Alexza Pharmaceuticals (ALXA)

Business description

Alexza develops products for the acute treatment of CNS disorders using its proprietary Staccato rapid inhalation drug delivery system. Adasuve is approved (US and EU) for the acute treatment of agitation in patients with schizophrenia or bipolar I disorder.

Stock data

Market cap.US$21.1m
Last closeUS$0.97
High / Low (52 weeks)US$1.5 / US$0.3
Stock market listingUS
Forecast net debt (US$m)79.8
Forecast gearing ratio (%)88
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual61.7252.6(6.7)
Relative *61.5229.2(5.146)

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2014A 5.6 (34.1) (45.1) (253.85) N/A N/A
2015A 5.0 (37.0) (49.3) (248.91) N/A N/A
2016E 2.5 (16.5) (25.8) (117.44) N/A N/A
2017E 7.2 (19.9) (34.6) (150.81) N/A N/A

Last updated on 11/05/2016

Investment summary

Ferrer entered into a definitive agreement with Alexza, whereby Ferrer will acquire the company for $0.90 per share in cash, plus contingent value rights (CVRs) entitling shareholders to a pro rata share of up to four milestone-based payments, totalling a potential maximum of $35m (or approximately $1.60 per share) subject to certain deductions. This offer, unanimously supported by Alexza’s board, follows the letter of intent entered into by both parties in late February. The offer represents a 67% premium to the 9 May closing price and is expected to close in Q216, subject to completing the tender offer by shareholders.

Last updated on 11/05/2016

Industry outlook

Alexza has been undergoing a strategic review since fall 2015, and on 26 February it announced that it had entered into a letter of intent with Ferrer, who has made a non-binding offer to acquire Alexza. This process can potentially lead to near-term value generation above Alexza's current market valuation.

Last updated on 03/05/2016

Key management

Thomas King, CEO
Ana Kapor, Senior Director, Investor Relations and Corpo

Company address

2091 Stierlin Court
Mountain View
CA 94043
United States
(650) 944-7000
View website