Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 39 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deal discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/taisho-pharmaceutical-holdin" target="_blank" data-smartkarma-citation="entities:3774:1" rel="noopener">Taisho Pharmaceutical Holding (4581 JP)</a>'s MBO. </li>
<li>Key updates on:  <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">OreCorp (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong Int'l (665 HK)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, T&amp;K TOKA, and <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys (HOLI US)</a>.</li>
</ul>


I tally 39 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal discussed on Smartkarma this week: Taisho Pharmaceutical Holding (4581 JP)'s MBO. 
Key updates on:  Origin Energy (ORG AU), Healius (HLS AU), OreCorp (ORR AU), Haitong Int'l (665 HK), JSR Corp (4185 JP), Eoflow (294090 KS), T&amp;K TOKA, and Hollysys (HOLI US).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Origin Energy, Healius, OreCorp, Haitong Int., Taisho Pharma

<ul>
<li>After <a href="https://www.smartkarma.com/entities/insulet-corp" target="_blank" data-smartkarma-citation="entities:5252:1" rel="noopener">Insulet Corp (PODD US)</a> lodged a lawsuit against <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">EOFlow (294090 KS)</a>, Flex, inter alia, on the 3rd August, the judge has thrice extended the temporary restraining order. </li>
<li>But the big (ger) news is that a preliminary injunction comes into force today. Shares are down 2.5% as I type.</li>
<li>This latest development should have been expected. And put simply: a proposed preliminary injunction doesn’t prevent <a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> from acquiring EOFlow.</li>
</ul>


After Insulet Corp (PODD US) lodged a lawsuit against EOFlow (294090 KS), Flex, inter alia, on the 3rd August, the judge has thrice extended the temporary restraining order. 
But the big (ger) news is that a preliminary injunction comes into force today. Shares are down 2.5% as I type.
This latest development should have been expected. And put simply: a proposed preliminary injunction doesn’t prevent Medtronic Plc (MDT US) from acquiring EOFlow.


EOFlow: Insulet's Injunction Doesn't Thwart Medtronic's Acquisition

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insulet-corp" target="_blank" data-smartkarma-citation="entities:5252:1" rel="noopener">Insulet Corp (PODD US)</a>, with expanding user-base and product innovation, is well-positioned to face competition in the US patch pump market. Large and underpenetrated target market offers immense growth potential.  </li>
<li>Insulet raised Omnipod 2023 revenue growth guidance to 21–25% from 17–22% previously. The U.S. Omnipod revenue growth guidance has been raised to 27–31% from 21–26% earlier.</li>
<li>For 2023, Insulet expects gross profit margin of 65–66%, compared with 61.7% in 2022. Insulet has reaffirmed high-single-digit operating profit margin for 2023 compared with 2.9% in 2022.</li>
</ul>



Insulet Corp (PODD US), with expanding user-base and product innovation, is well-positioned to face competition in the US patch pump market. Large and underpenetrated target market offers immense growth potential.  
Insulet raised Omnipod 2023 revenue growth guidance to 21–25% from 17–22% previously. The U.S. Omnipod revenue growth guidance has been raised to 27–31% from 21–26% earlier.
For 2023, Insulet expects gross profit margin of 65–66%, compared with 61.7% in 2022. Insulet has reaffirmed high-single-digit operating profit margin for 2023 compared with 2.9% in 2022.


Insulet Corp (PODD US): Slow Recovery Is Expected on Easing Competition Fear; 2023 Guidance Raised

<ul>
<li>Back on the 25 May, healthcare company <a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> <a href="https://news.medtronic.com/2023-05-25-Medtronic-to-acquire-wearable-insulin-patch-maker-EOFlow" target="_blank" rel="noopener">announced</a> it had entered into a set of definitive agreements to acquire <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">EOFlow (294090 KS)</a>.</li>
<li>Via a three-step process - SPAs, issuance of new shares, and a Tender Offer - Medtronic will seek majority control, together with a view to delisting EOFlow.</li>
<li>Completion is expected in 4Q23. Regulatory approvals -  domestic and foreign - form part of the conditions. Trading wide to terms. </li>
</ul>


Back on the 25 May, healthcare company Medtronic Plc (MDT US) announced it had entered into a set of definitive agreements to acquire EOFlow (294090 KS).
Via a three-step process - SPAs, issuance of new shares, and a Tender Offer - Medtronic will seek majority control, together with a view to delisting EOFlow.
Completion is expected in 4Q23. Regulatory approvals -  domestic and foreign - form part of the conditions. Trading wide to terms. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> reported 6% YoY revenue growth to $8.5B, ahead of expectations, driven by procedure volume recovery, supply improvements, and innovative product introductions.</li>
<li>Medtronic intends to acquire Korea-based <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, manufacturer of a tubeless, wearable, full-disposable insulin delivery device, for $738M. The transaction is expected to close in 2H23.  </li>
<li>Medtronic guided for FY24 adjusted EPS of $5.00–5.10, including ~6% unfavorable impact from Fx. The company forecasts 4.0–4.5% organic revenue growth in FY24, accelerating from 2.1% in FY23.</li>
</ul>



Medtronic Plc (MDT US) reported 6% YoY revenue growth to $8.5B, ahead of expectations, driven by procedure volume recovery, supply improvements, and innovative product introductions.
Medtronic intends to acquire Korea-based Eoflow (294090 KS), manufacturer of a tubeless, wearable, full-disposable insulin delivery device, for $738M. The transaction is expected to close in 2H23.  
Medtronic guided for FY24 adjusted EPS of $5.00–5.10, including ~6% unfavorable impact from Fx. The company forecasts 4.0–4.5% organic revenue growth in FY24, accelerating from 2.1% in FY23.


Medtronic Plc (MDT US): Strong Q4 Result; New Acquisition Announced; Fx Headwind to Impact FY24

United States

Tandem Diabetes Care, Inc. produces medical devices. The Company designs, develops, and commercializes products for people with insulin-dependent diabetes. Tandem Diabetes Care offers its products to the medical industries in the United States.

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Tandem Diabetes Care (TNDM US)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Origin Energy, Healius, OreCorp, Haitong Int., Taisho Pharma

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

EOFlow: Insulet's Injunction Doesn't Thwart Medtronic's Acquisition

t makes commercial sense for MDT to complete the EOFlow transaction on schedule, enabling the more financially and legally resource-rich MDT to...

David Blennerhassett

Insulet Corp (PODD US): Slow Recovery Is Expected on Easing Competition Fear; 2023 Guidance Raised

With 100K+ US customers for Omnipod 5, Insulet is ready to face additional competition in patch pump market. 2023 is going to be eighth consecutive...

Tina Banerjee

Medtronic's Delisting Offer For EOFlow

EOFlow looks attractive at a gross/annualised spread of 6.2%/17.6%, assuming payment mid-October. To note, the tender offer price may still be...

David Blennerhassett

Medtronic Plc (MDT US): Strong Q4 Result; New Acquisition Announced; Fx Headwind to Impact FY24

Medtronic reported strong Q4 result, with revenue and EPS beating expectations. The company is acquiring EOFlow for $738M. FY24 EPS is guided at...

Tina Banerjee

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