|Bid||567.80 x 0|
|Ask||568.00 x 0|
|Day's Range||562.00 - 571.00|
|52 Week Range||301.00 - 602.20|
|Beta (5Y Monthly)||0.64|
|PE Ratio (TTM)||51.50|
|Earnings Date||Jul 24, 2020|
|Forward Dividend & Yield||2.75 (0.47%)|
|Ex-Dividend Date||Apr 30, 2020|
|1y Target Est||354.21|
(Bloomberg) -- Bain Capital and Cinven are joining forces to bid for Lonza Group AG’s specialty ingredients unit, according to people familiar with the matter, which could result in one of the largest European chemicals deals of the year.The private equity firms have teamed up in the race for Lonza’s LSI business, which could fetch around 3.5 billion Swiss francs ($3.9 billion), the people said, asking not to be identified discussing confidential information.They could face strong competition from rival buyout firms, with the unit also attracting Advent International, Blackstone Group, Carlyle Group, EQT AB, KKR & Co., Lone Star and Partners Group, as well as strategic interest from German chemicals group Lanxess AG, the people said. More firms could seek to partner up ahead of making a bid for the asset, according to the people.A deal would be one of the largest involving a European chemicals company this year, according to data compiled by Bloomberg, potentially surpassing K+S AG’s sale of its Morton Salt unit to Kissner Group for $3.2 billion.Read more: Why Chemicals Could Be the Next Hotbed of DealmakingBasel, Switzerland-based Lonza decided in July to sell the LSI unit as part of a move toward becoming a pure-play pharmaceuticals and biotech company. LSI manufactures chemicals for use in everything from paints to crop protection. Its microbial control solutions are also used in professional cleaning products and sanitizers, demand for which is expected to remain high during the coronavirus pandemic.Lonza could send out marketing materials on the LSI unit as soon as the coming weeks, the people said. A representative for Lonza said the group had begun preliminary talks with potential buyers. Representatives for the interested parties declined to comment.LSI’s revenue fell 4.7% to 819 million Swiss francs in the first half of the year, according to its latest financial report. Core earnings before interest, taxes, depreciation, and amortization slipped 1.2% to 161 million francs.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Lonza said Tuesday the plants it's building to manufacture Moderna Inc's (NASDAQ: MRNA) COVID-19 vaccine in the United States and Switzerland will be ready this year, Reuters reported.What Happened: The Switzerland-based integrated healthcare solutions firm is building new production facilities in Portsmouth, New Hampshire, which will begin operations in November, according to Reuters.Another three facilities are reportedly under construction in Visp, Switzerland. Altogether, these facilities can begin supplying 300 million vaccine doses annually by December.The Visp facility is nearly 50% completed and has obtained the necessary equipment at a fast pace. Torsten Schmidt, the head of the facility told Reuters, "You typically wait 12 months, you're talking here about 4-5 months [for equipment delivery]."Why It Matters: The Massachusetts-based drugmaker and Lonza have a 10-year agreement under which Moderna would be able to scale up the production of its mRNA-1273 vaccine candidate up to one billion doses per year.The technology transfer is expected to begin in June and U.S. manufacturing is likely to commence in July.Moderna said Tuesday that the New England Journal of Medicine published interim results from a Phase 1 study of its vaccine candidate. The small study comprising of 40 adults suggested that mRNA-1273 created a strong immune response in older adults.Pfizer Inc (NYSE: PFE) and Moderna vaccines are being considered for early distribution among health care workers and high-risk groups, according to the New York Times. Either vaccine may be distributed as early as late October or early November.Price Action: Moderna shares rose almost 4.9% to $74 in the after-hours trading on Monday after closing mostly unchanged.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Trump-Biden First Presidential Debate: Key Takeaways * Regeneron Says COVID-19 Antibody Cocktail Helped Non-Hospitalized Patients Heal Faster In Early Trials(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Lonza is confident that U.S. and Swiss plants it is building to help make Moderna's COVID-19 vaccine candidate will be ready for commercial production this year, executives at the Swiss company said on Tuesday. New production lines at Lonza's site in Portsmouth, New Hampshire, aim to start making vaccine ingredients in November, while three lines in Visp, deep in a valley in the Swiss Alps - to supply 300 million vaccine doses annually - should begin delivering by December.