Australian Unity’s Victor Windeyer on the M&A outlook for the sector, the opportunity in the diabetes market, and why he’s avoiding cosmetic dentistry.
Last year saw a slowdown in M&and then pick up a little through the second half. There is still plenty of appetite from private equity and infrastructure investors to acquire high-quality social infrastructure assets, particularly as core infrastructure assets such as roads, rail, ports and airports become harder to source.
Favourably, Clarity also has a strong balance sheet, with enough cash to see it through the next two years. The multiple significant data releases planned for 2023 could be enough to elicit future interest from a larger company looking to take a position in radio-pharmaceuticals.
Investors should still be looking for characteristics such as robust cash balances in earlier stage investments, as well as avoiding overexposure to discretionary healthcare products or services, such as cosmetic dentistry.Diabetes today is the world’s fastest-growing chronic health condition, with almost one-in-10 people living with diabetes worldwide, creating a large unmet need for insulin, pumps, glucose monitoring and weight-loss solutions.
Novo Nordisk and Eli Lilly both have dominant positions in the fast-growing GLP-1 class of drugs, which are increasingly being prescribed to help people lose weight. With these drugs already experiencing very strong sales growth, it’s possible they’ll become super blockbuster drugs if the cardiovascular endpoint trial that is expected to report in 2023 is positive.
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