Research disclaimers

The Life Sciences Division Research qualifies as an ‘acceptable minor non-monetary benefit’, an exemption under the European Commission’s Delegated Directive of 7.4.2016:32 to all eligible counterparties, institutional or professional clients.

Use of the research section of this website is subject to the following terms and legal notices. 

  • This research section of the website is a marketing communication and may contain material amounting to a financial promotion for the purposes of the United Kingdom’s Financial Services and Markets Act 2000 (FSMA). 
  • This research section has been prepared by The Life Sciences Division Ltd (TLSD) which is authorised and regulated by the Financial Conduct Authority (FCA) FRN: 528138.
  • In the United Kingdom, the information in this section is available only to and is directed at: (i) Professional Clients and Eligible Counterparties as defined in the FCA’s Handbook of Rules and Guidance; or (ii) persons to whom this document may otherwise lawfully be made available (together Relevant Persons).
  • Access to this research section is available only to Relevant Persons, and persons of any other description in the UK may not rely on the information in it.  Most of the protections provided by the UK regulatory system, and compensation under the UK Financial Services Compensation Scheme, are unlikely to be available.

Outside of the United Kingdom, the contents of this research section are not intended for distribution to, or use by, any person in any jurisdiction or country where such use or distribution would be unlawful.  In particular, this information is not directed at or intended for “US Persons” within the meaning of the United States Securities Act of 1993, as amended and the United States Securities Exchange Act of 1934, as amended. ​ 

Non-Independent Investment Advice 

Any information which could be construed as investment research shown on TLSD’s Research Portal are produced by The Life Sciences Division Ltd, the research material must be treated as marketing communications for the purposes of Directive 2004/39/EC as it has not been prepared in accordance with legal requirements designed to promote the independence of investment research. 

Further, although TLSD is not subject to any prohibition on dealing ahead of the dissemination of investment research, TLSD applies this prohibition through its internal systems and controls. 

The analyst or analysts responsible for the content of the Reports certify that: 

  • The views expressed and attributed to the research analyst or analysts in the Reports accurately reflect their personal opinion(s) about the subject securities and issuers and/or other subject matter as appropriate.
  • Information that is non-factual, or based on the analyst's opinion shall not be interpreted as facts and where there is any doubt as to reliability of a particular source, this is indicated.
  • There are no relationships or circumstances (including conflicts of interest) that may in any way impair the objectivity of this recommendation, and that where any such relationship, conflict or circumstance exists concerning any financial instrument or issuer to which this recommendation directly or indirectly relates, this has been disclosed.
  • This statement applies equally to any persons closely associated with such analyst.

TLSD has effective organisational and administrative arrangements set up within the firm for the prevention and avoidance of conflicts of interest with respect to research recommendations. 

The Reports are for the use of the addressees only and is not intended for nor should be disseminated to Retail Customers as defined in Directive 2004/39/EC. It may not be copied or distributed to any other person without the written consent of The Life Sciences Division Ltd and may not be distributed or passed on, directly or indirectly, to any other class of persons.

Neither TLSD, nor any of its director, employees or any affiliated company accepts liability for any loss arising from the use of The Life Sciences Division Ltd Reports or their contents. These are provided for informational purposes only and do not constitute an offer to sell or a solicitation to buy any security or other financial instrument. While TLSD endeavours to update on a reasonable basis the information and opinions contained herein, there may be regulatory, compliance or other reasons that prevent us from doing so. The opinions, forecasts, assumptions, estimates, derived valuations and target price(s) contained in this material are as of the date indicated and are subject to change at any time without prior notice. 

The Reports do not constitute a personal recommendation and the investments referred to may not be suitable for the specific investment objectives, financial situation or individual needs of recipients and should not be relied upon in substitution for the exercise of independent judgement. Past performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested. The stated price of any securities mentioned herein is not a representation that any transaction can be affected at this price. 

The date and time when the production of the Reports is completed is the date and time stated on the relevant Report. Additionally, unless specifically stated otherwise, the date and time for prices quoted for all stocks mentioned in the relevant Report is the same as that shown on the disclaimers page of the relevant Report.  

Not an offer 

This research and the information contained on it does not constitute or form any part of any offer or invitation to purchase, sell or subscribe for, or any solicitation of any such offer to purchase, sell or subscribe for, any securities (including derivatives), nor shall this research section, or any part of it, form the basis of, or be relied upon in connection with, any contract therefore. 

No reliance may be placed

The information contained on this research section has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. TLSD is under no obligation to update or keep current the information contained on this research section. None of TLSD or any of its respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of the information on this research section. 

Social channels and research reports do not constitute advice  

Nothing contained in this research section or social media channels (including: LinkedIn, Twitter and Google+) which may contain the views and opinions of TLSD Analysts on financial markets do not constitute advice. These views may change and are expressed for informational purposes only. Retweets, likes or other onwards sharing of content are not endorsement. They should not be taken as advice or as a recommendation to make an investment decision.

If you are in any doubt about any opportunities mentioned you should seek appropriate professional advice before making any investment decision. The information on TLSD website or accessible through social media or any authorised research distribution does not constitutes legal, tax or other advice nor is it to be relied on in making an investment or other decision.   

TLSD does not give investment, tax or other professional advice via social media sites. You should always seek independent advice before making financial decisions.

Research Report Disclaimers

Documents obtained or created from TLSD website are supplied solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or be published in whole or in part, for any purpose.

The Life Sciences Division (TLSD) does and seeks to do Investment Banking business with companies covered in its research documents.

As a result, it is non-independent research and a marketing communication as described in the FCA’s Conduct of business Sourcebook. It has not been prepared in accordance with legal requirements designed to promote the independence of research. Such documents have been produced by The Life Sciences Division, which is authorised and regulated by the Financial Conduct Authority (FCA) and is listed on the UK Financial Services Register under firm reference number 528138. TLSD research qualifies as an acceptable minor non-monetary benefit an exemption under the European Commission’s Delegated Directive of 7.4.2016:32 as it is fully commissioned by its client.

Such research is only available to Peer to Peer persons who are Eligible Counterparties or Professional Institutional Clients and is exempt from the general restriction in section 21 of the Financial Services and Markets Act 2000 on the communication of invitations or inducements to engage in investment activity on the grounds that it is being distributed in Europe (under article 3 exemption) only to persons of a kind described in Articles 19(5) (Investment professionals) and 49(2) (High net worth companies, unincorporated associations etc.), of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). The research is not intended to be distributed or passed on, directly or in fact indirectly, to any other class of persons.

The laws and regulations of other governing countries may also restrict the distribution of this research to such persons. This research has been prepared and issued by TLSD on the basis of publicly available information, internally developed data and from various other sources believed to be reliable but has not been independently verified by TLSD. TLSD does not warrant the completeness or accuracy of such information and does not accept any liability with respect to the accuracy or completeness of such information, except to the extent required by applicable law.

Any specific opinions, financial-related projections, financial forecasts or financial estimates in TLSD reports are those produced by the author only, who has created this document from a high degree of expertise in the sector. They reflect only the current views of the author at the date of this report and are subject to change without notice. TLSD has no obligation to update, modify or amend its publications or otherwise notify a reader or recipient of its publications in the event that any matter, opinion, projection, forecast or estimate contained herein, changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn.

Any loss or other consequence arising from the use of the material contained in its publications shall be the sole and exclusive responsibility of the investor and TLSD accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. Some of the investments detailed in this report may not be readily liquid investments. Investors should be aware of the additional and special risks associated with securities and investments in early stage companies, private companies or emerging markets. Consequently, it may be difficult to sell or realise such investments. The past is not a guide to future performance of an investment.