LONDON, UK / ACCESSWIRE / November 3, 2017 / SymBio has substantially increased the value of its Treakisym franchise through in-licensing novel bendamustine formulations from Eagle Pharmaceuticals for $12.5m. The new formulations bring a lower cost of goods and 10 years of additional patent protection to help in lifecycle management of the Treakisym franchise. Sales of Treakisym following the approval of two new indications in 2016 have exceeded the company's expectations, leading it to upgrade FY17 sales guidance. Interim data from the global Phase III rigosertib trial could become available during Q417. We value SymBio at $174m, with the enhanced Treakisym portfolio offsetting the suspension of IONSYS development.
Our risk-adjusted valuation is $174m or $3.6/ADR (unchanged). We have revised our forecasts to account for: greater market share and improved profit margins for Treakisym liquid formulations from 2021 onwards, offset by anticipated $13m development costs; risk-adjusted revenues and $18m development costs for the new DLBCL indication; the 23% increase in 2017 Treakisym sales guidance; and suspension of development of the IONSYS pain product.
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