Edison Investment Research - Shield Therapeutics (STX) Shield Therapeutics - Feraccru out-licensed in China

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Edison Investment Research

Sean Conroy

Shield Therapeutics - Feraccru out-licensed in China

Shield Therapeutics has kick-started 2020 by securing an out-licensing deal in China for its primary asset, Feraccru/Accrufer. The exclusive deal with China-based Beijing Aosaikang Pharmaceutical (ASK Pharm) covers China, Hong Kong, Macau and Taiwan. ASK Pharm will complete any required clinical trials in China and file the marketing authorisation for the treatment of iron deficiency in all territories covered by the deal; we forecast China launch in 2023. Shield will receive an upfront licensing payment of $11.4m which, importantly, has extended the cash runway into 2021. The next key inflection point is a US partnering deal, which we assume will occur in the next 12 months; upfront payments from a deal will enhance Shieldâ€™s balance sheet further. We value Shield at Â£346.8m

13/01/2020 5 EN

Underlying

Shield Therapeutics

Shield Therapeutics is a specialty pharmaceutical company focused on the development and commercialization of late stage, hospital-focused pharmaceuticals which address areas of high unmet medical need. Co.'s key products are Feraccru®, commercially available for the treatment of Iron Deficiency Anaemia, and PT20, for the treatment of systemic phosphate accumulation (otherwise known as hyperphosphatemia). Co. has an additional pipeline of three prescription pharmaceutical assets (PT20, PT30 and PT40) with commercial synergies.

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GB00BYV81293 London Stock Exchange United Kingdom

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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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Analysts

Sean Conroy

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Shield Therapeutics - Feraccru out-licensed in China

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