BioArctic (Buy, TP: SEK250.00) - AbbVie terminates PD deal
BioArctic this morning announced that AbbVie has terminated the licensing agreement on ABBV-0805 for Parkinson’s Disease (PD). This is of course bad news as we were expecting AbbVie to commence phase II trials on the drug. However, as the amount of clinical data on ABBV-0805 has been low, we have only included the product in our model with a 5% LOA, hence the financial impact on the BioArctic model is very limited from this event. Nevertheless, if the share price falls more than 5% we would see it as a buying opportunity.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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