Mayne Pharma surges on US expansion hopes

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Mayne Pharma raised a further $60.1 million selling shares to existing institutional investors at 61c a piece, offering 1 share for every 3.45 shares held.

Retail investors will now have the chance to apply to buy shares on the same ratio, with Mayne seeking to raise $45 million in the retail offer.

By taking full control of its acne treatment, Mayne will be gaining much greater control over its operations.

The move has prompted a series of analyst upgrades.

Bell Potter has raised its price target for the shares to $1.13 from 72c. Wilson HTM has pencilled in 95c, Moelis and Co $1 and Patersons 88c.

 ”The direct access to the US market is likely to bring significant earnings increases from FY16,” Bell Potter analyst John Hester told clients in a note on Thursday.

“We estimate revenues from the Doryx brand will increase from approximately $US8 million ($10.4 million) to more than $US81 million generating a gross margin of 90 per cent. We expect this will deliver a contribution to [earnings before interest, tax, depreciation and amortisation] of about $US51 million in the first year.

“Mayne Pharma acquired this asset for $US50 million. In addition, the company will spend funds on working capital and incur operating expenses in the establishment of its new US specialty brands division.”
















Source Article from http://brisbanetimes.com.au/business/mayne-pharma-surges-on-us-expansion-hopes-20150211-13cjhd.html
Mayne Pharma surges on US expansion hopes
http://brisbanetimes.com.au/business/mayne-pharma-surges-on-us-expansion-hopes-20150211-13cjhd.html
http://news.search.yahoo.com/news/rss?p=pharma
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