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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Arix Bioscience Plc | ARIX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 142.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 142.00 | 142.00 |
| Industry Sector |
|---|
| PHARMACEUTICALS & BIOTECHNOLOGY |
| Top Posts |
|---|
Posted at 21/12/2023 08:59 by frazboy We're due an update from the company soon (see below). Given the value of RTW's stock it's very compelling to vote in favour (as we currently stand). I note that no approval is required from RTW's shareholder, only Arix investors need to vote it through.'It is currently envisaged that the Circular and notice of the first general meeting setting out the details of the Scheme and seeking shareholder approval for the Scheme and liquidation will be sent to Arix's Shareholders in the fourth quarter of 2023, at the same time as the publication of a prospectus by RTW Bio in respect of the New RTW Bio Shares. The first Arix general meeting is expected to be held in early 2024.A full timetable and further details of the Scheme will be set out in the Circular to be published by Arix in due course.' |
Posted at 19/12/2023 01:42 by ohisay Yaron Werber, M.D., managing director and senior analyst at T.D. Cowen was a bit more blunt: “Capitulation has happened.”2023 has been defined by a seemingly never-ending cascade of poor market performances and indicators. More than 180 biotechs and pharmas collectively laid off thousands of people, while others shuttered entirely. Private financing dropped substantially. A select few braved Wall Street with IPOs but the vast majority held out hoping for better signals to come. The federal government ramped up its fight against drug prices and the surveillance of biopharma deals. The industry may have finally reached a bottom, according to Werber |
Posted at 11/11/2023 02:06 by ohisay One of Arix Bioscience’s joint-brokers quit on the morning it announced a contentious takeover deal in protest at its inequitable treatment of shareholders.Peel Hunt demanded that its name and that of its two healthcare bankers be taken off the release for the sale of the company’s assets to the rival life sciences investment company RTW Biotech. It resigned with immediate effect hours later. The investment bank, which had been brought into the deal late in the process, is understood to have told Arix that it could not sanction a deal that discriminated against three quarters of its shareholders to provide a cash exit on better terms to its 25.5 per cent activist investor Acacia Research. Moncreiffe hailed the deal as “the best outcome for Arix shareholders”. However, several shareholders are known to be livid with the board over the unequal terms and what they feel is a low-ball price when Arix is sitting on £106 million of cash. Arix needs the support of 75 per cent of voting shareholders for the deal to succeed. A day after quitting, the Peel Hunt analyst Miles Dixon published an excoriating note, saying the deal was “opportunist and undervalues Arix’s portfolio”. He said the terms were so skewed that Acacia had managed to secure “1.7 times its share of Arix’s cash”, while RTW was effectively gaining control of Arix’s portfolio of unlisted investments “for just 30 cents on the dollar”. Getting to be embarassing now.Board should just fess up and insist RTW improve the offer. |
Posted at 09/10/2023 17:33 by value hound Evil Knievil on Master Investor FWIW:-- As readers know I am addicted to asset situations, particularly tangible assets. One that popped up last week was Arix Bioscience (ARIX), now 120p to buy. There is an astonishing 90p a share in cash with the rest made up of listed and unlisted investments worth, seemingly, 90p+ a share. Further, the directors have declared that they will do something about this absurd state of affairs. I would take them at their word and squirrel a few away. |
Posted at 28/9/2023 02:54 by ohisay The review, which is expected to conclude “soon”, is understood to have followed pressure from Starboard Value, a US activist investor.Acacia Research, the Nasdaq-listed investment company, is Arix’s largest shareholder with a 25.5 per cent stake, having acquired its holding after the disposal of a portfolio of biotech stocks held by Woodford when the stockpicker’s investment firm went into meltdown in 2019. Starboard Value, which increased its control over Acacia in October last year, is understood to be seeking to maximise its returns amid the large discount. There is understood to have been frustration at Arix over a lack of interest from investors and state backing in the UK, particularly at a time when the government and regulators are seeking to support listings and life sciences. |
Posted at 01/8/2023 13:41 by ohisay For interest this is what DSM (an investment trust)decided to do about its NAV disconnect.The board of Downing Strategic Micro-Cap (DSM) for example have bought back an amount equivalent to c 4% of the number of current shares in issue over the past 18 months and this has contributed to the discount narrowing from a nadir of c 26% in October 2022 to c. 16% at the time of writing. However, there are other more radical steps a board can take which have the potential to add significant amounts of value in the case of a stubborn discount. DSM’s board has gone one step further by reaffirming its commitment to a cash redemption point in May 2024 and promising a strategic review of the trust if this is fully subscribed. Next year’s cash exit facility will allow investors an opportunity to redeem half of their shares in cash at NAV in just 10 months. Maybe good idea too - to do it in around a years time when some of Arix's investments are nearer inflexion points? Arix already up 17% since they announced the Strategic Review . Intentions matter! |
