Alligator Bioscience (Buy, TP: SEK29.00) - Termination of ADC-1013 deal
Janssen terminated its licensing deal on ADC-1013 with Alligator Bioscience yesterday. We have updated our model accordingly. The key assumption in our updated model is that the company strikes a new deal on ADC-1013. We assume one could be signed in 2020, but at less favourable terms. In addition we have increased the cost base for the company as it plans to take the project into phase II itself. The net impact of our model changes gives us a new target price of SEK29 (SEK42). We reiterate our BUY although we do not expect any major positive triggers short-term.Alligator Bioscience AB is a Sweden-based company that is engaged in development of immunotherapies for the treatment of cancer. The Company specializes in the development of tumor-directed immunotherapies, in particular agonistic mono- and bispecific antibodies. In the discovery of those drugs, the Company uses its technology platforms ALLIGATOR-GOLD and FIND. ALLIGATOR-GOLD is a library containing human antibodies. FIND (which stands for Fragment Induced Diversity) is an antibody optimization technology. In its pipeline, the Company has thee projects: ADC-1013 (antibody), ATOR-1015 (bispecific immune activating antibody) and ATOR-1016 (bispecific agonistic antibody), which are in research/preclinical stage.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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