallinckrodt (MNK) announced it has entered into an agreement under which it will sell certain hemostasis products to Baxter (BAX) for approximately $185M, with upfront payment of $153M, inclusive of existing inventory, and the remainder in potential future milestones. Baxter will assume other expenses, including contingent liabilities associated with PREVELEAK. In the twelve months preceding September 29, 2017, Mallinckrodt's net sales of hemostasis products were $56.2M, substantially all of which related to RECOTHROM and PREVELEAK. The sale of the two products to Baxter does not qualify for GAAP treatment as a discontinued operation, and therefore historical sales and earnings results will not be recast to reflect the divestiture. The sale is anticipated to dilute Mallinckrodt's adjusted diluted earnings per share by 10c-15c in 2018, which will be offset by shares repurchased during the fourth quarter 2017. Proceeds from the sale will be used by the company toward paying down debt. Mallinckrodt will retain RAPLIXA for topical use and is evaluating strategic options for this product. Due to its shift in focus to the critical care, autoimmune and rare disease spaces, the company will discontinue marketing of the product upon close of the Baxter transaction. As a result, a write-off for this product will be reported for the fourth quarter 2017. The closing of the transaction is subject to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. Mallinckrodt expects to complete the transaction in the first half of 2018.

MNK

Mallinckrodt

$22.90

-0.5 (-2.14%)

BAX

Baxter

$69.18

0.77 (1.13%)

  • 08

    Jan

  • 26

    Feb

  • 27

    Feb

MNK Mallinckrodt
$22.90

-0.5 (-2.14%)

12/29/17
CANT
12/29/17
NO CHANGE
Target $42
CANT
Overweight
Cantor doesn't see competing bid to Mallinckrodt's for Sucampo
Citing the merger documents and his own diligence, Cantor Fitzgerald analyst Louise Chen finds it unlikely that another company would step in for Sucampo Pharmaceuticals (SCMP) as a counter to Mallinckrodt's (BID). Further, Mallinckrodt discounted the value ascribed to Sucampo's pipeline assets, but having a product like Amitiza allows it to limit the purchase price risk, Chen told investors yesterday in a research note. She does not think the January 28 FDA action date for Sucampo's Amitiza pediatric supplemental drug application should be a meaningful stock catalyst. The analyst keeps an Overweight rating on Mallinckrodt with a $42 price target.
01/02/18
LEER
01/02/18
INITIATION
Target $26
LEER
Market Perform
Mallinckrodt initiated with a Market Perform at Leerink
Leerink analyst Ami Fadia initiated Mallinckrodt with a Market Perform and $26 price target.
01/03/18
STFL
01/03/18
NO CHANGE
STFL
Mallinckrodt added to Select List, Jazz Pharmaceuticals removed at Stifel
01/05/18
UBSW
01/05/18
DOWNGRADE
Target $18
UBSW
Neutral
Sucampo downgraded to Neutral from Buy at UBS
UBS analyst Marc Goodman downgraded Sucampo Pharmaceuticals (SCMP) to Neutral to reflect the takeover by Mallinckrodt (MNK). The analyst believes the deal is likely to close without significant issues and upped his price target for the shares to $18 from $15.
BAX Baxter
$69.18

0.77 (1.13%)

01/02/18
BOFA
01/02/18
UPGRADE
Target $73
BOFA
Buy
Baxter upgraded to Buy at BofA/Merrill
As previously reported, BofA/Merrill upgraded Baxter to Buy from Neutral and increased its price target to $73 from $64. Analyst Bob Hopkins expects Baxter to put its $7B balance sheet liquidity to work through M&A and buybacks, which should set the stage for improving revenue growth in 2019-20.
01/02/18
01/02/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. L Brands (LB) upgraded to Outperform from Neutral at Baird with analyst Mark Altschwagern saying he believes the company is on track to meet or exceed December comparable sales and fourth quarter expectations. 2. Lennar (LEN) upgraded to Outperform from Market Perform at Wells Fargo with analyst Stephen East citing his post-tax reform earnings per share estimate but without the CalAtlantic (CAA) acquisition included. 3. Disney (DIS), Netflix (NFLX), AMC Networks (AMCX), and Discovery (DISCA) were upgraded to Outperform from Neutral at Macquarie. 4. Abbott (ABT) was upgraded to Overweight from Equal Weight at Morgan Stanley and to Overweight from Neutral at JPMorgan. 5. Baxter (BAX) was upgraded to Buy from Neutral at BofA/Merrill and to Overweight from Neutral at JPMorgan. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/03/18
RAJA
01/03/18
UPGRADE
Target $73
RAJA
Outperform
Baxter upgraded to Outperform, view as a core holding at Raymond James
Raymond James analyst Lawrence Keusch upgraded Baxter to Outperform from Market Perform and established a $73 price target saying he views it as a core holding. Keusch has high confidence in management execution, an emerging new product portfolio, and balance sheet optionality. He sees organic cc revenue growth in the 4% range driven by geographic expansion after recent underperformance in Europe, as well as continued growth in Asia. Further, after a period of underinvestment, the R&D pipeline as been revitalized and should begin to accelerate growth in 2019 and beyond. Finally, the analyst said Baxter has considerable balance sheet flexibility with $7-$8B available for bolt-on acquisitions.
01/03/18
EVER
01/03/18
INITIATION
Target $71
EVER
Outperform
Baxter initiated with an Outperform at Evercore ISI
Evercore ISI analyst Vijay Kumar started Baxter with an Outperform rating and $71 price target. The analyst thinks Baxter should be able to meet or beat 2018 Street expectations and its balance sheet strength gives it over $10B in capacity for M&A, he tells investors.

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