DJ Edison Investment Research Limited: SIGA Technologies (SIGA): Initiation - Protection against a future pandemic
Edison Investment Research Limited Edison Investment Research Limited: SIGA Technologies (SIGA): Initiation - Protection against a future pandemic 05-March-2021 / 12:00 GMT/BST=----------------------------------------------------------------------------------------------------------------------
London, UK, 5 March 2021
SIGA Technologies (SIGA): Initiation - Protection against a future pandemic SIGA Technologies is a commercial-stage company focusing on health security. Its lead program is oral TPOXX (tecovirimat), which was approved by the FDA in 2018 for the treatment of smallpox and is active against all orthopoxviruses. Importantly, in 2018 SIGA was awarded a 60-month contract (with options to extend to 2028) of up to USD602m from the US Biomedical Advanced Research and Development Authority (BARDA), the majority of which was for the procurement of the oral version of TPOXX.
We value SIGA at USD968m or USD12.61 per basic share using a risk-adjusted net present value (NPV) model. Almost half of our valuation comes from the US base business, with the rest mainly coming from the PEP and international opportunities. The company reported USD117.9m in net cash at the end of December and is profitable. SIGA has a USD50m stock repurchase program in place and bought USD28.5m of stock by the end of Q420.
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1173484 05-March-2021
(END) Dow Jones Newswires
March 05, 2021 07:00 ET (12:00 GMT)