BioArctic (Buy, TP: SEK430.00) - Leqembi approved in the US
On Friday, the FDA granted accelerated approval for lecanemab (Leqembi) for the treatment of Alzheimer’s Disease. The indication is as expected and there are no unexpected safety warnings or monitoring requirements. The price (USD26.5k/patient/year) was a little lower than we expected. A launch is expected week commencing 23 January. BioArctic’s partner Eisai has already submitted an application for full US approval. We reiterate our BUY and have raised our target price to SEK430 (420).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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