Hyloris Agreement with Kuvatris could generate a priority review voucher

Hyloris announced the signing of an R&D funding agreement of $ 2m (plus $ 1.6m equity investment) with Kuvatris to support the development and US approval of intravenous (IV) suramin to treat human African trypanosomiasis (HAT). Given the rare nature of HAT, the value of this program lies in its potential to secure a transferable PRV. Recent examples show PRVs being sold for $160m – Hyloris could get just over 50% of net proceeds, if successful. We see this as a creative deal to boost the company's cash position, and update our model assuming such a sale could take place in 2028. This increases our TP to € 6 (from € 5). With the shares trading around our new TP, we maintain our Hold, and look to a potential cardiovascular out-licensing deal to alleviate near-term commercialisation funding needs before we turn more positive on the name.