BTG's upbeat close period update (imo) further confirms the turnaround.
With recurring royalty revenues expected to be up by about 5% and R&D spend in line, and a product pipeline to die for, i believe they are cheap, and a real growth stock for the future.
Any comments.

Don't know of many deals that are settled on the first price recommended. Would like to have seen the usual release first, IE 'Protherics have been offered equivalent to 60p per share for the company by BTG. The company will not be recommending the offer as we believe it does not reflect the true value of Protherics'.
Was this the first offer?, and if so why is it being recommended. This is going against the normal trend of Takeovers.

So BTG say they have received a positive response from 45 percent of shareholders, and Protherics saying it had positive responses from 35 percent.
Obviously as myself and many other PI's have not been approached it means 45 percent and 35 percent of 'Those Approached'.
So presumably that means 55% and 65% respectively have given negative feedback.

As a PTI holder I agree with those who think it's a steal. Protherics has a healthy cash pile with a drug portfolio in varying stages, that is no doubt the envy of similar drug/bio market cap companies.

I hold both, although BTG is the greater investment. So it appears to me a good deal - for "we" never know the full extent of almost everything.

Greekman, You, appear to claim PTI Directors do not support this deal - this is untrue as I read the PTI document recently posted: "(dated 18 Sept.08 - p4). . . . Para10, ...and the Independent Protherics Directors intend unanimosly to recommend that Protherics Shareholders vote in favour . . . . and . . . at the Protherics EGM. - . . . . "
Doesn't read(to me), like you say. . . . . . do you have supporting documentation?

However, I suspect that together, they will be stronger than separate.
-Are there losers? - well, only if you believe the prospects for PTI are vast - and I'm inclined to discount what all Execs say:-
-1) They have said similar for ages

-2) Little excitement in the Market - witness the lamentable sp, prior to this ann.

So what are PTI sharehplders upset about? Why didn't they fill their boots when the sp was south of 30p ( ie well under half recent highs)....? I can only guess they were not impressed and put their money elsewhere.

By contrast, BTG has risen from a low ( nearly 90p Jan08) to nearly 3x prior to the recent financial implosion from US....and the reason? IMHO it's the prospect of Vs about the hit the Market....which is worth a lot....so PTI-shareholders will be able to embrace any returns for this - so maybe BTG shareholders should be concerned - and this is the REASON for the sp fall - in the minds of MM's for I don't see a huge selling in the Market.
However, it's true that such a tie-up is confusinig - it involves NO CASH - so the combined company will be very well positioned to bring their next generation Drugs forward.
Let's not forget that BTG has a decent regular income and is really the larger of the two - so if anything BTG shareholders are getting the less-good deal. However, to compensate for this, it is probable that Vs can be negotiated "better" by the combined efforts, so I suspect that cash-returns will be greater. "...Better 10% of something Big, than 20% of something much smaller, eh?..."

Whilst there are always losers - I suggest that its rather too complicated to "point the finger" - so let's hear from posters (here) . . . . . aren't we all winners?
Er, or all losers - - - surely not?
+I cannot imagine a better "fit" for two exciting businesses.
I attended PTI agm and was surprised at the number of "suits" all being paid by a relatively small turnover . . . . . Let's hope this generosity stops with the combined Group. BTG was quite restrained, by comparison.

getting close to the TAKEOVER ( well, combine, really).
I see a rising sp - this must be the Market accepting it will go through and seeing the advantages.
Have bought a few PTI recently at a small discount ( although only Time will prove this!)....but I suspect the original ratios are about right.
IF the BTG sp rises then recent PTI-prices will be something of a bargain....let's hope, eh?

Is there anything more driving the sp? - well, the underlying businesses are pretty good...with potential to reach maybe 5 . . . . a decent price for a Business with close-on 100million in cash and income.
[[Note that all sp figueres need to be adjusted because of the expanded shareholder-base, perhaps others here can suggest a discount, like 20%, so this means a figure of 5 is a guess on the "old" shares, therefore perhaps 4 - but this is still nearly 3x current level. Furthermore, this figure is not rational - it might be the any "good-news" will command an exceptional sp in these markets of dire-gloom.]]
BTG's products are Patent-protected and most require FDA-Approval - with this there is something like a Monopoly . . . .always good provided there are enough customers .. . . .but in America this is a Bonus, witht he exchange-rate a boost to UK -Shareholders. I Hold BTG[BGC].

