RedHill Biopharma - TALICIA Ph III top-line data positive
On 3 December, RedHill announced positive top-line data for its second Phase III study for TALICIA in first-line Helicobacter pylori infection. With the focus now on final data, expected NDA submission (H119), approval and launch (potentially H219), TALICIA is one of the key value drivers for RedHill in the short term. The December share issue of $20m should ensure a smooth TALICIA launch, provide working capital for a pivotal Phase III nontuberculous mycobacteria trial, preparation for a Phase III trial in Crohn’s disease and support the commercial US organisation. Our updated valuation is $491m (NIS1.82bn), or $17.3/ADS (NIS6.4/sh).
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