Mithra Deep-Diving the Donesta Deal
Yesterday Mithra announced a long-expected commercial deal for its menopause asset Donesta. A regional collaboration was struck with the company's well-known Estelle partner Gedeon Richter (GR) to market Donesta across 90 geographies. We deem Gedeon Richter to be a credible player in the women's health space, however the deal value of € 70m (of which € 55m upfront) seemed more on the light end of our expectations. We issue a new flash note 1) to clarify some of the outstanding questions on the new deal, and 2) to provide updated estimates on various aspects of the Mithra business case.Mithra Pharmaceuticals SA is a Belgium-based company active in the pharmaceutical industry. The Company is dedicated to provide products and services for the fertility, contraception and menopause of women. It has a number of patent families regarding Estetrol (E4), a natural estrogen produced by the human foetus, which enables the investigation of fertility and contraception products. Mithra is focused on the development of two late-stage E4-based products: Estelle, a 5th generation oral contraceptive, and Donesta, a hormone therapy for Vasomotor Symptoms in menopause. Mithra develops a contraceptive vaginal ring called Myring and Zoreline, a biodegradable subcutaneous implant for hormone dependant cancer.
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