Good evening,

The ever-focused, stable CSL is branching out, leaving bankers and fund managers with some homework to do.

The $139 billion biotech giant is conducting due diligence on Switzerland’s Vifor Pharma, in what could become a $10 billion-plus deal.

CSL is understood to have first looked at the company six months ago, but with little attention given to the country’s fourth-largest listed company by the big investment banks, they’re going to need to get up to speed before the company comes knocking.

The company has not raised equity since 2008, but now it’s looking at a $4 billion raising. It would be a monster sum for its bankers - Bank of America - to underwrite alone, so there could be some clamouring to get in on the action.

Elsewhere, Will Vicars and Mike Messara’s Caledonia has posted its worst-ever monthly return, but it has no plans to sell its poorest performer; IFM’s Nala Renewables, Ratch and Actis are some of the groups expected to be in the mix for Nexif’s Australian and Asian assets; and David Teoh is tonight selling a $335 million stake in TPG Telecom.

Happy reading,

Anthony Macdonald, Yolanda Redrup and Kanika Sood

Street Talk editors