HANSA | BUY | SEK135TP One asset, multiple possibilities | Initiation of coverage

Hansa is developing and commercializing imlifidase, an enzyme that quickly and precisely cleaves and inactivates IgGs. Imlifidase is approved in Europe as a desensitization agent that enables kidney transplants for patients who otherwise have no chance of finding a match. In the US, an additional trial is ongoing seeking to reproduce these findings, with a low-risk readout expected in 2023/24. Additionally in transplantation, first data for a phase 2 in AMR) is expected in Q4 2022, which we believe should be positive based on what we’ve seen to date in desensitization. Imlifidase’s unique mechanism of action allows for its use in many indications where acute, pathogenic IgGs are a concern, including anti-GBM (phase 3 to start in 2022), GBS (phase 2 data in H1 2023), and elimination of AAV-neutralizing antibodies before gene therapy (partnerships established). While quarterly earnings may lead to some volatility in the share price, we see a good long-term setup for Hansa and appreciate its pipeline with several late-stage, relatively low-risk programs.
Analyst: Ingrid Gafanhão, Alex Cogut