Posted at 13/7/2023 08:20 by lennonsalive One for investors to buy as a discount and wait to see what happens, although so far I don't have much confidence in the management |
Posted at 28/4/2023 10:06 by nakedmolerat It will be in IC today, then rise and then fall later. Needs more than private investors to buy to move the price up |
Posted at 25/4/2023 18:54 by sev22 Hot off the press:A biotech stock at an unwarranted discount. This cash-rich venture capital company is priced 41 per cent below book value. April 25, 2023 By Simon Thompson *Net asset value (NAV) falls from £255mn to £226mn (175p) in 2022 *Year-end net cash of £122.8mn and portfolio valuation of £99.6mn *Post-period-end investments made in portfolio companies *Shares priced 41 per cent below NAV Arix Bioscience (ARIX:102p), a global venture capital company that holds a diversified portfolio of unlisted and listed investments in early-stage biotechnology businesses, has delivered annual results in line with the investment case I outlined when I selected the shares for my 2023 Bargain Shares Portfolio. Last year’s decline in NAV reflects the losses on Arix’s investment portfolio of mainly Nasdaq-quoted small and micro-cap biotech stocks. It was caused by a confluence of macroeconomic and political events that drove up the cost of capital and created a challenging environment for the biotech sector. An equal-weighted index of US biotechnology stocks declined 26 per cent in 2022, the reversal coinciding with the steep rise in 10-year US Treasury yields, the preferred discount rate used for valuations. Investors took flight to safety as capital dried up, financing costs soared and equity markets declined. The sell-off was broad-based, with many new and non-specialist investors reducing their exposure to the biotech sector. Inevitably, smaller biotech companies felt the effects more acutely. Even those companies with positive clinical trial data often failed to impress investors. The number of biotech companies trading below their balance sheet cash remains far above the pre-Covid norm, an indication of how the industry has reset valuations and is positioned for a recovery. An opportunity for bargain hunting. The sell-off has created an opportunity for bargain hunters, hence why I included the shares as one of my bargain selections for 2023. It was partly predicated on the belief that the US Federal Reserve has acted swiftly enough in raising its short-term federal fund rate to see off the inflation threat. Market expectations embedded in the yield curve are adjusting, hence why the US 10-year Treasury yield has fallen from a peak of 4.25 per cent to 3.43 per cent in the past six months. Further easing would undoubtedly be good news for biotech company valuations. Chairman Peregrine Moncreiffe notes that while Arix’s investment team sees value in the public markets, they are beginning to see attractive valuations for high-quality companies in the private market and expect to add selectively to this part of the portfolio. He highlights the post-period-end acquisition of portfolio company Twelve Bio by Ensoma, a Boston-based genomic medicines company developing one-time in-vivo treatments that precisely engineer any cell of the hematopoietic system. The acquisition was accompanied by $85mn concurrent financing in which Arix participated. Moncreiffe also highlights that while Arix has sought to take a lead or co-lead position on private company financings in the past, it now prefers to take smaller positions to give more “shots on goal” and introduce more liquidity into the group’s core portfolio. It’s a sensible strategy to adopt as it’s holding around five to 10 per cent of NAV in a public opportunities portfolio to exploit short-term investment opportunities. Unwarranted share price discount to NAV. The share price has drifted from my 110p recommended buy-in price. However, the company has cash of £108.7mn (84p) and a listed portfolio of £42.9mn (33p) as of 31 March 2023. These valuations are already worth 15 per cent more than Arix’s current market capitalisation of £132mn (102p). And on top, there's an unlisted portfolio of £66.6mn (51.5p) and legacy investments of £3.1mn, which you're basically getting a free ride on. The margin of safety on offer strongly suggests re-rating potential when investor risk appetite improves. BUY. |
