Sirtex Medical Limited (ASX:SRX) got FIRB Approval

Sirtex confirmed that the Commonwealth Treasurer has decided that the Commonwealth of Australia has no objection to the yet to be incorporated Australian entity which will be ultimately owned by CDH Fund V, L.P. and China Grand Pharmaceutical and Healthcare Holdings Limited, acquiring up to 100 per cent of Sirtex. This clearance from Australian Foreign Investment Review Board in respect of the Scheme satisfies a key condition to implementation of the Scheme.

Sirtex also reported that after a period of due diligence, the Group received an offer capable of acceptance from CDH for the acquisition of all of the shares in Sirtex by way of scheme of arrangement which included a draft scheme implementation deed. Sirtex’s first half 2018 financial year dose sales were relatively flat and reflected a decline of 0.4 per cent as compared to the prior corresponding period (pcp). FY18 underlying EBITDA is now said to be at the lower end of the $75-85 million as per the guidance previously issued. ASX:SRX was marginally up by 0.14 per cent and traded at $31.525 that is almost near to its 52 week high price that is $31.77 (as on 04 July 2018 ; 03:33 PM AEST).


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