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ALPMY

Astellas Pharma

$0.00

(0.00%)

, BOLD

Audentes Therapeutics

$28.59

-0.41 (-1.41%)

18:03
12/02/19
12/02
18:03
12/02/19
18:03

Astellas to acquire Audentes for $60 per share in cash

Astellas Pharma (ALPMY) and Audentes Therapeutics (BOLD) announced that they have entered into a definitive agreement for Astellas to acquire Audentes at a price of $60.00 per share in cash, representing a total equity value of approximately $3B. Under the agreement, which has been unanimously approved by the boards of directors of both Astellas and Audentes, Astellas will acquire Audentes through Asilomar Acquisition Corp., a wholly-owned subsidiary of Astellas US Holding, Inc. Asilomar will commence a tender offer for all outstanding shares of common stock of Audentes, for a price of $60.00 per share in cash. Promptly upon successful completion of the Tender Offer, Asilomar will be merged into Audentes, and any remaining shares of common stock of Audentes will be canceled and converted into the right to receive the same $60.00 per share price. The board of directors of Audentes has resolved to recommend that Audentes stockholders tender their shares to Astellas. Consummation of the transaction is subject to customary closing conditions, including US antitrust clearance and the tender of a majority of Audentes' outstanding shares of common stock. The offer price represents a premium of 110% to Audentes' closing share price of $28.61 on December 2, 2019. The all-cash transaction is valued at approximately $3B including the purchase of all common shares, options, restricted stock units and other securities. The Tender Offer period is expected to commence in the next few weeks and to expire 20 business days after its commencement, unless otherwise extended. If the Tender Offer conditions are not satisfied, Astellas may be required to extend the Tender Offer under certain circumstances. Astellas is still reviewing the impact of a consummation of the transaction on its financial results for the fiscal year ending March 31, 2020.

ALPMY

Astellas Pharma

$0.00

(0.00%)

BOLD

Audentes Therapeutics

$28.59

-0.41 (-1.41%)

  • 03

    Dec

  • 07

    Dec

ALPMY Astellas Pharma
$0.00

(0.00%)

09/24/19
JEFF
09/24/19
INITIATION
JEFF
Buy
Astellas Pharma initiated with a Buy at Jefferies
Jefferies analyst Stephen Barker started Astellas Pharma with a Buy rating and 2,000 yen price target.
BOLD Audentes Therapeutics
$28.59

-0.41 (-1.41%)

11/19/19
EVER
11/19/19
UPGRADE
Target $40
EVER
Outperform
Audentes Therapeutics upgraded to Outperform from In Line at Evercore ISI
Evercore ISI analyst Joshua Schimmer upgraded Audentes Therapeutics to Outperform from In Line with a $40 price target.
11/19/19
EVER
11/19/19
UPGRADE
Target $40
EVER
Outperform
Audentes Therapeutics upgraded to Outperform on new programs at Evercore ISI
As previously reported, Evercore ISI analyst Joshua Schimmer upgraded Audentes Therapeutics to Outperform from In Line with a price target of $40, up from $34. The analyst is positive on the addition of new gene therapy programs for DMD and DM1, and expects it to move into the clinic next year with preliminary data by year end 2020.
11/19/19
11/19/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Broadcom (AVGO) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Craig Hettenbach saying while the stock is priced for risks associated with the Symantec deal, he has increased confidence in the company's software strategy amid what he sees as low expectations. 2. MaxLinear (MXL) upgraded to Buy from Hold at Needham with analyst N. Quinn Bolton saying the stock has "meaningfully underperformed" the broader Semiconductor index but believes that it is positioned to move higher, with market share gains expected "in microwave backhaul and the ramp of its 5G wireless transceiver." 3. Audentes Therapeutics (BOLD) upgraded to Outperform from In Line at Evercore ISI analyst Joshua Schimmer saying he is positive on the addition of new gene therapy programs for DMD and DM1, and expects it to move into the clinic next year with preliminary data by year end 2020. 4. Okta (OKTA) upgraded to Buy from Neutral at DA Davidson with analyst Andrew Nowinski saying while shares have declined 24% since the end of July, he believes the pullback represents a "good entry point" to get into one of the top Software-as-a-Service growth stocks. 5. AvalonBay (AVB) upgraded to Outperform from In Line at Evercore ISI. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/22/19
PIPR
11/22/19
NO CHANGE
Target $55
PIPR
Overweight
Piper remains buyer of Audentes following AT845 trial design disclosure
Piper Jaffray analyst Christopher Raymond reiterated an Overweight rating and $55 price target on Audentes Therapeutics, saying he continues to recommend buying the shares following this morning's disclosure of the Phase 1/2 trial design for AT845. Raymond say that, after fixing the promoter issues of the previous Pompe construct, he likes the company's execution in this program back on track, which currently accounts for $9 per share in his sum-of-arts analysis. The analyst said he sees the company's approach in directly targeting muscles for therapeutic benefit as differentiated from competitors, and he continues to like this drug's potential as it heads into clinical development.

TODAY'S FREE FLY STORIES

PLMR

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AUO

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LPL

LG Display

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ANIOY

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BPMC

Blueprint Medicines

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TLSNY

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ARWR

Arrowhead

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ARGX

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-2.56 (-1.71%)

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STC

Stewart

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19:56
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FAF

First American

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PFSI

PennyMac Financial

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AGIO

Agios Pharmaceuticals

$40.93

0.81 (2.02%)

18:40
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BPMC

Blueprint Medicines

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FATE

Fate Therapeutics

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RCKT

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ARGX

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, JNJ

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JNJ

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BLUE

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LLY

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BMY

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QURE

uniQure

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