Search Follow us

 

ADL Bionatur Solutions (ADL-BS) was formed through the reverse takeover in April 2018 of contract manufacturing (CMO) and active pharmaceutical ingredient (API) producing firm ADL Biopharma (ADL) and Bionaturis (BNT), a developer of differentiated veterinary biotech products. We estimate the ADL unit’s solid pipeline of existing CMO contracts will contribute to the unit’s generation of at least €55m in 2019 revenue (vs €12m in 2017). We determine an EV valuation of €138.8m, which translates to an equity valuation of €93.4m, or €2.37 per share, after removing €45.4m in Q418e net debt (including a €7.0m loan from its majority shareholder).

Continue reading

This version is programmatically created by Responsive Labs and qualified in its entirety to the original PDF.

Powered by Responsive Labs