Les yeux rivés sur AC170 - ACHAT - OC 11,3€ (vs 13€)
Nous ajustons ce matin notre modèle de valorisation de NICOX suite à la « Complete Response Letter » émise par la FDA concernant latanoprostène bunod et l’augmentation de capital annoncée en fin de semaine dernière. Nous anticipions initialement une approbation du médicament lors de ce T3 pour un lancement en fin d’année. Suite aux discussions en cours entre Valeant et la FDA, nous prenons l’hypothèse (certainement conservatrice) d’une approbation mi-2017 aux Etats-Unis en maintenant notre POS à 75%. Suite à ce décalage ainsi que l’AK présentant une décote de –19% (vs cours du 27 juillet 2016), notre objectif de cours est abaissé à 11,3€ (vs 13€ init.). En pleine réorganisation stratégique, la date PDUFA d’AC170 prévue le 18 octobre prochain sera déterminante. Nous maintenons d’ici là notre recommandation à ACHAT.Nicox is engaged in the ophthalmic market. Co. markets several ophthalmic products in the United States and Europe with a portfolio of therapies and diagnostic tools that can help people to enhance their sight. Co. has developed naproxcinod, the first member of the Cyclooxygenase-Inhibiting Nitric Oxide-Donating (CINOD) class of anti-inflammatory agents, for the treatment of the signs and symptoms of osteoarthritis. Beyond naproxcinod, Co. has a pipeline containing multiple nitric oxide-donating NCEs, which are in clinical development with partners for the treatment of diseases, such as hypertension, glaucoma and Chronic Obstructive Pulmonary Disease (COPD).
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