Winst gevend schreef op 3 juli 2020 11:06:
Date: 28 May 2020
van Leeuwenhoeck Research.
We believe that Pharming is substantially undervalued at the current share price of EUR 1.35
Total current value of the RUCONEST® program in PreEclampsia of EUR 122 million or EUR 0.16 per share.
Total current value of the RUCONEST® program in AKI of EUR 174 million or EUR 0.23 per share.
Total current value of the alpha-glucosidase program in Pompe’s Disease of EUR 180 million or EUR 0.24 per share.
Total current value of leniolisib in APDS of EUR 361 million or EUR 0.49 per share.
The company’s current total value should, therefore, increase from EUR 2.0 billion million to EUR 2.1 billion,
which translates, based on the fully diluted number of shares of approximately 742 million,
into EUR 2.84 per share.
Pharming indicated that it plans to initiate a Phase I/II trial in Pompe Disease in the beginning of 2021.
We believe that, considering the Pharming Group existing safety data,
this trial can be concluded within 12 months, followed by a Phase II/III trial in 2022.
US-based Biocryst (NASDAQ: BCRX) is awaiting FDA approval
for berotralstat for prophylactic use in HAE (PDUFA date 3 December 2020).
In our view, Biocryst would be an ideal M&A candidate for Pharming due to:
• Access to an orally-administered drug for prophylactic use in HAE
• Gaining market share in HAE market for prophylactic use
• Synergies in the use of existing commercial infrastructure in the US
• Increased near term profitability
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