Inside the Market’s roundup of some of today’s key analyst actions
the acquisition of a second royalty stream in breast cancer treatment of Orserdu for US$130-million from Radius Health. It entitles DRI to a low-to-high single digit tiered royalty on global net sales. DRI is also entitled to receive milestone payments of up to US$40-million on sales performance thresholds.
Believing DRI’s pipeline “remains robust,” he added: “The current pipeline is valued at US$2.8-billion with some 28 opportunities of which 16 are near term and valued at US$1.8-billion. The remaining 12 opportunities are longer term and valued at US$1-billion. We would not be surprised to see some near-term opportunities having moved to exclusivity by the Q3 update in Nov. 2023.”
“Management anticipates regulatory clearances will take approximately 6 months, pushing the closing date 45 days into 2024,” he said. “However, all pre-close earnings from PPS will flow to Mattr, which may be a modest positive with respect to the company’s valuation as MATR should now capture most of the highly profitable SGP coating contract, expected to wrap up in Q1/24.
“Management indicated the sale price of Brazilian operations would ultimately be immaterial, but as the recently disclosed sales in Italy and the UK were also considered immaterial, we estimate a transaction could sport a price tag in the high single digit millions of dollars: the divested pipe coating facility in Ellon, Scotland went for $0.5 million, and the agreement to sell a facility in Pozallo, Italy was for $6.5 million,” he said.
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