Sep 13th 2013 - Edison Investment Research today published a report on Astex Pharmaceuticals entitled "To Be Acquired By Otsuka Pharmaceutical". In summary, the report says:
Otsuka’s intention to acquire Astex for $886m ($8.5 per share) in an all-cash deal validates our investment thesis on Astex, primarily based on the value of the company’s pipeline, including Dacogen, SGI-110, AT13387 and others (our last published intrinsic valuation of the firm was $777m). It also shows that the public market (we have consistently thought that Astex shares were undervalued) can sometimes mis-price certain pipeline assets that a strategic buyer will find attractive.
Edison Investment Research is a leading international investment research company. It has won industry recognition, with awards both in the UK and internationally. The team of 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 400 companies across every sector and works directly with corporates, fund managers, investment banks, brokers and other advisers. Edison’s research is read by institutional investors, alternative funds and wealth managers in more than 100 countries. Edison, founded in 2003, has offices in London, New York and Sydney and is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). more »