PHM Pharmamar S.A.
Strong Newsflow Expected in 2017 .
PharmaMar is approaching two key.
Milestones in H217:
* An Approval Decision for Aplidin for Multiple Myeloma in Europe .
* Phase III Results for Lurbinectedin in Ovarian Cancer.
The Chugai licence deal for lurbinectedin in Japan has strengthened the company’s financial position (pro forma net debt €32m) and seen it put increased emphasis on its preferred strategy to either self-commercialise or co-promote lurbinectedin in the US.
Separately, a US manufacturing patent granted last year has extended IP protection for lurbinectedin until at least December 2032.
These developments have prompted us to adopt co-promotion in the US in our base case valuation scenario and to extend our rNPV model to 2035 vs 2030 previously.
Our base case valuation has increased by 29% to €1.29bn (vs €1.01bn), or €5.79/share (vs €4.55/share).