Edison Investment Research Limited
London, UK, 8 October 2021
Oasmia Pharmaceutical (OASM): Focused on pillars of growth
Oasmia Pharmaceutical has made steady progress in its ongoing transition into an R&D-driven, speciality pharma company with commercially available assets. The in-licensing of Cantrixil from Kazia Therapeutics in March is the first of its 'string of pearls' strategy to bolster the pipeline. Oasmia now has three oncology assets under its belt. Partner Elevar Therapeutics now expects to initiate the additional trials required by the FDA to enable the NDA submission for Apealea (Cremophor-free paclitaxel) in ovarian cancer in 2022 (we forecast US launch in 2025). Over the next 12 months, we expect divestment of the animal health business, further in-licensing deals and optimisation of its platform technologies, which represent value drivers beyond Apealea. Our revised valuation is SEK2.89bn or SEK6.45/share.
Our updated valuation is SEK2.89bn or SEK6.45/share versus SEK2.84bn or SEK6.34/share previously. Our valuation includes net cash of SEK176.3m plus rNPVs for Apealea (ovarian cancer), Cantrixil (ovarian cancer), docetaxel micellar (prostate cancer) and an indicative value for the animal health business. We do not include the XR-17 platform or other cancer indications in our valuation.
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