☕️ MedAdvisor Momentum

Good morning.

MedAdvisor, the once unsung hero of the pharmacy tech world, this week got a shot in the arm as New Zealand's EBOS Group doubled its stake to 9.8%, sparking intense market chatter.

As Capital Brief’s Jack Derwin informs us, under the leadership of CEO Rick Ratliff, the once-struggling company is now expected to announce a full-year profit in August.

Bell Potter analyst Thomas Wakim boosted its price target to 49 cents, reflecting confidence in MedAdvisor's expanding US margins. With the potential US$150b ($223b) market for GLP-1 drugs like Ozempic and Wegovy on the horizon, MedAdvisor is seen as primed to capitalize on this booming sector.

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Market movers

The technology sector jumped 1.4 per cent on Wednesday, buoyed by gains of the US mega-cap technology stocks on Wall Street with Nasdaq at record highs.

This was led by sector heavyweight WiseTech. Its shares finished up 2.13% to $97.30. Xero added 1.8 per cent to $135.87 and NextDC climbed 1.2 per cent to $17.65.

The quick sync

• Central banks are just as uncertain about inflation as everyone else. (Capital Brief)

• ASIC has ‘comprehensively failed’ and should be split, says senate report. (The Australian)

• UK election betting scandal exposes 'outrageous' gaps in Australia, where politicians and staffers are not technically banned from betting on elections. WA Independent Kate Chaney urgently wants that to change. (Capital Brief)

• Fintech startups accused the banks of trying to sabotage the consumer data right (CDR), arguing figures on low usage commissioned by the banking lobby misrepresent growing interest in account switching. (AFR)

• Atlassian’s new Melbourne “connection hub” office has foosball, air hockey, table tennis, an on-site barista and just 12 desks. (AFR)

Trading floor

M&A

• Pacific Avenue Capital Partners has submitted a bid for Fletcher Building's Tradelink to enhance its operational efficiencies. (AFR)

• MA Moelis Australia is exploring options for the $500m sale of Contract Resources, controlled by Viburnum Funds and SCF Partners. (AFR)

• Gurner and Qualitas have acquired the remaining interest in Melbourne's Jam Factory redevelopment, refocusing on the heritage façade and retail space. (BNA)

• Westpac's recent bond issue attracted over $4bn in demand for a $1.5bn raise. (The Australian)

• Skydance Media, led by David Ellison, is set to acquire National Amusements, including its Paramount Global stake, pending review by National Amusements' special committee. (Capital Brief)

• Logan-based Verifact Investigations has been acquired by global security agency Pinkerton. (BNA)

• Rio Tinto plans to invest $18.5m to boost its stake in Sovereign Metals, aiding the progress of Sovereign's Kasiya Rutile-Graphite project in Malawi. (Capital Brief)

• Elanor Investors Group and PGIM Real Estate will partner to purchase a 19-hectare logistics site in Melbourne, betting on urban growth and e-commerce opportunities despite sector challenges post-pandemic. (The Australian)

Capital Markets

• Federation Asset Management has invested in Tokyo-based Astris Advisory, marking its first international move to leverage Japan's $4.2tr economy and asset management sector. (AFR)

• Ramelius Resources, based in Perth, secures a $175m debt facility from ANZ, Commonwealth Bank, NAB, Westpac, and Natixis. (Capital Brief)

• Booktopia has appointed McGrathNicol Restructuring as voluntary administrators for an urgent business assessment. (Capital Brief)

• Deutsche Bank has begun the recapitalisation of Jon Adgemis’ Public Hospitality Group, proposing a new $200m senior lending facility. (AFR)

VC

• Redactive AI raises $11.5m in seed funding co-led by Blackbird Ventures and Felicis Ventures. (Capital Brief)

• Universal Hydrogen, backed by Fortescue, collapses despite completing a successful test flight last year. (AFR)

• Antler Australia reveals seven new pre-Seed startup investments during its Portfolio Spotlight event, part of 29 investments made in the past year. (Startup Daily)

People moves

• Credit Suisse COO Katrina Glover has left after 19 years and is expected to join Westpac. (AFR)

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The watercooler