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Napp Pharmaceutical Ltd is a UK-based pharmaceutical company that is part of a worldwide association of independent companies that have a strong track record in providing innovative treatments that make a positive difference to patients’ lives.
Over the last 30 years, Napp has become a leader in the field of pain control, and continues to be passionately committed to furthering the understanding and treatment of chronic pain. In recent years, Napp has branched out into other areas of expertise, including oncology and respiratory medicine.
Napp are considering a possible floatation on the London Stock Exchange and are evaluating various options.
Option 1
Napp is considering the acquisition of S & D Group Ltd. The directors of Napp believe that this acquisition will result in synergistic gains1 and that the new firm (merged firm) will get a better valuation on the LSE.
Option 2
One of the directors of Napp is a close friend to the legal advisor to Diomed Developments Ltd. He has heard that the founder of the company is looking to harvest (i.e. realise the gains made from) his business and retire. The new information has been discussed at length in one of Napp?s board meetings and has generated some interest from the majority of the directors.
Not all the directors are convinced that acquiring Diomed would make a significant difference to the valuation of the merged firm. Others feel that the ownership of Diomed is not as complex as that of S & D and perhaps this would be a better easier to arrange.
Option 3
The directors of Napp could float the company as it is.
Required
From a consideration of the financial data sheets provided on NAPP Pharmaceuticals, S & D Group Ltd and Diomed Developments and from your own research on company and industry
1
Synergy is the notion that the combination of two businesses creates greater shareholder value than if they operated separately.
sector background, you will prepare an analytical report in which you will critically evaluate, analyse, discuss and comment upon the key options available to Napp Pharmaceutical Ltd and make a recommendation.
Your report should explicitly address the following matters;
? A critical analysis of the current business and financial situation of Napp Pharmaceutical Ltd, including a discussion on Napp?s ?growth phase model?.
? A critical analysis of each of the three options available to Napp Pharmaceutical Ltd. (You are expected to use supporting calculations in this part)
? A critical analysis of sources of finance that are available to Napp and make recommendations on how Napp should fund the venture.
? A reasoned conclusion and summary of your findings with a critical evaluation and detailed discussion of theory applied, making sure to state any assumptions made.
? Formulate and make recommendations based on your findings.
The report will be assessed and marked on the level of considered and knowledgeable discussion of the subject literature, not on a “right” conclusion or correct numerical answer.
The marks that will be awarded for the calculations will be 20% and 80% for the discussion.
The intended aims and learning outcomes of the assignment are:
Aims
1. To highlight the special features and characteristic problems of small/medium business entrepreneurs, in terms of their access to finance, e.g. venture capital, and their need for appropriate financial management.
2. To explore ways in which small, entrepreneurial firms can be successful with regard to how they are financially managed through the various phases of the business cycle, but especially the ?start-up? phase and the ?growth? phase.
Learning Outcomes
1. Identify, compare and contrast the various sources of finance available to the small business/medium entrepreneur and critically evaluate the strengths
and weaknesses of such funds.
2. Critically analyse and evaluate a range of financial management tools and techniques that might be utilised in the context of a small business by an
entrepreneur, with a view to assessing their appropriateness and adaptability.
Assess, evaluate and reflect upon alternative financial strategies that could facilitate the growth of the developing business.
Your essay should:
? Be written in a plain style, using subheadings and lists where appropriate.
? Be properly referenced (using Harvard APA), acknowledging all the sources you have
used, and only the sources you have used, in the body of the text and at the end in a
section headed ?References?.
? Include evidence of locating and reading sources beyond the suggested initial reading.
Word count limit ? 3,000
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