Edison Investment Research - Nuevolution AS Delivering on promises

Report

Edison Investment Research

Susie Jana

Delivering on promises

The Almirall deal announced on 12 December tops a defining year for Nuevolution; it has delivered on two key IPO promises, signing at least one licensing agreement (Almirall) and one risk-sharing collaboration (Amgen) within 12-18 months of IPO. The Almirall deal focuses on the development and commercialisation of RORγt inverse agonist for dermatological diseases and psoriatic arthritis. An upfront of €11.2m (SEK109.4m) contributes to a total potential deal value of €453.2m (SEK4.4bn). Added to a strong cash balance and existing deals with Amgen and Janssen, Nuevolution is well placed to generate significant value.

04/01/2017 2 EN

Underlying

Nuevolution AS

Nuevolution AB (publ). Nuevolution AB is a Sweden-based biopharmaceutical company working to develop future medicine for the treatment of cancer and inflammatory diseases. The Company's business is conducted through its wholly owned subsidiary, Nuevolution A/S.

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SE0007730650 Sweden

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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Analysts

Susie Jana

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Delivering on promises

Nuevolution - Amgen offers SEK32.50/share in cash

Nuevolution - Small molecules, big ambitions

Nuevolution - Pipeline and partnerships continue to strengthen

Foxtons Group - Deals' benefits matched by tax rise

Partners Group Private Equity - Seeing good demand for several of its assets

Cereno Scientific - A productive period with plenty more to come

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