Update: Phibro Animal Health 12.74M share IPO priced at $15.00 The deal size was increased to 12.74M shares from 11.77M shares and priced below the $16.00-$18.00 range. BofA/Merrill, Morgan Stanley and Barclays acted as joint book running managers for the offering.
Phibro Animal Health deal brings an attractive opportunity, says Cantor After Phibro bought distribution rights to MJ Biologics' existing vaccine technologies and rights to additional vaccines that the two companies intend to develop jointly, Cantor thinks the deal could cause Phibro's 2015 EPS to beat its estimate by 2c. The firm is pleased that Phibro also received exclusive overseas distribution rights to MJ's products, as the firm thinks that Phibro will be able to expand MJ's overseas business. The firm keeps a $36 price target and Buy rating on Phibro.