Shield Therapeutics - The land of opportunity awaits Accrufer
Shield Therapeutics’ interim results highlight a momentous year to date, with the FDA approval of primary asset Feraccru/Accrufer, for the treatment of iron deficiency (ID) in adults with any underlying cause. Royalties received from early sales of the product in the UK and Germany by partner Norgine are encouraging. The AEGIS-H2H study reported positive data, strengthening the product’s profile and leading to a €2.5m development milestone from Norgine. We expect a further ramp up in sales in 2020/2021 as pricing and reimbursement conclude in some European countries, leading to ongoing rollouts. A key inflection point is a US partnering deal, which management guides could be concluded by end-2019; an upfront licensing payment would extend Shield’s cash reach beyond our forecast of H220. We value Shield at £273m.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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