Posted at 11/8/2022 17:02 by sev22 A Ben Graham recovery play.A venture capital company that invests in early-stage biotechnology businesses is being valued modestly above its cash pile even though it holds a valuable portfolio of unlisted and listed investments that could deliver strong returns. August 10, 2022 By Simon Thompson Arix Bioscience (ARIX:115p), a global venture capital company that holds a diversified portfolio of unlisted and listed investments in early-stage biotechnology businesses, is the laggard in my 2021 Bargain Shares portfolio after investor sentiment was hit by falls in the share prices of its Nasdaq-quoted holdings. In the latest interim accounts, the group reported £33.9mn of negative valuation movements in its listed holdings, offset in part by £8mn of foreign currency gains due to sterling weakness against the US dollar. However, with cash of £131mn backing up 88 per cent of Arix’s market capitalisation of £149mn, this means that a £37.5mn listed portfolio of 18 Nasdaq stocks, £56.2mn unquoted portfolio, and £1.9mn of other investments, are in the price for 80 per cent below their combined carrying valuations at 30 June 2022. Of course, investors may be concerned that Arix’s unlisted holdings are being overvalued. However, chief executive Robert Lyne points out that they are valued at cost or the most recent externally-priced funding round, and then referenced to current public valuations of comparable companies, where applicable, to ensure that valuations remain robust in the context of the decline in public biotech markets over the last 12 months. There is even hidden value. Exploit Arix’s valuation anomaly: *Net asset value falls from £255mn to £228mn (176p a share) in first half of 2022. *£25mn net downward portfolio movement due to decline in public biotech markets. *Cash of £131mn (101p a share) underpins 88 per cent of Arix’s market capitalisation. *Investee company Disc Medicine to merge with Gemini Therapeutics. A good example of the valuation process is Arix’s valuable 8.8 per cent stake worth £25.3m in Artios,, a private company that is developing precision medicines for the treatment of cancer. Artios has attracted the attention of big pharma, having entered a research collaboration with Novartis to discover next-generation DNA damage response targets to enhance its Radioligand Therapies (‘Five investment company bargains’ 8 April 2021). The closest listed comparable to Artios is $500mn market capitalisation Repare Therapeutics (RPTX:NSQ), a Nasdaq-quoted clinical-stage precision oncology company, which has a 44 per cent higher valuation even though Lyne believes Artios has more advanced programmes. Artios raised $153mn in an oversubscribed funding round last summer, so is well funded, and expects to announce data from its Phase 1b dose expansion study in the first half of 2023. Lyne also points out that Arix’s portfolio companies collectively raised over $776mn of funding last year, so are financed to progress to their respective clinical data points, potentially important catalysts for future valuation uplifts. Sensibly, the board are taking a prudent approach, having exited public positions where the directors no longer had confidence that the companies could deliver the superior returns targeted, and deliberately being cautious about making new private investments. Instead, they have turned their attention to the value in listed companies, focusing on those developing novel therapeutics that are of interest to large pharmaceutical companies, and which have scope to generate positive clinical data in the medium-term. As part of this strategy, Arix has created a small Public Opportunities Portfolio (POP) of 12 Nasdaq holdings, investing £14.5mn in the first half this year. These businesses are funded through to their milestones, thus reducing the risk of dilutive new fundraisings, and announced five positive data read-outs in the first half of 2022, which has underpinned their valuations. This small portfolio is showing a profit, reversing a small decline in the first half. Arix’s deep share price discount to book value also ignores the fact that there has been a strong recovery in the value of some of its larger listed holdings since the half-year end. For instance, investee company Aura Biosciences (AURA:NSQ) listed its shares at $14 on Nasdaq last autumn. The holding was valued at £20mn at the end of last year, and £17.6mn at 30 June 2022. However, Aura’s stock price has rallied 30 per cent to $18.36 in the past 10 weeks, valuing the holding at £22.9mn (17.6p a share), and adding 4p a share to Arix’s last reported NAV per share. Aura is a clinical-stage oncology company that is developing a novel technology platform based on virus-like drug conjugates to target and destroy cancer cells selectively, while activating the immune system to create long lasting anti-tumour immunity. It has made encouraging progress this year, presenting updated safety results that support the value of its technology in patients with early choroidal melanoma. The company is on track with its Phase 2 suprachoroidal study and a final decision on route of administration will be made later this year. Moreover, another holding, Disc Medicine, a clinical-stage company focused on developing novel therapies to treat serious and debilitating hematologic disorders, is merging with Gemini Therapeutics (NSQ:GMTX) in an all-stock transaction. The enlarged group will focus on advancing Disc’s pipeline of hematology programs. Disc has secured commitments from a syndicate of healthcare investors, including Arix, for a $53.5mn concurrent financing which means that the merged group will have cash of $175mn to advance Disc’s pipeline through multiple clinical studies. It also provides a cash runway into 2025. Last autumn, Arix invested £8.1mn in Disc Medicine and the stake was valued in its interim accounts at £9.1mn. Arix’s share price is little changed since I last updated my portfolio (‘2021 Bargain Portfolio Review’, 17 February 2022’), and I maintain the view that bottom fishers should be well rewarded buying at these levels. BUY. |
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