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EBS

Emergent BioSolutions

$60.47

-0.4 (-0.66%)

16:36
10/15/18
10/15
16:36
10/15/18
16:36

Emergent BioSolutions completes Adapt Pharma acquisition

Emergent BioSolutions announced that it has completed its acquisition of Adapt Pharma and its flagship product NARCAN Nasal Spray, the first and only intranasal form of naloxone approved by the U.S. Food and Drug Administration and Health Canada, for the emergency treatment of known or suspected opioid overdose. With the closing of this transaction, Emergent also acquires a development pipeline of new treatment and delivery candidates to address opioid overdose and brings on approximately 50 employees, located in the U.S., Canada, and Ireland, including those responsible for supply chain management, research and development, government affairs, and commercial operations. Total consideration for the transaction is up to $735M, which includes an upfront payment of $635M and up to $100M in cash for potential sales-based milestones through 2022. At the closing, the company paid $635M, consisting of $60M in Emergent common stock and $575M in cash, subject to customary closing adjustments, using a combination of cash-on-hand and borrowings under its new $1.05B syndicated senior secured credit facilities that the company entered into to fund the transaction. The company will be issuing financial results in early November for the three and nine months ended September 30, at which time it will provide an update on the impact of this transaction on full-year 2018 guidance.

  • 01

    Nov

EBS Emergent BioSolutions
$60.47

-0.4 (-0.66%)

08/29/18
CANT
08/29/18
NO CHANGE
Target $32
CANT
Overweight
Cantor sees value in Opiant after Emergent acquires Adapt Pharma
Cantor Fitzgerald analyst Brandon Folkes believes Emergent BioSolutions' (EBS) acquisition of Adapt Pharma underscores the potential for companies addressing the opioid overdose market. Opiant Pharmaceuticals (OPNT) is developing its own opioid overdose nasal spray, OPNT003, which could be of benefit in cases of synthetic opioid overdoses, such as with fentanyl, Folkes tells investors in a research note. He believes Opiant presents an attractive risk/reward at current share levels, "even if it captures only a portion of the growing market opioid overdose market." Folkes keeps an Overweight rating on the shares with a $32 price target.
08/29/18
WELS
08/29/18
NO CHANGE
Target $65
WELS
Market Perform
Emergent deal for Adapt Pharma a 'bold' move with some risks, says Wells Fargo
Wells Fargo analyst David Maris said Emergent BioSolutions' agreement to acquire Adapt Pharma, the maker of Narcan nasal spray to treat opioid overdose, for about $735M is a "bold" move that some investors will like given the accretion and sales growth. However, some may see this as moving too far afield from its core business in biodefense and the deal may introduce overhang concerns about the duration of Narcan, added Maris. He raised his price target on Emergent shares to $65 from $61 and keeps a Market Perform rating on the stock.
09/11/18
ARGS
09/11/18
NO CHANGE
Target $70
ARGS
Buy
Emergent BioSolutions price target raised to $70 from $62 at Argus
Argus analyst Jasper Hellweg raised his price target on Emergent BioSolutions to $70 and kept his Buy rating, saying the company's recent bullish stock trend has been driven by positive R&D and M&A developments. The analyst expects Emergent BioSolutions to produce "solid earnings growth over the next several years" thanks to the strong U.S. military demand for its BioThrax vaccine - the only FDA-approved vaccine for anthrax. Hellweg also cites the company's attractive valuation of 20-times his expected FY19 earnings, which is below the 26.3-times average multiple for its peer biotech group.
09/28/18
CANT
09/28/18
NO CHANGE
Target $42
CANT
Overweight
Opiant Pharmaceuticals price target raised to $42 from $32 at Cantor Fitzgerald
Cantor Fitzgerald analyst Brandon Folkes raised his price target for Opiant Pharmaceuticals to $42 citing upwards earnings revisions for Narcan and a revised share count post the recently completed equity financing. The company is developing treatments focused on multiple addictions including a next-generation, improved Narcan, OPNT003, which has a longer half-life, offering better reversal outcomes in fentanyl-related overdoses, Folkes tells investors in a research note. He believes Emergent BioSolutions' recent acquisition of Adapt Pharma for $735M underscores the value of the opioid overdose market. As Opiant advances its pipeline, investors to begin to appreciate the market potential of its candidates, which should drive the stock higher, the analyst contends. Folkes reiterates an Overweight rating on the shares.

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