Shire Plc: Feedback from a quick business update + Comments on potential Lialda generics
BUY-Top Picks, Fair Value 6900p (+35%)
Last Friday, the CFO provided a quick business update. Among the different issues that were addressed we note that 1/ M&A could be brought back to the table by next year; 2/ the integration of BXLT is going pretty fast. Apart from that, SHP announced that a court has ruled in favour of Cadilla/Zydus regarding the potential validity of its generic version of Lialda. While this is a negative per se, note that 1/Shire will obviously file an appeal… and previously won a court against another generic makers (Actavis); 2/ the impact on our FV would be quite limited (less than GBp100).
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