Morning all,

Have followed this thread since the takeover of PTI was first muted. Looks like it is almost as quiet as the PTI thread became. Still here now and looking forward, instead of backward (those were the days etc) as forward is now the only way to look.

Greek

Nice positive write up in the Mail on Sunday.

http://www.cityam.com/index.php?news=26714

Morning Hangon,

Sorry wasn't ignoring you. Just been busy.

You stated in post 55....Greekman, You, appear to claim PTI Directors do not support this deal -

I think you possibly mis read my post (or it could have been my grammar) as all I said was.....Would like to have seen the usual release first, IE 'Protherics have been offered equivalent to 60p per share for the company by BTG. The company will not be recommending the offer as we believe it does not reflect the true value of Protherics'.......All between the dots was what I would have liked to have seen.
All along Protherics Directors have been very pro, what suprised me is that they took what looked like the first amount offered and did not attempt to up the anti.
This is going against the normal trend of Takeovers.


Nice little write up.
Seven shares we wished we'd picked in 2008
by Nick Louth, exclusive to MSN
December 16 2008

BTG being onesurprised of them.

http://money.uk.msn.com/investing/articles/nicklouth/article.aspx?cp-documentid=11911094

Cheers Greek.

+++and the new co is up 5%
(incidently I did start a new thread for the New Company - "Happy New Year", so we could refer to the new (enlarged) business, without getting historical references to the separate businesses - they are all ONE, now.)
Also, I suspect PTI directors were not quite as open as one might like on the matter of cash to push forward, as I wasn't sure Crofab income was more than petty-cash, being a limitied market with little expansion prospect ( but with a small risk of a competitor, or improved snake-management, etc.).

Hangon,

Yes, nice rise. Also thanks re the new thread. Did not know it referred to BTG.
Any chance of changing it to BTG 2 or something as newbies may not know where to go.

If not, no prob, I will help spread the word.

Good trading update.

As many on here know I was strongly against PTI selling out (as I put it) to BTG. Whilst not ready yet to change my opinion, it is beginning to look like it was a good deal after all. Does not matter the price level paid for PTI shares, which at the time I thought was too low, if the end product means that the deal brings better and bigger profits to the share holder.

Hopefully within the next 12 months or sooner I will be able to hold my hands up and say I was wrong, it was a good deal.

Nice of you to say greekman, I'm still holding; I guess we're still on this thread.
The Update was onwards and upwards, without any back-bighting that can come from a joining of businesses, with their internal "empires".
However, I didn't get the impression they were slimming-down Management, probably best to see how things pan out and where Execs can expand into newer roles....so it's still looking good, IMHO. I did have shares in both so it looked good to me, esp as they might secure better deals in US - and "now" is probably a good time to be getting stuck-in.(ie before any really valuable drugs are approved).
Noticed some price-slipping, but I guess folks really want Exceptional News, which is a little unrealistic since Approvals take time. Essential to be "in" than watching, eh?

Good sp action Friday may be worth a go.

Big article in Sunday Telegraph re the big push for larger companies, such as Glaxo, Astra, Pfizer etc to go further along the acquisition trail due to the increasing loss of patents and the increase of generic drugs. Almost every week we see these articles and with the last 12 months seeing the highest rate of such moves for many years, who knows what the next 12 months holds.
I expect many smaller companies to become prey to these big boys.
Not saying BTG will be a target, but will any companies of BTG's size be safe.
Could be an interesting year.

Hi, greekman - I think the story behind the article is THE REASON our company acted when it did - fortunately the CEO was the same-man, so that made it easier. Also Big-Pharma has much empire-building with huge research budgets and staff that cannot be discarded "at a stroke". . . . . . so whilst outsiders think Big-Pharma are looking to do deals, in reality they are like dinosaurs - very slow and likely to be attacked from their rear-quarters.

