How Intesa Sanpaolo and Mediobanca comfort Diasorin

How Intesa Sanpaolo and Mediobanca comfort Diasorin

For Intesa Sanpaolo and Mediobanca the Tar ruling on serological tests in Lombardy will have a limited impact on the Diasorin accounts

Joys and sorrows for Diasorin. While the Tar of Lombardy cancels the agreement signed between the pharmaceutical company and the San Matteo di Pavia Foundation on the serological tests that detect Covid-19 antibodies, Banca IMI (the investment banking institution of the Intesa Sanpaolo Group) and Mediobanca console the company foresee limited impacts of the sentence.

Let's go step by step.


With a sentence of the First Section chaired by Domenico Giordano, Monday, June 8, the Lombardy Tar accepted the appeal lodged by Technogenetics Srl and canceled the collaboration agreement between the Policlinico San Matteo Foundation and Diasorin, a joint-stock company that operates in the segments of immunodiagnostics and molecular diagnostics based in Saluggia (VC), on serological tests for the diagnosis of SARS-Cov-2 infection started last March. The Tar also condemned the IRCCS Policlinico San Matteo and Diasorin spa Foundation, jointly and severally, to pay litigation costs, liquidating them in € 10,000.


The Tar condemns San Matteo for having made a public service available to a dealer without carrying out a tender. As reported by Technogenetics, the Lombardy Region of having withdrawn only after 24 hours from publication an expression of interest (preliminary for the tender for the choice of a dealer) opened on April 6, without evaluating what the possible offers from other companies were.


San Matteo di Pavia is ready to appeal, but if the sentence is confirmed, for Banca Imi, Diasorin would not lose such a large market. "The DiaSorin tests have been approved in Brazil, the USA, Canada, Belgium and Israel, which are much larger markets than Lombardy," says the investment bank of the Sanpaolo Group, according to reports from Mf-Milano Finanza.

The group recently increased the production of serological tests to 10 million pieces per month from the previous 5 million. Its both serological and molecular tests are expected to generate approximately 300 million revenues in 2020, according to our estimates ", say analysts at Banca Imi (Intesa) which also specifies that the share trades at 37-34 times the price / price ratio earnings based on estimates for 2020 and 2021.


“We believe that the offer in Lombardy is not as significant for DiaSorin in terms of volumes. However, the visibility on the overall demand and on the sale price of the serological tests beyond July still remains quite low, "added Banca Imi.


Even for Mediobanca the impact, although difficult to calculate now, should be negligible for Diasorin. The ruling of the Lombardy Regional Administrative Court "should mainly penalize the San Matteo Hospital which will no longer collect any royalties from DiaSorin", says Mediobanca, who holds the neutral opinion and the target price of € 164 on the action.

"Even assuming the cancellation of the contract with the Lombardy Region that followed this agreement, the amount of sales involved is around 2 million euros, an amount that seems quite negligible," adds the Institute.

This is a machine translation from Italian language of a post published on Start Magazine at the URL on Thu, 11 Jun 2020 05:59:16 +0000.