Oasmia Pharmaceutical - A definitive year ahead
We believe Oasmia is entering a definitive phase of its transformation in the months ahead. Apealea is due to be launched in Europe (early 2022), enabling an inflow of commercial revenues in 2022. Importantly however, licensee Elevar has notified Oasmia that it is reviewing the previously communicated strategy for Apealea in the United States; we note that accelerating timelines (expected launch 2025) or expansion into indications beyond advanced ovarian cancer could potentially present upside to our current assumptions. Progress on its underlying strategy to further diversify the pipeline will also be key over the near term. In October, Oasmia settled its legal disputes, clearing outstanding litigation risks. We note this has slightly shortened our forecast cash runway and additional financing is now likely to be required before end-2022. Our valuation is unchanged at SEK2.89bn.Oasmia Pharmaceutical develops, manufactures, markets and sells new generations of drugs in the field of human and veterinary oncology. Co.'s product development aims to create and manufacture novel nanoparticle formulations and drug-delivery systems based on well-established cytostatics which, in comparison with alternatives, show improved properties, reduced side-effects, and expanded applications. Co.'s product development is based on its proprietary in-house research and company patents.
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