Report
Jean-Jacques Le Fur

UCB: Negative phase II results for zilucoplan in IMNM | BUY | EUR133 VS. EUR135 (+59%)

UCB - BUY | EUR133 VS. EUR135 (+59%)
Negative phase II results for zilucoplan in IMNM

No efficacy of zilucoplan in this disease
IMNM was not a major indication for zilucoplan
We expected peak sales of only EUR300m
The largest opportunity is in gMG
Buy reiterated – TP decreased to EUR133/share
Underlying
UCB S.A.

UCB is a global biopharmaceutical company focused on severe diseases in two therapeutic areas, namely central nervous system disorders and immunology. In the area of central nervous system disorders, Co. is focused on advanced Parkinson's disease, epilepsy, restless legs syndrome and epilepsy. In the area of immunology disorders, Co. is focused on rheumatoid arthritis, axial spondyloarthritis, psoriatic arthritis, systemic lupus erythematosus, juvenile idiopathic arthritis, post-menopausal osteoporosis, systemic lupus erythematosus and immunological diseases.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Jean-Jacques Le Fur

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