Oncimmune’s Post

Grifols: this is a very good piece of analysis by sergio grasso. However, I have to disagree with with his possible explanation of the divergence between credit and equity. It is worth noting that I have an axe to grind on this point, as our thesis is that credit and equity markets are often dislocated. There is certainly blood on the street for equity investors with the stock back to 2012 levels. Furthermore, while I have a passing interest in this company, we have not completed a deep dive. Sergio compares this company to European real estate. The dislocation in terms of capital structures and well as quality of analysis and understanding of these companies was vast through the past cycle. Let's take Aroundtown as a prime example. The majority shareholders have little to no interest in minority shareholders, bond holders or hybrid holders. They are in the business of trading the real estate cycle and investors will take what they are given. Investors rode the shares up and then lent them vast amounts of money as their market capitalisation increased including in the form of perpetual bonds. These bonds may have saved the company from a credit event, and certainly provide the company will greater financial flexibility. The company stated clearly they would not call the hybrids as they saw them as cheap equity. Concurrently, the equity had become un-investable for many institutional investors. However, following a stabilisation in interest rates and property prices, bond buybacks, and high yield funds looking for yield and beta, the hybrid bonds increased significantly (see our prediction from late 2023). Concurrently, the equity price has now rebounded to €3 from €1, but there have been many periods when the credit and equity prices diverged. Returning to Grifols. There are a large numbered of unanswered questions. My experience in European high yield is that the market is often surprisingly insensitive to the equity cushion. Altice Group is one of the best examples, where the high yield market continued to provide financing long after the equity cushion had shrunk and company management have demonstrated their willingness to be aggressive in managing the company and their capital structure. The credit market in Europe will often look at the relative value and yield rather than focusing on the loss given default. It is also worth asking: What did Brookfield find in their due diligence that made them walk away? Like other companies that have been the focus of a short selling report, why can't they simply and easily refute the accusations? Either way, our experience across global credit and equity markets is that they are often dislocated, which we believe provides alpha opportunities. As I said, Sergio's analysis is very good. I simply disagree on some of the conclusions.

🌟 Catch Us at Autoimmunity 2024! Our esteemed colleagues, Robin Schmalfuß and Henriette Zeuch, will be representing invent Diagnostica at the International Congress on Autoimmunity 2024 in Ljubljana, Slovenia. Join them over the next two days to delve into the latest advancements in autoimmunity. 🤝 Want to connect? Send Robin or Henriette a direct message to schedule a meeting. Let’s explore collaborative opportunities and share insights! #Autoimmunity2024 #Networking #inventDiagnostica #Diagnostics #IVD #QualityControls #HumanBiomaterials

"With 44% growth from 2022 to 2023, continuing increased market share and significant improvement in our operating profit it's been a productive year packed full of scientific and commercial milestones" - CEO Manoush Massarrat. Read the full Report here: https://lnkd.in/exba8qUK #inhalation #aerosolgeneration #respiratoryresearch #respiratorytherapies #drugdelivery #drugdevelopment #inhaledtherapies

View the latest developments, M&A activity and market metrics in the diagnostics industry in this edition of Raymond James Diagnostics Market Update - https://lnkd.in/e3UTcqJg

View the latest developments, M&A activity and market metrics in the diagnostics industry in this edition of Raymond James Diagnostics Market Update.  https://lnkd.in/efWSy6aA

To accompany the launch of the new kava information page on the Drug Science website, Dr. Apo Aporosa from the University of Waikato has provided several additional resources on the kava plant, covering its traditional and cultural origins as well as modern-day misuses. In the blog post "What is Kava?", Dr. Aporosa details the traditional practices of preparing and consuming kava and its role in fostering social connections and cultural identity in Pacific communities. He also addresses pharmacological preparations and popular culture products contributing to its misconceptions, misuse, and regulatory ambiguity. https://lnkd.in/ehg4kP4a

View the latest developments, M&A activity and market metrics in the diagnostics industry in this edition of Raymond James Diagnostics Market Update. https://lnkd.in/eghYKkMe

Join us on November 27 at 15:00 CET for our upcoming webinar, "Adapting Clinical Strategies for Rapid Response". This session will address how to navigate clinical trials through challenges like geopolitical uncertainties, natural disasters, and pandemics. Hear from experts on essential strategies, including community engagement, contingency planning, and sponsor challenges and opportunities. Don’t miss out on valuable insights to enhance your clinical trial resilience in uncertain environments. Register here: https://ow.ly/Ye5a50U5QtU Dr. Nancy Shulman, MD, Dr. Ivan Vyshnyvetskyy, Dr. David Ng, Catalin Crai, Adrian Karrer #ClinicalTrials #Biotech #Novotech

Clinical Trials always have challenges and uncertainties. Good strategies planned and problem-solving skillset are critical to manage these roadblocks. Come join us to discuss with #Novotech and our sponsor/partners. Your lesson-learned will be making #clinicaltrials better. #GCP #GLP #CRO #Laboratory #DrugDevelopment #Australia #Taiwan

Today, Dr. Laura Escrivá LLorens, Associate Professor of University of Valencia (Spain), presented an excellent webinar, as part of the Mycotoxin Masterclass. She explained the need of analysing biological samples for mycotoxins, including their metabolites, and the benefits and drawbacks of each available approach. As well summarized by one of the participants, "A very interesting and clear presentation!" #SFR #Mycotoxins #FromFieldtoFeed #Masterclass