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Jefferies cuts BTG as shares within 2% of Boston Scientific offer

Fri, 30th Nov 2018 10:35

(Sharecast News) - Jefferies downgraded BTG to 'hold' from 'buy' on Friday, cutting the price target to 840p from 900p following its agreement to be bought by US medical device maker Boston Scientific earlier this month."With BTG's shares trading within 1-2% of the recommended Boston Scientific 840p/share cash offer, together with only a low likelihood of counterbids in our view, we downgrade," it said.Jefferies said that while the offer is shy of its sum-of-the-parts net present value of around 900p, it appears reasonable when considering that Boston Scientific is likely to focus on the interventional oncology franchise and EkoSonic for the treatment of pulmonary embolus, plus coronary catheters."Whilst we do not think counterbids are likely, given BTG's somewhat eclectic product mix and the recommended offer, we highlight there has been competition for interventional oncology assets in the past," it said."Australian based Sirtex focused on oncology beads and was eventually acquired by China based CDH Investments in June 2018, following an initial bid from Varian."At 1450 GMT, the shares were down 0.5% to 831p.
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19 May 2015 10:49

BTG's annual profit falls as acquisitions and foreign exchange movements offset revenue growth

Healthcare company BTG reported a drop in pre-tax annual profit, reflecting investments, acquisitions and foreign exchange movements. Pre-tax profit came to £26.7m, down from £33.3m the previous year, the group said. Revenue rose 27% to £367.8m from £290.5m a year earlier, as each division delivere

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19 May 2015 10:45

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19 May 2015 10:15

TOP NEWS: UK Inflation Negative For First Time Since 1960

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BTG Investment Offsets Revenue Rise, Guides Further Revenue Growth

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