Edison Investment Research - Pharma Mar SA (PHMMF) Japan licence deal highlights PM1183 potential

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Edison Investment Research

Dr Dennis Hulme

Japan licence deal highlights PM1183 potential

PharmaMar has capped off a strong performance in 2016 by signing a licence deal with Chugai for lurbinectedin (PM1183) in Japan, including €30m upfront and over €70m in potential milestones. The outlook for 2017 is similarly promising, including a potential EMA approval decision for Aplidin in multiple myeloma, Phase III data for lurbinectedin in ovarian cancer, and potential initiation of a pivotal trial of lurbinectedin in a third indication (BRCA-associated breast cancer). We have substantially revised our valuation assumptions, but the end result is that our valuation is little changed at €1.01bn (€4.55/share).

25/01/2017 15 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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Analysts

Dr Dennis Hulme

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Japan licence deal highlights PM1183 potential

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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