Anteris will need to raise soon to scale up. My bet is on some form of placement and partnership agreement with one of the big 4 - Edwards ($US47b), Medtronic ($US105b), Boston ($US11b) or Abbott ($186b). The recent CEO magazine article was the first interview I’ve read where Wayne alludes to the possibility of a partnership:
"Anteris is open to exploring partnerships with other market players and will evaluate the merits of each opportunity and how they will add value," Wayne says.
Wayne has been pretty consistent with their current internal NPV calculation for Anteris being $850M-$1b so it would be difficult to see them accepting a takeover for anything less than that at the moment. Considering that is approx 3 x our current market cap (assuming AUD), can’t imagine we would receive a takeover offer for that as it stands currently. Despite the dilution, a placement and partnership on favourable terms would lead to a significant re-rate and allow us to stay on the journey hopefully long enough to reach a more acceptable valuation before being swallowed up entirely down the track. The duopoly of the TAVR space is pretty unique and with so much at stake for Edwards, I think it has to start getting interesting soon. Hopefully some new results this weekend (personally hoping for more valve in valve data). All IMO and DYOR
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