Solid trading update despite increased costs
Abzena announced a solid business update including a 12th Abzena inside product entering the clinic. FY17 revenue is in line with expectations; however, costs are higher due to investment in increasing its US capacity being affected by a strong $/£ rate. Due to a revision of FY17 costs and using a FY17e cash position, our valuation decreases to £102m (74p per share), with upside expected as the increased investment delivers.Abzena is providing a range of complementary services and technologies for the selection, development and manufacture of biopharmaceuticals.
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