BioArctic (Buy, TP: SEK220.00) - Lecanemab on its way to market
The key event of recent months was the FDA’s acceptance of Eisai’s accelerated approval application for lecanemab (triggering a EUR15m milestone to BioArctic – received early-Q3), with the PDUFA date, set to 6 January 2023. We see a possibility of early approval of the application, being a rolling submission, and since the FDA has been evaluating the clinical part of the application since September 2021. Next up is due to be presentation of top-line data from the ClarityAD confirmatory phase III trial this autumn. We reiterate our BUY and SEK220 target price.BioArctic is a research-based biopharma company which is engaged in developing new innovative disease modifying treatments based in antibodies (immunotheraphy) for neurodegenerative disease (i.e. diseases where the nervous system degenerates) such as Alzheimer's disease and Parkinson's disease and a treatment concept for complete spinal cord injuries (i.e. an injury where the spinal cord is completely broken). Co.'s operations are focused on research and development of new drugs for diseases and conditions with great medical need.
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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