AFT Pharmaceuticals - AFTO judgment clears AFT of breach claim
AFT Pharmaceuticals has reported that the Auckland High Court has cleared it of the contractual breach claim filed by PBL Solutions in April 2020, which maintained that the opportunity for Pascomer (a topical formulation of rapamycin) was not under the scope of AFT Orphan Pharmaceuticals’ (AFTO’s) business in its legal case. While the ruling dismissed PBL’s claim for a lump sum payment for the assessed present value of Pascomer’s potential, the legal authority has directed AFT to share 35% of the potential (future) profits, which may arise in orphan indications in as well as outside Asia-Pacific. We note that AFT is pursuing Pascomer in non-orphan indications such as port-wine stains and is in the very early stages of development, hence the ruling does not have a near- to medium-term impact on AFT. Our valuation at NZ$644m, or NZ$6.14 per share, and estimates for AFT are unchanged.AFT Pharmaceuticals is engaged in the distribution of pharmaceutical products and the development of pharmaceutical intellectual property.
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