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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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BTG's interim profit soars thanks to solid growth across the board

(ShareCast News) - Healthcare group BTG has posted an increase in interim pre-tax profit, boosted by solid growth across all of its divisions. In the six months to 30 September, the FTSE 250 group posted a 40.6% year-on-year increase in pre-tax profit to £52.9m, while revenue rose 20% to £229.6m. T

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FTSE 250 movers: Just Retirement boosted by CMA merger clearance

(ShareCast News) - After an initial stumble, the FTSE 250 fought its way back into positive territory over the day, By 1420 GMT, the UK mid-cap index was up 0.28% at just over 17,000 points, but not rising as fast as its blue chip sister index 0.85% gain. Pharmaceutical group BTG was given a shot i

7 Oct 2015 13:46

FTSE 250 movers: Miners and energy stocks rally; Wizz Air crashes

(ShareCast News) - London's FTSE 250 index was down 0.2% at 17,101.89 just after 1400 BST, underperforming the broader market. Miners were firmly on the front foot as metals prices advanced and the sector got a boost from an upbeat note by Morgan Stanley. The bank upgraded its stance on the European

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

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