Edison Investment Research - Hybrigenics S.A. (ALHYG) Outlook: Taking inecalcitol across the Atlantic

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Edison Investment Research

Outlook: Taking inecalcitol across the Atlantic

Hybrigenics is developing inecalcitol as a niche therapy in adult leukaemia. Disease progression slowed in 52% of patients treated in a Phase II chronic lymphocytic leukaemia (CLL) trial. We have increased our valuation from â‚¬108m to â‚¬143m as we assume that Hybrigenics will self-fund approval studies in leukaemia and achieve higher royalties vs our previous assumption. If the company advances inecalcitol into Phase II/III CLL studies there is upside scope to â‚¬173m.

29/07/2015 12 EN

Underlying

Hybrigenics S.A.

Hybrigenics SA is France-based Company engaged in the biotechnological sector. It specializes in the research and development of drugs intended for cancer treatment and supplies scientific services in the protein interaction field. The Company is specialized in the research and development (R&D) of drugs to fight cancer. It is organized in two units: Hybrigenics Pharma for internal R&D, which develops a research program aimed at such diseases as melanoma and prostate cancer; and Hybrigenics Services for commercial business, mainly engaged in protein interaction information and solutions. Hybrigenics SA's main development program is based on inecalcitol, a vitamin D analogue, for prostate cancer treatment. It operates through Hybrigenics Corporation and Imaxio.

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FR0004153930 Euronext Paris France

Provider

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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Outlook: Taking inecalcitol across the Atlantic

Genfit SA - Mergers & Acquisitions (M&A), Partnerships & Alliances And Investments

Hybrigenics - Leukaemia pipeline advances with new data

Hybrigenics - Inecalcitol advancing towards data

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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