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18 juni 2019

Commissioned Research: Ascelia Pharma AB

OUTPERFORM: For the twelve months ahead, we see a reasonable valuation range between SEK 26-30 per share suggesting 26-46% upside to the current share price. To mid-2021, we see a range between SEK 39-48 per share suggesting 89-133% upside. To mid-2022, we see a range between SEK 60-77 per share suggesting 191-234% upside.

Patent application very important, for several reasons
Ascelia Pharma’s application to achieve patent coverage for a new Mangoral product has potentially several important implications, both in the medium and long term. Following the planned 2022 launch of Mangoral in the US and Europe, the product’s orphan drug status and data exclusivity will protect sales for a period of between 7-10 years. If a next generation Mangoral product would achieve patent coverage, this could naturally extend the sales cycle very significantly, assuming the next generation product is clinically distinguished from the first generation Mangoral. In regions where Ascelia is planning to sell through marketing partners, such as Asia, being able to offer a follow-up product could naturally be very valuable when negotiating marketing deals.

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Marketing material commissioned by Ascelia Pharma AB