Acacia Pharma has reported FY19 results in line with our expectations and the loss after tax increased to $22.8m (FY18 $20.7m) as lower R&D costs offset increased sales and marketing expenses. We anticipate continued investment in SG&A in 2020/21 as Acacia continues to build its US operations ahead of the anticipated launches of BARHEMSYS and ByFavo. BARHEMSYS (reformulated amisulpride) for the management of post-operative nausea and vomiting (PONV) was recently approved by the FDA (26 February). Acacia's product portfolio offering has been expanded by the ByFavo in-licence deal with Cosmo Pharmaceuticals (January 2020), which will enable significant leverage of its US commercial infrastructure, notably under the deal terms, Acacia has access to the short-term funding required to expand its US footprint. We value Acacia at €15.1 per share.Den vollständigen Artikel lesen ...
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