Edison Investment Research - Pharma Mar SA (PHMMF) Update: Repositioning for growth

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Edison Investment Research

Update: Repositioning for growth

Zeltia is laying the groundwork for an important 12-18 month period that could provide significant growth and value creation. Plans to restructure the group (through a reverse merger whereby its PharmaMar division will absorb the parent company, Zeltia) and seek an IPO in the US could be transformational in terms of strengthening its financial and commercial abilities. Then there is the potential for the oncology pipeline to provide upside as it enters a catalyst-rich period. We raise our valuation to â‚¬1.03bn or â‚¬4.65 per share, ahead of a number of key catalysts in 2015.

18/03/2015 7 EN

Underlying

Pharma Mar SA

Pharma Mar SA is a Spain-based company engaged in the bio therapeutic drugs manufacture. The Company focuses on research, development and marketing of bio-active principles, primarily from marine origin, for application in human diseases treatment, including antitumour, antiviral and immunomodulation, as well as tropical diseases areas. It manufactures and sells Yondelis, a synthetically modified antitumor agent, which is derived from sea squirts and is implemented in the treatment of soft tissue sarcomas and relapsed ovarian cancer. Furthermore, the Company's products pipeline comprises drug candidates and agents for cancer treatment, such as Aplidin, PM01183 and PM060184. The Company operates through subsidiaries in Italy, Germany, France, and the United States, among others.

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ES0169501030 Pink OTC Markets Spain

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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Update: Repositioning for growth

Pharma Mar SA: 1 director

For PHARMA MAR SA, the environment deterioration entails a downgrade to Neutral

PharmaMar - Zepsyre misses in Ovarian, SCLC still promising

Actinogen Medical - Funding in place through key catalysts

Henderson Opportunities Trust - A differentiated exposure to smaller companies

CLIQ Digital - Increased churn weakens FY24 outlook

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