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Motif Bio PLC “Peers are valued at significant premium in the US”

Northland Capital partners view: Today’s announcement brings Motif a step closer to US capital markets, where peers are valued at a significant premium to Motif. We believe that a NASDAQ listing would better align the company’s valuation to its closest peer, namely NASDAQ-listed Paratek (market capitalisation: $291m).

Motif appoints US advisor and auditor
n  Motif announced the appointment of U.S. healthcare investment bank MTS Health Partners (MTS) to advise on its future financing options within the U.S. market.

n  A NASDAQ listing continues to be an option for Motif in order to be aligned with several peer companies.

n  The Company has also appointed as its auditor PricewaterhouseCoopers LLP (PwC), one of the top four multinational professional services firms in the world.

n  Considerable progress has also been made with plans to identify strategic partners who are interested in licensing its Phase III asset, iclaprim, outside the U.S.
Year end Dec Revs ($m) Adj. EBITDA ($m) Adj. PBT ($m) Tax (%) Adj. EPS (c) PER (x) Div (c) Net cash ($m) Yield (%)
2012A – (0.7) (1.1) – (13.3) – – (6.6) –
2013A – (0.7) (1.1) – (13.2) – – (6.8) –
2014A – (1.1) (1.2) – (10.0) – – (6.8) –
2015E – (2.0) (2.9) – (4.7) – – 31.3 –

Source: Northland Capital Partners Limited. * Northland acts as Broker to Motif.

 
 
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