Edison Investment Research - Threshold Pharmaceuticals Inc. (NZW2) Initiation: On the threshold of a blockbuster opportunity

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Edison Investment Research

Initiation: On the threshold of a blockbuster opportunity

Phase III data for evofosfamide (TH-302) in soft tissue sarcoma (STS) and pancreatic cancer are expected by early 2016. These two indications alone could lead to blockbuster sales with partner Merck KGaA. Our estimates suggest the current market cap is more than underpinned by the risk-adjusted potential in STS together with net cash. We value Threshold at $949m based on evofosfamide in STS and pancreatic cancer and in a number of further opportunities in other solid tumours and blood cancers.

11/03/2015 16 EN

Underlying

Threshold Pharmaceuticals Inc.

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US8858072064 United States

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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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Summary Threshold Pharmaceuticals Inc (Threshold) is a biotechnology company that discovers and develops tumour-targeted therapies. The companyâ€™s clinical pipeline includes TH-CR-406, MAESTRO, TH-CR-413, TH-CR-408, TH-IST-4003, TH-IST-4004, TH-CR-410, TH-CR-407 and TH-IST-4001. Its products include evofosfamide, TH-4000 and [18F]-HX4. Thresholdâ€™s evofosfamide and TH-4000 are under evaluation for the treatment of a variety of tumor types. Threshold offers evofosfamide is a investigational hypoxia-activated pro-drug. The companyâ€™s [18F]-HX4 is an in-licensed positron emission tomography i...

EUR 220.94

July 20, 2017 July 20, 2017 30 EN

Edison Investment Research

Update: Big in Japan?

Following analysis of the Phase III data of evofosfamide (TH-302) in unresectable or metastatic pancreatic cancer patients, which failed on an intent-to-treat basis (p=0.0588), Threshold Pharmaceuticals has announced that the drug seemed to demonstrate impressive efficacy among the patients in Japan. Overall survival in the Japanese subset was 13.6 months vs 9.1 months in the control arm (p=0.0106). The company is currently seeking a partner in Japan and reaching out to the Pharmaceutical and Medical Device Agency (PMDA) to understand the potential path forward.

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Flash note: Disappointing Phase III evofosfamide data

Evofosfamide has not met the primary endpoint of improving overall survival in two Phase III trials in soft tissue sarcoma (STS) and pancreatic cancer. Although some benefit was seen in pancreatic cancer, partner Merck KGaA will not file either indication with regulators and Threshold expects Merck to terminate the agreement. If this occurs, Threshold will consider all options for future evofosfamide development, which could include in combination with checkpoint inhibitors. We have placed our valuation and forecasts under review pending further updates. Threshold is now trading broadly in lin...

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Initiation: On the threshold of a blockbuster opportunity

Threshold Pharmaceuticals Inc (THLD) - Medical Equipment - Deals and Alliances Profile.

Update: Big in Japan?

Flash note: Disappointing Phase III evofosfamide data

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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