XBrane Biopharma Red Eye analyse
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Xbrane Biopharma\nSector: Biotech\n Xciting and Increasingly Compelling Case\nRedeye returns with an updated assessment and a raised fair value range for Xbranefollowingtheannounced licensingdealwithBiogen.\nDeal with Biogen at attractive terms\nIn our view, the USD 88m deal with Biogen, which also eliminates all Xcimzane development costs for Xbrane when the asset goes to the clinic in 2023, has further derisked the case and provides further validation of Xbrane's ambitions.\nXcimzane: Commercially attractive\nXcimzane is Xbrane's second most advanced project. It is a biosimilar of Cimzia, a drug used to treat inflammatory conditions such as RA, psoriasis, and Crohn's disease. Given Cimzia's USD ~2bn in annual sales and the limited to no other biosimilar competition, this is a significant commercial opportunity, which we now include in our Xbrane valuation. We estimate peak sales of USD 702m.\nXlucane: Slightly delayed US launch\nSales of Lucentis remain at high levels, and the underlying market for VEGFa inhibitors in ophthalmic reports encouraging figures. However, the end of Q1 FDA filing postpones the Xlucane launch, which we now estimate at the start of 2023.\nRaised fair value range\nOur amendments suggest a new Base Case of SEK 235 (167) based on our DCF model, suggesting some 170 percent upside in Xbrane shares. We highlight the current market conditions and that a valuation upgrade is unlikely overnight. However, we identify a substantial gap between Xbrane's value and the share price. We believe that Xbrane shares will trade around our Base Case level in the coming 12-18 months..... https://s3-eu-west-1.amazonaws.com/rdey-cms-prod/app/uploads/2022/03/xbrane-2022-03-09.pdf
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Stockholm
"Biosimilarutvecklaren Xbrane Biopharmas avtal med amerikanska Biogen om att utveckla, tillverka och kommersialisera Xcimzane har minskat risken i bolaget och utgör ytterligare bevis för Xbranes ambitioner.
Det skriver Redeye i en analysuppdatering om aktien, vars rimliga värde i ett basscenario höjts till 235 kronor från tidigare 167 kronor. Värdet i ett negativt scenario anges till 100 kronor och i ett positivt till 340 kronor ·
Nyhetsbyrån Direkt 9.3.2022 12.08
Xbrane kursen p.t. 95.50.
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