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It's increasing its stake from 55% to 88% in Tianjin Pharma for total ~£0.5b (~€0.6b) - funded by cash on hand and yuan-denominated debt (no public bonds there). The Pharma manufactures brands including Voltaren and makes up 40% of co's China revenues. APAC as a whole makes up 23% for the group.

It has been on a deleveraging move since its split from GSK in '22; at June was net 2.9x vs. target ~2.5x. This will add 0.2x turns. No concern from us; non-cyclical running MSD growth this year. Ample FCF to delever as needed.

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It's increasing its stake from 55% to 88% in Tianjin Pharma for total ~£0.5b (~€0.6b) - funded by cash on hand and yuan-denominated debt (no public bonds there). The Pharma manufactures brands including Voltaren and makes up 40% of co's China revenues. APAC as a whole makes up 23% for the group.

It has been on a deleveraging move since its split from GSK in '22; at June was net 2.9x vs. target ~2.5x. This will add 0.2x turns. No concern from us; non-cyclical running MSD growth this year. Ample FCF to delever as needed.

Keep reading...Show less