Hyloris Positive bioavailability study results for Atomoxetine Oral Solution

Hyloris announced positive results from a pivotal clinical bioavailability study of its proprietary Atomoxetine Oral Solution, which demonstrated comparable relative bioavailability under fasted conditions to Strattera (atomoxetine) capsules. Following the study results, Hyloris can move ahead with regulatory submission to the FDA in the US. We expect Hyloris to find a partner for US commercialisation, and model peak royalty revenue of € 19m for Atomoxetine Oral Solution in the US. We reiterate our € 6 TP and Hold rating, and look to a potential out-licensing deal in the cardiovascular portfolio to alleviate near-term commercialisation funding needs before we turn more positive on the name.