Edison Investment Research - Consort Medical (CSRT) Nicovations reVokes Bespak supply agreement

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Edison Investment Research

Lala Gregorek

Nicovations reVokes Bespak supply agreement

Consort Medical has announced that all supply agreements for Voke, an MHRA approved nicotine inhaler, have been terminated with immediate effect by Bespak’s partner, Nicovations. Termination was a contractual right in the event that Voke was not commercially launched before end-2016. Nevertheless, ‘constructive’ talks about Voke’s future continue between Nicovations (holder of distribution rights), Kind Consumer (developer of the product and underlying technology) and Bespak (formerly responsible for build, manufacturing and supply of filled devices and valve technology). Given cessation of the supply contract and uncertainty over Voke’s path to market, we remove it from our pipeline rNPV; this lowers our valuation range for Consort to 1,238-1,300p/share.

04/01/2017 3 EN

Underlying

Consort Medical

Consort Medical is a contract development and manufacturing organization (CDMO), providing delivery technologies, formulation and manufacturing solutions for drugs. Co. has two operating divisions: Bespak, which is engaged in the development and manufacture of drug delivery devices, serving pharmaceutical companies with inhaler, auto-injector, nasal and ocular technologies and development and manufacturing services; and Aesica (Drugs), a pharmaceutical CDMO serving pharmaceutical companies with active pharmaceutical ingredient and finished dose formulation development and manufacturing services.

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GB0000946276 United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Lala Gregorek

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Nicovations reVokes Bespak supply agreement

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