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Nuevolution

Defining year as partnerships progress on track

Update | Pharmaceutical & healthcare | 28 Sep 2017

FY17 has been a defining year for Nuevolution as it looks to further validate its unique Chemetics drug discovery platform. Highlights include the Amgen development collaboration, out-licensing the RORγt inverse agonist (dermatology and psoriatic arthritis indications) to Almirall and the progression of the internally generated pipeline assets. We anticipate at least one further out-licensing or risk-sharing collaboration in FY18. We value the company's recent deals with Amgen, Almirall and Janssen at SEK902m ($113m). Our valuation does not include the technology, other pipeline assets and future deal opportunities.

Nuevolution

Clinical development in 2019

Update | Pharmaceutical & healthcare | 10 Dec 2018

Nuevolution’s drug discovery platform (Chemetics) continues to receive external validation, with Amgen opting in for another oncology programme from its multi-target collaboration. Transitioning assets to the clinic will be a defining moment for Nuevolution, and the RORγt inhibitor programme (out-licensed to Almirall in psoriatic arthritis and skin conditions) remains on course to potentially enter the clinic in 2019. Nuevolution’s internal programmes continue to progress well and new early-stage programmes addressing important inflammation and oncology targets have now been announced (TYK2 and RIPK1). We value Nuevolution at SEK19.7/share.

Nuevolution

Pipeline and partnerships continue to strengthen

Update | Pharmaceutical & healthcare | 25 Sep 2018

With the completion of the up-listing to the Nasdaq Stockholm main market and the successful gross SEK110m capital raise, Nuevolution continues to strengthen both its investor base and financial position. Amgen’s opt-in on the first programme in its multi-target collaboration and the identification of much sought-after small-molecule IL-17A inhibitors continue to validate Nuevolution’s Chemetics technology. Its transition to a clinical asset-focused company continues with the Almirall RORγt inhibitor programme likely to enter the clinic in 2019 and additional internal programmes (RORγt and BET-BD1) nearing clinical readiness. In addition to current partnerships, the company forecasts that a new deal is possible by year end. We value Nuevolution at SEK1,127m or SEK22.8/share.

Nuevolution

Bitesize briefing - Nuevolution

Edison TV: | Pharmaceutical & healthcare | 25 Sep 2018

Nuevolution is a Copenhagen-based biopharmaceutical company with a patent-protected drug discovery platform (Chemetics) that enables the selection of drugs for an array of tough-to-drug disease targets. In this video, healthcare analyst Dr Daniel Wilkinson presents an overview of Nuevolution, covering its technology, financial position, partnerships and the wider competitive landscape. Additionally he details Edison’s approach to valuing the company.

Nuevolution

Pipeline and strategic execution drives prospects

Outlook | Pharmaceutical & healthcare | 15 Mar 2018

Nuevolution’s 2017 was defined by internal progress of the RORγt inhibitor and BET-BD1 programmes (expected to be clinically ready in 2019). In 2018 we anticipate value will be driven by new and existing partners, for example we expect Almirall to initiate a RORγt inhibitor Phase I trial in late 2018, making it the first Nuevolution product candidate to enter the clinic. In addition to existing collaborations, a new partnership is anticipated by Nuevolution in the next three to nine months. If achieved, revenue from these events will aid Nuevolution’s strategy of transitioning into a clinical stage biotech. We value Nuevolution at SEK21.0/share or SEK901m from SEK21.4/share (SEK917m) previously.

Nuevolution

On the road to becoming a clinical company

Update | Pharmaceutical & healthcare | 24 Nov 2017

July to September 2017 results highlight the continued progression of Nuevolution into a clinical company. Ongoing partnerships with Almirall, Amgen and Janssen continue to advance as we expect and we anticipate that Almirall’s RORγt inhibitor programme will be the first Nuevolution asset to enter the clinic (in dermatology and psoriatic arthritis), which we forecast for H218/H119. Lead assets in the internal pipeline are nearing clinical readiness and Nuevolution anticipates a new partnership in the next three to 12 months. In the near term, up-listing to Nasdaq Stockholm’s Main Market and expansion of the investor base will position the company for future development. We value Nuevolution at SEK917m.

Nuevolution

Chemetics proof is in the deal making

Initiation | Pharmaceutical & healthcare | 16 Feb 2017

Nuevolution’s proprietary Chemetics DNA-encoded screening platform technology enables fast and accurate small molecule drug discovery. The technology has received powerful external validation, including two recent collaborations (Amgen and Almirall) that could generate significant value in the coming years. In addition, we expect Nuevolution to progress at least one internally generated asset into clinical development in the near future. We value the company's recent deals with Amgen and Almirall, plus its cash position alone, at SEK901m ($102m); our valuation does not include the technology, other pipeline assets and future deal opportunities.

Nuevolution

Delivering on promises

QuickView | Pharmaceutical & healthcare | 04 Jan 2017

The Almirall deal announced on 12 December tops a defining year for Nuevolution; it has delivered on two key IPO promises, signing at least one licensing agreement (Almirall) and one risk-sharing collaboration (Amgen) within 12-18 months of IPO. The Almirall deal focuses on the development and commercialisation of RORγt inverse agonist for dermatological diseases and psoriatic arthritis. An upfront of €11.2m (SEK109.4m) contributes to a total potential deal value of €453.2m (SEK4.4bn). Added to a strong cash balance and existing deals with Amgen and Janssen, Nuevolution is well placed to generate significant value.

Nuevolution

Amgen deal: A significant step forward

QuickView | Pharmaceutical & healthcare | 23 Nov 2016

The strategic collaboration with Amgen provides further validation of Nuevolution’s Chemetics drug discovery platform. With up to $410m per development programme and a tiered royalty rate, the deal could generate significant value in the coming years. Cash of c SEK176m ($19.4m) at 30 September 2016, along with revenue from collaborations and licensing agreements, will enable Nuevolution to continue to expand its internal pipeline. We anticipate its lead internal candidate RORγt and possibly another internal candidate to be out-licensed in the next six months, while one further Amgen-style partnership could be formed by the end of 2017.