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Bayer has announces its acquiring marketing rights for Acoramidis from Eiods & Bridge Bio

HEALTHCARE


  • The drug showed success on patients with TTR CM (a fatal cardiovascular disease) including in Phase 3 studies. Marketing authorisation sitting with Eurpoean Medicines Agency and a New Drug Application submitted to US FDA with a PDUFA action/decision date of 29th Nov 2024.
  • Bayer will pay $310m in upfront & near-term milestone payments with tiered-royalties in "low-30's %". Bayer had €6.8b in cash in Q3, net debt of €38.8b.
  • Bayer lines unch to 2bps tighter, the credit heavyweight reports FY23 results tomorrow (Euro pre-market), consensus looking for EBITDA of €2.2b & capex of ~€1b in Q4.
  • No word from rating agencies this year (Baa2 Neg, BBB Pos, BBB+ Neg) but dividend cut & a 10% yoy increase in adj. EBITDA should push leverage away from Moody's downgrade threshold - though contingent on provisions being sufficient for ongoing Roundup litigation losses.
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