AELIS in Wonderland - Initiation of coverage
We initiate AELIS FARMA with a BUY rating and a TP of 21 EUR. AELIS FARMA is a Frenchclinical-stage biotechnology company developing a novel pharmacological class of CB1
signaling-specific inhibitors (CB1-SSi) targeting various unmet neurological indications
and addiction. The two clinical candidates the company are developing target
cannabis-related disorder (CRD), Down syndrome (DS), and Fragile X syndrome (FX).
The company’s CRD candidate AEF0117 (‘117) has recently finished phase IIa study,
has signed a deal with a major industry player (Indivior), and is expected to enter
phase IIb this year. If ‘117 gets approved in CRD, it will likely be the first candidate
to market and enjoy the first-mover advantage into a potential USD1.4Bn (e31) peaks
sales market.
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