ORY-1001 rights back to Oryzon
Roche’s decision to discontinue the development of ORY-1001 and return the rights to Oryzon was major recent news. Roche cited portfolio reprioritisation as the reason and that the decision was not driven by data. While this is a setback in business development for Oryzon, in our view, ORY-1001’s potential has not been compromised and the company indicated that it will continue developing ORY-1001 for both current indications, acute leukaemia and SCLC, before seeking a new partner for late-stage development. On a more positive note, Oryzon reported positive final Phase I data for ORY-2001, which is now ready for further development in several neurological indications. Our valuation is €295m (vs €312m previously) or €8.6/share.Oryzon Genomics SA is a Spain-based biopharmaceutical company. It is engaged in the field of epigenetic medicine and in the development of therapeutic, biological solutions for cancer and neurodegenerative diseases. The Company's business model focuses on identifying biomarkers that can be translated in new therapeutic targets, as well as on investing in programs, mainly through the development of small molecules for two main indications: cancer and neurodegeneration. The Company develops investigational medicines till proof of concept (POC) phase and then partners the program with pharmaceutical entities, which are able to get the approval from drug agencies to bring these medicines to the patients. It cooperates with Roche. The Company is a subsidiary of Laboratorio Reig Jofre SA.
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