Expanding product portfolio - BUY - TP 12,1€
We are initiating coverage of Crossject this morning with a BUY rating and a target price of €12,1. The company, which focuses on “supergenerics†(i.e. the combination of a generic drug with its Zeneo needle-free injection system), expects to launch its first product (MTX/Zeneo in rheumatoid arthritis) in mid-2017. With seven products under development, the company could potential proceed with launches every six months starting in mid-2017. Even if we have adopted an extremely conservative approach (only three products valued in our model at this point), we see upside potential of +43% compared to the last share price.Crossject SA is a France-based company that designs and develops medical injection systems. The Company specializes in needle-free, pre-filled, single-use injection systems for intradermal, subcutaneous and intramuscular applications for pharmaceutical companies. Is also has a pipeline and three drugs in the preclinical or clinical phase of research. The Company's products, which are based on well-known injectable drugs (chemicals and biologics), are designed to enhance patients' safety, compliance and comfort. Crossject's first ZENEO SUPERGENERIC product is expected to reach the market in the year 2015. The Company has industrial partnerships with Hirtenberger and Recipharm.
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