Transaction Overview - BD will separate its Biosciences and Diagnostic Solutions business to BD shareholders and simultaneously merge SpinCo with a wholly owned subsidiary of Waters in a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion[65] - Expected pro forma ownership of 60.8% for Waters shareholders and 39.2% for BD shareholders[65] - BD to receive approximately $4 billion cash distribution via proceeds of SpinCo debt[65] - The transaction is expected to close around the end of the first quarter of calendar year 2026[65] Financial Highlights - Pro forma revenue for CY 2025E is approximately $6.5 billion[18] - Adjusted EBITDA for CY 2025E is approximately $2.0 billion[18] - R&D spending is approximately 10% of sales[18] - The transaction is expected to be EPS accretive in Year 1[36] - Expected revenue synergies of approximately $290 million by Year 5, with an EBITDA impact of $145 million[33, 61] - Expected cost synergies of approximately $200 million by Year 3[33, 61] - Approximately $345 million in total annualized adjusted EBITDA synergies are expected by Year 5[36, 61] Growth and Stability - The combined company will have a total addressable market (TAM) of approximately $40 billion with 5-7% market growth[19, 22] - Over 70% of revenue is annually recurring[19, 30] - Over 50% of instruments are replaced every 5-10 years[19, 30] - Expected sales growth in the near-to-mid-term is MSD-HSD (Mid-Single-Digit to High-Single-Digit)[33] - Adjusted operating margin expansion of approximately 500 bps is expected by 2030[33]

Transaction Overview - BD will separate its Biosciences and Diagnostic Solutions business to BD shareholders and simultaneously merge SpinCo with a wholly owned subsidiary of Waters in a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion[65] - Expected pro forma ownership of 60.8% for Waters shareholders and 39.2% for BD shareholders[65] - BD to receive approximately $4 billion cash distribution via proceeds of SpinCo debt[65] - The transaction is expected to close around the end of the first quarter of calendar year 2026[65] Financial Highlights - Pro forma revenue for CY 2025E is approximately $6.5 billion[18] - Adjusted EBITDA for CY 2025E is approximately $2.0 billion[18] - R&D spending is approximately 10% of sales[18] - The transaction is expected to be EPS accretive in Year 1[36] - Expected revenue synergies of approximately $290 million by Year 5, with an EBITDA impact of $145 million[33, 61] - Expected cost synergies of approximately $200 million by Year 3[33, 61] - Approximately $345 million in total annualized adjusted EBITDA synergies are expected by Year 5[36, 61] Growth and Stability - The combined company will have a total addressable market (TAM) of approximately $40 billion with 5-7% market growth[19, 22] - Over 70% of revenue is annually recurring[19, 30] - Over 50% of instruments are replaced every 5-10 years[19, 30] - Expected sales growth in the near-to-mid-term is MSD-HSD (Mid-Single-Digit to High-Single-Digit)[33] - Adjusted operating margin expansion of approximately 500 bps is expected by 2030[33]

Summary of US Life Science Tools & Diagnostics Sector Conference Call Industry Overview - The conference call focuses on the **US Life Science Tools & Diagnostics** sector, discussing its current state and future outlook compared to 2024 [1] Core Insights and Arguments 1. **Market Sentiment Shift**: The sector is now viewed more positively than at the beginning of 2024, with the worst-case scenario already priced in, suggesting potential for better-than-expected outcomes [1][12] 2. **Academic & Government Market Risks**: A potential 40% cut to the NIH budget for 2026 could significantly impact revenue, but there are signs that this cut may not materialize [20][27] 3. **China Market Dynamics**: Economic challenges in China, including tariffs and local competition, pose risks, but the "in China for China" policy may mitigate some impacts [3][34] 4. **Pharma/Biotech Market Concerns**: The Most Favored Nation (MFN) pricing policy could negatively affect pharma revenues, but the tools sector is currently facing greater punishment than pharma [4][64] 5. **Investor Interest**: There is a renewed interest in the sector from investors, indicating a potential shift in market dynamics [5] Additional Important Points 1. **Potential for Recovery**: The tools sector could see recovery if Q2 and Q3 results show stability or improvement, which would reassure investors [6][86] 2. **Valuation Metrics**: The tools sector is trading at a valuation not seen since 2012, indicating it may be undervalued relative to the S&P [12][14] 3. **Funding Environment**: The funding landscape for biotech remains cautious, with smaller companies struggling to secure funding, impacting overall sector growth [66] 4. **AI Impact**: The role of AI in pharma R&D could either be a risk or a tailwind for the tools sector, depending on how it influences research spending [68][78] 5. **Investment Ratings**: The call maintains Outperform ratings on TMO, WAT, and PACB, while A, AVTR, ILMN, and RVTY are rated Market-Perform [8] Conclusion - The US Life Science Tools & Diagnostics sector is at a critical juncture, with potential for recovery and growth, but significant risks remain. Investors are advised to monitor upcoming quarterly results closely to gauge the sector's trajectory [6][86]

