Arrêt de l’accord avec Lilly - NEUTRE vs ACHAT - OC 52€ (vs 71€)
La biotech annonce ce matin avoir été informé par Lilly de la volonté de ce dernier de mettre fin à leur collaboration signée en décembre 2014. Cet accord ciblait essentiellement le composé BC Lispro, une insuline ultra rapide. Nous décalons donc dans notre modèle le lancement prévu de la phase III du programme de mi 2017 au S2 2018 expliqué par le fait que nous considérons qu’ADOCIA devra trouver un nouveau partenaire de développement pour lancer cette phase coûteuse. Aussi, notre estimation de mise sur le marché est ainsi décalée à 2022. De plus, nous diminuons également la POS de mise sur le marché du produite de 60% à 40%. Notre objectif de cours est ainsi ajusté de 71€ à 52€, alors que notre recommandation passe d’ACHAT à NEUTRE. Nous nous attendons à une très forte pression sur le titre ce matin.ADOCIA is a biotechnology company based in France. Co. specializes in the development of formulations for already-approved therapeutic proteins with a primary focus on insulins and treatments for diabetic foot ulcers. Co.'s biotherapy products are used in tissue regeneration and for treating chronic diseases. Co.'s proprietary BioChaperone® technological platform is designed to enhance the effectiveness and safety of therapeutic proteins in areas such as wound Healing, diabetes, ulcers and monoclonal antibody creation. Co. also maintains activities in the formulation of monoclonal antibodies for the treatment of various chronic pathologies (oncology, inflammation, etc.).
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