I think Big-Pharma needs an intermediary - maybe an opportunity for a new business? - someone that can act without ramping prices, and yet who has enough 8understanding of the "fit" - yet thius is such a difficult area - - - etc. - - - and that's why no big pharma has really cornered the Market in small-pharma, which they could do for a fraction of their own (relatively ineffective) internal research Budgets.
Remember ( well, it's MHO) that Big-Pharma is not a Pharma ---(!) - - -it is a Marketing Machine and could be better described as Big-Advertiser!

Did you have any money in Evolutec?
[There was a basically sound idea, but it weent wrong ( probably iinexperience?) and they didn't have the big-funds to keep going - once the Public sensed woes, the sp was ruined! Yet I thought they had something there, at the lower sp of 17p ( not 1++ the Market pushed it!)...
BUT I lost, because the Co didn't have the Cash to keep it going. . . . . pity...].

I see the buyers are active with BTG - good thing too; I'm holding until the price is much higher....there is plenty of time for the News to push it further, er IMHO.

Morning Hangon and all,

As a long time PTI holder and a new comer to BTG it is good to see a sensible debate. Hopefully I will become as conversant with the working and fundamentals of BTG as I was with those of PTI.
Posts on here are helpful and informative. Keep them coming.

Personally I don't have a clue whether such a move (Glaxo, Astra etc) is on the cards or not, and have no idea whether such a move would be beneficial to these bigger companies especially in the present climate. Be interesting to see the massive figures that would be thrown about if such a move did start. I am very happy with BTG's present situation present added to the direction it appears to be heading re future planning.

Note... Did not hold any Evo shares.

Greek.

SNOW! =half a day off work, so I'm at the keyboard and just got round to BTG -
FWIW, I can't imagine the takeover price would be less that twice today's....but then it would be a sell-out with no L-T value, so I'm guessing we'd want some shares as well, maybe 1 for five . . . or abt. 3.5x today's sp if pushed... i might look like a shade under 5, say 4.30 - or more if there was a "claw-back" clause in the event theproducts failed to achieve Approval.

I think there is a real issue that the likes of Glaxo are ignoring - at least until the present Management manages to retire on a whacky pension....ie they don't want to show up the deficiencies, not for the benefit of shareholders, but prpobably Pension Funds and the like that buy "Big Co's" regardless of their future earnings.

There are so many Generic manufacturers, that prioces will be slashed and that means if Glaxo ( for example) were to "match". their customers for on-patent might querey why they are expected to pay over the odds...etc.
The old chestnut was "prices pay for the research" is fairly hollow, since no real breakthoughs have been made in recent years. Viagra was "by chance" and is being milked for all its worth... no wonder there are worthless "copy" pills on the Market with the genuine thing nearly 10 a go.

A trade of 2 618,323 came in at 09.58.20. It registered as unknown but looking at the sp just prior and after looks more likely to be a buy than a sell. Anyone agree/disagree.

Today sales were 3/4 of Buys, yet MM's managed to drop the sp 1%

Is it surprising the sp has held so long - or is it true that holders are patiently waiting for the good news - knowing the merger was a reasonable success ( and cheap!). . . . . . . and there is plenty of cash, so no deep-discounts like so many Bigger FTSE's - - - - anyone holding BT?. . . . Arrgh!

Nice move up today.

Asterand's partner BTG to initiate Phase IIa migraine studies
Published:09-April-2009
By Datamonitor staff writer.

http://drugdiscovery.pharmaceutical-business-review.com/news/asterands_partner_btg_to_initiate_phase_iia_migraine_studies_090409

BGC is mentioned.....
Proximagen is raising 50 million pounds ($80.5 million) in what it said was one of the biggest fundraisings in the UK biotech sector in the past 10 years.
It will use the cash to buy drugs, and possibly companies, in the central nervous system area, treating conditions such as Alzheimers as well as Parkinsons disease where it already has expertise.
BTG (BGC.L) have assets the company might be interested in.

Whilst I feel BGC are progressing nicely, we are in a time of more takeovers/acquisitions involving drug/bio companies than any other time for many years.

http://www.pehub.com/41562/proximagen-raises-50-million/

Any views!

Looks like the business model is paying off. Cash in the bank with a good portfolio of revenue earning products, plus a good few products progressing nicely toward adding to the revenue stream.
The next 12 months looks interesting.