WSJ 报道 Kirin 以 C$45.75 递交 Jamieson Wellness 要约猜想，但公司仍仅披露“收到买方提议”阶段

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The latest Market Talks covering the Health Care sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1155 ET – Kirin’s C$45.75-a share offer for Jamieson Wellness may undervalue the company’s strong growth trajectory, says TD Cowen’s Cheryl Zhang. In a report, Zhang says she is “surprised that the offer price was not higher,” noting the bid came in below her expectations. The analyst assigns a 75% probability that the deal closes as proposed, but sees a 25% chance of an improved offer given Jamieson’s “high-quality asset,” status, leading market share in Canada, and projected 11% compound annual revenue growth through 2028. Following the announcement, TD raises its price target on the stock to C$49 from C$48 to reflect a probability weighted outcome, while downgrading the stock to hold from buy. Shares are up 9.6% to C$45.47. (adriano.marchese@wsj.com)

1006 ET – Drugmakers Sanofi and Regeneron Pharmaceuticals seem to be exploring ways to work more strategically together again, Jefferies analysts say in a research note. They could work on extending the lifecycle of their blockbuster drug Dupixent or on next-generation immunology assets, even though neither company disclosed a new collaboration in recent earnings calls, the analysts say. The tone from executives at both Sanofi and Regeneron seemed to shift from their somewhat transactional relationship over the last few years, Jefferies says. Sanofi shares rise 2%, Regeneron’s are little changed. (adria.calatayud@wsj.com)

0953 ET – Sanofi has investors worried about its lack of a pipeline to replace blockbuster sales of its Dupixent drug once the medicine goes off patent, but it has financial muscle to pursue deals, Jefferies analysts say. “The question remains how to deal with the Dupixent loss of exclusivity after 2030, which, at this point, will have to largely be an inorganic answer. That in and of itself may not be exciting, but the stock is priced for no answer,” the analysts say. It should only take one sensible deal to address the market’s concern, they add. The French drugmaker should have between 20 billion and 30 billion euros to spend on deals, according to Jefferies. Shares rise 1.6%. (adria.calatayud@wsj.com)

0600 ET – Novo Nordisk’s second-quarter report was messy, and the key challenge remains a lack of visibility on pricing and midterm outlook, as well as a lack of a clear Wegovy successor in the pipeline, Citi analysts write. A 16% second-quarter adjusted operating income beat was mostly driven by 2 billion Danish kroner in rebate adjustments. Sales of the drugmaker’s Wegovy pill came in slightly below consensus, while U.S. injectable sales missed it by 9%. The full-year guidance raise was expected, and CagriSema’s failure in a head-to-head trial versus Eli Lilly’s tirzepatide further dented market confidence, Citi adds. Company guidance implies a second-half sales drop of 8% in constant currencies. The bank lowers its stock target price to 310 kroner from 330 kroner and keeps its neutral rating. Shares rise 4.7% to 307.38 kroner. (dominic.chopping@wsj.com)

0341 ET – European indexes largely edge higher in cautious trade as investors hold ground ahead of U.S. jobs data and news on talks in the Middle East. The Europe-wide Stoxx 600 adds 0.2% as software and healthcare sectors lead. London’s FTSE 100 edges up 0.2%, with oil majors gaining as oil ticks higher. A Diageo rally continues into a second day, with the stock up 1.5%. The German DAX gains 0.4%. Software giant SAP gains 3.5%, though Daimler Truck Holding slips 2.9% after posting earnings. In Paris, the CAC 40 is 0.3% up as Dassault Systemes adds 2.4%, while Thales gains 1.9%. Italy’s FTSE MIB is flat, while the Spanish IBEX 35 slips 0.3% as banking stocks weaken. The AEX edges 0.1% lower in Amsterdam.(josephmichael.stonor@wsj.com)