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Sirtex Medical Limited (ASX:SRX) dose sales fall, takeover nears conclusion

Credit: Sirtex Medical

Biotechnology medical device group Sirtex Medical Limited (ASX: SRX) has seen it share price zoom up almost 100% in the 2018 calendar year as a result of its imminent takeover, following two lucrative takeover proposals in January and May.

Sirtex yesterday reported NPAT of $41.5 million, underlying EBITDA growth of 23.4% to $75.9 million and marginal improvement in cash flow, although product revenue dropped 6.6% with dose sales also falling 5.7%.

The CDH-CGP offer for Sirtex follows on from a $1.6 billion offer by US company Varian which led to Sirtex paying out a $15.8 million break fee to Varian in July, which was reimbursed by CDH-CGP.

Sirtex’s CEO said the previous Varian scheme and the ongoing CDH-CGP scheme had caused “uncertainty and distraction” with a shareholder meeting to vote on the CDH-CGP scheme on September 10.

Sirtex is among several other emerging shares who have doubled their value in 2018, with Nearmap Ltd (ASX: NEA) and Speciality Fashion Group (ASX: SFH) also on the list.

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