DAVY VIEW

The Aegerion deal is clearly transformational; however, of greater interest, is that value accretion for shareholders is just beginning. The enlarged group has a global platform to commercialise a very attractive pipeline. Amryt can also extract multiple synergies due to the complementary fit of the commercial teams, with its deep knowledge of Aegerion’s pipeline providing confidence on execution. We think the enlarged group has scope to de-lever to 2.1x net debt/EBITDA by 2021 and see a logical pathway to the stock more than doubling over the next couple of years.