reports
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Jacob Mekhael
MaaT Pharma Partnership with Clinigen secures MaaT013's EU commerciali...
MaaT signed a licensing, distribution, and commercial supply agreement with Clinigen in Europe for Xervyteg (MaaT013, microbiome therapy, enema formulation) in aGvHD for a € 10.5m upfront, € 18m in milestones, and mid-thirties flat royalty on sales. We believe this deal serves as validation of MaaT013's potential, and see the partnership as a de-risking event for MaaT013's commercialisation in Europe, given Clinigen's experience commercialising in haemato-oncology, with 3 products currently on t...
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Thomas Vranken
Biotalys The planned Evoca-tion of a first US approval
Biotalys is a Belgian AgTech company developing protein-based biocontrols through its proprietary Agrobody Foundry platform. The company aims to replace traditional chemical pesticides with safer, sustainable alternatives. The company recently guided for market approval in the US for its lead product Evoca by the end of September 2025, which would reflect an important value inflection point for the company. We have updated our model, and taking into account the expected near-term trigger, raise ...
- ING Helpdesk
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Thomas Vranken
UCB FIRST LOOK: Fintepla scores Phase 3 win in third epileptic indicat...
UCB announced positive Phase 3 results for Fintepla in treating CDKL5 deficiency disorder (CDD), a rare and severe early-onset epileptic condition with limited treatment options. The randomized, placebo-controlled study in patients aged 1–35 met its primary and secondary endpoints, showing a significant reduction in countable motor seizures and a favourable safety profile. UCB plans to announce the full dataset at an upcoming conference and seek regulatory approval promptly. This marks Fintepla'...
- ING Helpdesk
- Livio Luyten
- Wim Lewi
- Dominic Rose
- Naresh Chouhan
UCB - Bimzelx Consensus for 2025 Too Low
We are 28% above cons. US Bimzelx sales for H125 with Bimzelx sales momentum being the most important factor for the UCB investment thesis. Unlike the early days for US obesity, this is one of the most complex dynamics we have contended with when forecasting sales. There are multiple unknowns that we have sought to model (net price per scrip, net avg. price by indication, 2024 volume, volume growth by payer & incremental discounts to unlock that volume growth). As a result of our analysis, we in...
- ING Helpdesk
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Jacob Mekhael
MaaT Pharma Business update highlights upcoming priorities, final ARES...
MaaT provides a business update, which reiterated the company's progress with respect to its pipeline, and following the previously announced EU regulatory submission for MaaT013 in aGvHD, the company continues to search for a commercialisation partner in Europe ahead of a potential approval in 2H26. Timeline for MaaT013 US trial launch shifts to 2026 (from 4Q25) to focus resources on the European opportunity. Looking ahead, data updates for MaaT013 in aGvHD (final results incl. 12-month OS), as...
- ING Helpdesk
- Jacob Mekhael
MaaT Pharma Updated MaaT013 aGvHD EAP data at EHA shows consistent out...
MaaT reported updated early access program (EAP) results for MaaT013 (microbiome therapy, enema formulation) in aGvHD at EHA, being held 12-15 June. The data, which was previously shared in the abstract last month, shows that the response rates and overall survival observed in the steroid refractory and ruxulitinib resistant subset of patients (n=70) are in line with what was observed in the phase 3 ARES trial. In our view, this points to the consistency of outcomes with MaaT013 in this patient ...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Wim Lewi
Dollar Weakness The impact on our Benelux Coverage
In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SIP SIPEF GROUP
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
ROYAL VOPAK NV
AALB AALBERTS N.V.
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
BAR BARCO NV
FUR FUGRO NV
DSFIR KONINKLIJKE DSM N.V.
AGN AEGON N.V.
SYENS SYENSQO
- Thomas Vranken
UCB FIRST LOOK: Expansion of US biologics manufacturing capacity
UCB has announced plans to build a new state-of-the-art biologics manufacturing facility in the US, which today accounts for 55% of its revenues. The investment, estimated at $ 2bn over 6–7 years, is expected to generate a $ 5bn economic impact, including 300 permanent and > 500 construction jobs. This move aligns UCB with other major pharma players expanding US operations and may help mitigate risks from potential US import tariffs on pharmaceuticals. Additionally, UCB will strengthen its partn...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- Wim Lewi
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