ALPHA Pharnext SA

Edison Investment Research Limited: Edison issues initiation on Pharnext (ALPHA)

Edison Investment Research Limited
Edison Investment Research Limited: Edison issues initiation on Pharnext (ALPHA)

29-Sep-2020 / 13:39 GMT/BST

 

London, UK, 29 September 2020

Edison issues initiation on Pharnext (ALPHA)

Pharnext is a pharmaceutical company that develops new therapies leveraging pleiotropism, which is the idea that drug combinations can have effects outside of their individual canonical mechanisms. This provides access to novel methods of treating disease, which the company has used to develop its lead drug PXT3003 for Charcot-Marie-Tooth disease type 1A (CMT1A, entering Phase III in Q121). We initiate with a valuation of €239.5m or €12.48/share.

 

We are initiating at €239.5m or €12.48 per share based on a risk adjusted NPV analysis. We only value PXT3003 and we assume it will have an above average probability of success of 60% based on the previous Phase III results. The company ended 2019 with €1.3m net cash and we forecast it will need additional capital in 2020 (an estimated €30m) with €95m in total before 2024. 


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Reports on Pharnext SA

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Pharnext - Potential licensing deals could add confidence

Pharnext announced that it is in the final stages of signing a licensing agreement for its lead asset PXT3003. Management indicated that the non-binding bids for the asset are c €400m, with roughly 10% of potential total deal value to be received upfront. It expects to receive the first binding offers on 29 September and plans to conclude the transaction by the end of October. As a reminder, PXT3003 targets a rare genetic peripheral nerve disorder and is in the Phase III PREMIER trial with preli...

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Pharnext - Improving FY23 financial footing

Pharnext’s FY22 results covered an eventful period marked by efforts to bolster its financial position to see it through to top-line readouts of its potentially first-in-class Phase III asset, PXT3003. FY22 also saw Pharnext strengthen its ties with Neovacs (following a strategic €20.7m debt funding agreement in September 2022 and a €24m debt commitment in January 2023), culminating in a revised legal framework with Neovacs’s CEO Hugo Brugière at the helm. The FY22 operating costs were higher th...

05/22/23 May 22, 2023 1 EN
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Pharnext - Revised legal structure to offer operational stability

In a bid to increase operational oversight and financial stability, Pharnext has changed its legal framework, from a public limited company to a limited partnership with shares, following shareholder approval. Pharnext Développement, a joint-stock company controlled by Neovacs (with Hugo Brugière as chairman), will be the sole general partner with existing shareholders as limited partners. This follows the January 2022 commitment by Neovacs to provide liquidity support to Pharnext (up to €24m to...

03/06/23 March 6, 2023 1 EN
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Pharnext - Neovacs trust to manage Pharnext deal

As a follow-up to the c €20.7m Neovacs strategic investment in Pharnext, the French biotech has set up a management trust with Equitis Gestion, as trustee, to manage obligations, rights and activities with respect to the convertible debt. In this capacity, Equitis Gestion will be responsible for managing all securities issued by Pharnext (including warrants to purchase the bonds plus associated warrants to subscribe to common equity) as well as related obligation and exercise rights. As a remind...

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