Orexo - EU launch milestone achieved
Yesterday Orexo announced the launch of Zubsolv in the EU by its partner Mundipharma, triggering a €3m (c SEK30.6m) milestone payment. Zubsolv is Orexo’s biggest product, which the company markets itself in the US. The EU launch of Zubsolv by Mundipharma may be underappreciated by investors for reasons we explain below. We have adjusted our model to include net cash including the milestone payment and exchange rate changes which amend our valuation to SEK67.8 per share from SEK63.0 per share.Orexo is a pharmaceutical company and engaged in the development and commercialization of drugs based on patented drug delivery technologies primarily in Sweden and the United States. Co.'s product portfolio includes Zubsolv® tablets for maintenance treatment of opioid dependence; Abstral® for the treatment of breakthrough pain in cancer patients; Edluar®, an active substance zolpidem and for the treatment of short-term insomnia; Diabact UBT, which is used to diagnose the presence of Helicobacter pylori, a bacterium that causes gastric ulcers; and Heliprobe System, which is a doctor's office test to detect the presence of the gastric ulcer bacterium, Helicobacter pylori.
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