Acacia Pharma - Preparing for US BARHEMSYS launch
Acacia Pharma has reported FY19 results in line with our expectations and the loss after tax increased to $22.8m (FY18 $20.7m) as lower R&D costs offset increased sales and marketing expenses. We anticipate continued investment in SG&A in 2020/21 as Acacia continues to build its US operations ahead of the anticipated launches of BARHEMSYS and ByFavo. BARHEMSYS (reformulated amisulpride) for the management of post-operative nausea and vomiting (PONV) was recently approved by the FDA (26 February). Acacia’s product portfolio offering has been expanded by the ByFavo in-licence deal with Cosmo Pharmaceuticals (January 2020), which will enable significant leverage of its US commercial infrastructure, notably under the deal terms, Acacia has access to the short-term funding required to expand its US footprint. We value Acacia at €15.1 per share.Acacia Pharma Group Plc. Acacia Pharma Group PLC is a United Kingdom-based company specialized in the pharmaceutical industry. The pharmaceutical group focuses on the development and commercialization of new nausea and vomiting treatments for surgical and cancer patients. Its pipeline includes BAREMIS, an intravenous formulation of amisulpride, which is a selective dopamine antagonist that has completed phase 3 clinical development for the prophylaxis and treatment of Postoperative nausea and vomiting (PONV), and APD403, which is based on the selective dopamine antagonist amisulpride and it is being developed as an intravenous injection for cancer patients to be administered immediately before chemotherapy to prevent acute chemotherapy-induced nausea & vomiting ( CINV).
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