We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Novo Nordisk (NVO) Gears Up to Acquire BIOCORP for 154M Euros
Read MoreHide Full Article
Novo Nordisk A/S (NVO - Free Report) announced entering into exclusive negotiations with BIO JAG to acquire its controlling stake in BIOCORP, subsequently issuing a tender offer to acquire all remaining outstanding shares in BIOCORP for 35 euro per share in cash, bringing up the total equity value to approximately 154 million euros.
The total equity value, as estimated, represents a premium of 19.5% over BIOCORP’s closing market price on Jun 2, 2023 and 45.2% compared to the volume-weighted average trading prices of the last 90 trading days.
BIO JAG is the majority shareholder in BIOCORP, which is a French company specializing in the design, development and manufacturing of delivery systems and innovative medical devices, including Mallya, a bluetooth-enabled smart add-on device for pen injectors.
In the year so far, shares of Novo Nordisk have gained 16.1% against the industry’s 0.2% decline.
Image Source: Zacks Investment Research
Per the proposed transaction, Novo Nordisk is looking to acquire BIO JAG’s entire stake in BIOCORP, representing 45.30% of its share capital and 62.19% of its theoretical voting rights. Subject to the successful acquisition of BIO JAG’s stake in BIOCORP, NVO will pursue the acquisition of the shares held in BIOCORP by certain minority shareholders, including Nyenburgh, Greenstock and Vatel Capital, representing, in aggregate,19.03% of the share capital and 13.07% of the theoretical voting rights of BIOCORP, at the same price per share.
This acquisition of BIO JAG’s majority stake, along with the subsequent acquisition of BIOCORP’s shares held by the minority shareholders, is together referred to as Block Purchase. NVO will only be able to sign a definitive document with BIO JAG following the information and consultation of BIOCORP’S Works Council. Also, the completion of the Block Purchase will be subject to customary regulatory approvals.
Based on the fruitful relationship between the companies in the past, Novo Nordisk expects to speed up the innovation process for these injections, upon acquisition of BIOCORP, by making use of its robust infrastructure and large-scale manufacturing capabilities. Subject to successful acquisition, the company aims to develop state-of-the-art devices and delivery solutions, which will improve care for people living with serious chronic diseases worldwide.
In the past 90 days, the Zacks Consensus Estimate for Novartis’ 2023 earnings per share has increased from $6.52 to $6.67. In the year so far, shares of Novartis have gained by 9%.
NVS beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 5.15%.
In the past 90 days, the Zacks Consensus Estimate for Akero Therapeutics’ 2023 loss per share has narrowed from $3.46 to $2.78. In the year so far, shares of Akero Therapeutics have fallen by 14.7%.
AKRO beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 7.96%.
In the past 90 days, the Zacks Consensus Estimate for Adaptimmune Therapeutics’ 2023 loss per share has narrowed from 78 cents to 46 cents. In the year so far, shares of Adaptimmune Therapeutics have fallen by 26%.
ADAP beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 36.89%.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Shutterstock
Novo Nordisk (NVO) Gears Up to Acquire BIOCORP for 154M Euros
Novo Nordisk A/S (NVO - Free Report) announced entering into exclusive negotiations with BIO JAG to acquire its controlling stake in BIOCORP, subsequently issuing a tender offer to acquire all remaining outstanding shares in BIOCORP for 35 euro per share in cash, bringing up the total equity value to approximately 154 million euros.
The total equity value, as estimated, represents a premium of 19.5% over BIOCORP’s closing market price on Jun 2, 2023 and 45.2% compared to the volume-weighted average trading prices of the last 90 trading days.
BIO JAG is the majority shareholder in BIOCORP, which is a French company specializing in the design, development and manufacturing of delivery systems and innovative medical devices, including Mallya, a bluetooth-enabled smart add-on device for pen injectors.
In the year so far, shares of Novo Nordisk have gained 16.1% against the industry’s 0.2% decline.
Image Source: Zacks Investment Research
Per the proposed transaction, Novo Nordisk is looking to acquire BIO JAG’s entire stake in BIOCORP, representing 45.30% of its share capital and 62.19% of its theoretical voting rights. Subject to the successful acquisition of BIO JAG’s stake in BIOCORP, NVO will pursue the acquisition of the shares held in BIOCORP by certain minority shareholders, including Nyenburgh, Greenstock and Vatel Capital, representing, in aggregate,19.03% of the share capital and 13.07% of the theoretical voting rights of BIOCORP, at the same price per share.
This acquisition of BIO JAG’s majority stake, along with the subsequent acquisition of BIOCORP’s shares held by the minority shareholders, is together referred to as Block Purchase. NVO will only be able to sign a definitive document with BIO JAG following the information and consultation of BIOCORP’S Works Council. Also, the completion of the Block Purchase will be subject to customary regulatory approvals.
Based on the fruitful relationship between the companies in the past, Novo Nordisk expects to speed up the innovation process for these injections, upon acquisition of BIOCORP, by making use of its robust infrastructure and large-scale manufacturing capabilities. Subject to successful acquisition, the company aims to develop state-of-the-art devices and delivery solutions, which will improve care for people living with serious chronic diseases worldwide.
Novo Nordisk A/S Price and Consensus
Novo Nordisk A/S price-consensus-chart | Novo Nordisk A/S Quote
Zacks Rank and Other Stocks to Consider
Novo Nordisk currently sports a Zacks Rank #1 (Strong Buy).
A few other top-ranked stocks in the overall medical sector are Novartis (NVS - Free Report) , Akero Therapeutics (AKRO - Free Report) and Adaptimmune Therapeutics , all carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 90 days, the Zacks Consensus Estimate for Novartis’ 2023 earnings per share has increased from $6.52 to $6.67. In the year so far, shares of Novartis have gained by 9%.
NVS beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 5.15%.
In the past 90 days, the Zacks Consensus Estimate for Akero Therapeutics’ 2023 loss per share has narrowed from $3.46 to $2.78. In the year so far, shares of Akero Therapeutics have fallen by 14.7%.
AKRO beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 7.96%.
In the past 90 days, the Zacks Consensus Estimate for Adaptimmune Therapeutics’ 2023 loss per share has narrowed from 78 cents to 46 cents. In the year so far, shares of Adaptimmune Therapeutics have fallen by 26%.
ADAP beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 36.89%.