Edison Investment Research - Pharma Mar SA (PHMMF) Update: Zeltia - Yondelis approvals in US and Japan pending

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Edison Investment Research

Update: Zeltia - Yondelis approvals in US and Japan pending

Zeltia is approaching a number of significant catalysts, with approval decisions for Yondelis in the US and Japan due before the end of the year, and Phase III data for Aplidin expected early in the New Year. Plans to seek an IPO in the US in H216 following the groupâ€™s restructure (through a reverse merger whereby its PharmaMar division absorbed the parent company, Zeltia) could strengthen its financial and commercial abilities. We maintain our valuation of â‚¬1.03bn or â‚¬4.65 per share, ahead of these catalysts.

25/08/2015 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

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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: Zeltia - Yondelis approvals in US and Japan pending

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

Intralot - Continuing improvement in Q324

Picton Property Income - Delivering on key initiatives

1Spatial - Wins in the utilities sector for AI-supported apps

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