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15 April 2019

Commissioned Research: Bio-Works Technologies AB

OUTPERFORM: We initiate coverage on Bio-Works with a step wise valuation approach. For 2019, we see a reasonable valuation range between SEK 11.4-12.4 per share suggesting 34-46% upside to the current share price. For 2020, we see a range between SEK 15.5-17.6 per share suggesting 82-107% upside, and for 2021, we see a range between SEK 26.9-31.0 per share, suggesting 216-265% upside.

Targeting a SEK 15bn niche within biopharmaceutical production
Bio-Works is a Swedish-based supplier to biopharmaceutical producers, serving early-stage lab-scale to full-scale commercial producers. Its niche is the market for separation media used in protein purification. The company started commercial sales in 2014. Market demand is driven by increased production volumes of biopharmaceutical products including biosimilars, and productivity investments. The separation media market is dominated by GE Healthcare (Danaher). Bio-Works collaborates with South Korea based Amicogen within certain areas of product development and marketing. The company’s management team has extensive background in development and commercialisation of chromatography separation media, particularly from the market leader GE Healthcare (Danaher).

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Marketing material commissioned by Bio-Works Technologies AB