Swedish Orphan Biovitrum (Buy, TP: SEK275.00) - Long-term case reinforced
Sobi continues to diversify its portfolio and broaden its US footprint as it acquires Dova Pharmaceuticals. In our view, Dova’s main asset (Doptelet) has promising potential in markets with a total value of cUSD4bn. However, based on consensus for Dova, we believe Sobi’s 2020–2021 earnings will be negatively affected pro forma; hence, we have cut our 2020–2021e EPS. Separately, Sobi has opted in on BIVV001 but the terms are not as good as we expected. We have cut our target price to SEK275 (315) but we reiterate our BUY.Swedish Orphan Biovitrum AB is a healthcare company focused on rare diseases. Co. develops, manufactures and commercializes treatments with a particular focus on four therapeutic areas: Inflammation, Genetics & Metabolism, Haemophilia and Neonatology. Co. also markets a portfolio of rare disease products for partner companies. Co.'s pipeline programmes include research and development focused on recombinant protein drugs in late preclinical and clinical phase for indications.
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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