A major burden in life science remains the cost associated with drug development. Estimated at $1B to bring a drug from preclinical research to commercialization, solutions are needed to reduce those costs. Among these solutions, Model-Informed Drug Development (MIDD) is one ofAt ELAM1, we empower financial professionals and investors with the scientific and clinical expertise required to navigate the complexities of the healthcare sector. By bridging the gap between cutting-edge science and financial strat ...

Core Viewpoint - 10x Genomics, Inc. will report its financial results for Q2 2025 on August 7, 2025, and will host a conference call to discuss these results and future outlook [1]. Group 1: Financial Reporting - The financial results for the second quarter ended June 30, 2025, will be announced after market close on August 7, 2025 [1]. - A public conference call and live webcast for analysts and investors will begin at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time [1]. Group 2: Company Overview - 10x Genomics is a life science technology company focused on products that enhance the understanding of biology and improve human health [3]. - The company offers integrated research solutions, including instruments, consumables, and software for single cell and spatial biology, aiding researchers in comprehending complex biological systems [3]. - Its products contribute to advancements in various fields such as oncology, immunology, and neuroscience, leading to significant discoveries in health and disease [3]. Group 3: Disclosure Practices - 10x Genomics utilizes various channels, including SEC filings, press releases, and social media, to disclose material non-public information and comply with disclosure obligations [4].

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Group 1 - Restart Life Sciences Corp. announced a non-brokered private placement of up to 10,000,000 common shares at a price of CDN$0.10 per share, aiming for gross proceeds of up to CDN$1,000,000 [1][2] - The offering is conducted under the listed issuer financing exemption and is available to purchasers in all Canadian provinces except Quebec, with no hold period for the shares issued [2][3] - Proceeds from the offering will be utilized for clinical studies and general working capital, and the offering may close in tranches, expected by August 21, 2025 [3] Group 2 - The company may pay finders fees in cash equal to 8.0% of the aggregate gross proceeds from the offering [3] - The securities issued will not be registered under the U.S. Securities Act and cannot be offered or sold in the United States without proper registration or exemption [4] - Restart Life Sciences Corp. is a Canadian-based life sciences company listed on the CSE, with more information available on its website [5]

Core Viewpoint - WuXi AppTec is actively enhancing shareholder value through A-share repurchase and H-share acquisition programs, aimed at attracting and retaining talent while maintaining company stability [1][2][3] A-Share Repurchase and Cancellation - The company repurchased and cancelled A-shares worth RMB1.0 billion to uphold its value and protect shareholder interests [2][3] - From April 18, 2025, to June 20, 2025, WuXi AppTec acquired 15,775,377 A-shares, approximately 0.55% of total issued share capital, at an average price of RMB63.39 per share [3] - The cancellation of all repurchased A-shares was completed on June 24, 2025 [3] H-Share Acquisition - WuXi AppTec instructed the Scheme Trustee to acquire HKD2.5 billion worth of H-shares to support the 2025 H Share Award and Trust Scheme [2][3] - A total of 34,092,975 H-shares were acquired, representing approximately 1.19% of total issued share capital, with no dilution to existing shareholders [3] - The H-share acquisition aims to attract and retain top talent, enhancing management capabilities and business resilience [3] H Share Award and Trust Scheme - Under the scheme, up to HKD1.5 billion worth of H-shares will be granted if the company's 2025 revenue reaches at least RMB42.0 billion [3] - An additional HKD1.0 billion worth of H-shares will be granted if the revenue reaches at least RMB43.0 billion, totaling HKD2.5 billion [3]

Core Viewpoint - Avantor, Inc. is set to release its second quarter 2025 financial results on August 1, 2025, before market opening, followed by a conference call at 8:00 a.m. Eastern Time to discuss the results [1]. Company Overview - Avantor is a leading life science tools company that provides mission-critical products and services to the life sciences and advanced technology industries [3]. - The company collaborates closely with customers throughout the scientific journey, facilitating breakthroughs in medicine, healthcare, and technology [3]. - Avantor's portfolio is utilized in nearly every stage of significant research, development, and production activities across over 300,000 customer locations in 180 countries [3].

Company Presentation August 2024 FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation, other than historical information, constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding: (i) our timeline and planned development of the G4X and other future products; (ii) expected features, capabilities and specifications of the G4X and other future products and service offerings; ...