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RedHill Biopharma

Co-promotion deal and key catalysts in 2017

Update | Pharmaceutical & healthcare | 12 Jan 2017

On 27 December the company completed a successful $38m fund-raising and announced a co-promotion deal in the US, which may turn RedHill into a commercial-stage, revenue-generating gastrointestinal specialty pharma company. In addition, the company revealed final results from the Phase IIa trial for RHB-104 in multiple sclerosis, which echoed positive interim findings earlier in 2016. Next steps will depend on further detailed analysis. Our post fund-raise valuation is NIS1.5bn ($378m) ahead of several key late-stage catalysts in 2017.

RedHill Biopharma

GI-focused pharma with multiple catalysts ahead

Initiation | Pharmaceutical & healthcare | 24 Nov 2016

RedHill Biopharma is a biopharmaceutical company with a diversified, balanced R&D pipeline and late-stage assets focusing on gastrointestinal (GI) diseases and inflammation. The three most advanced Phase III-stage products have been significantly de-risked, target areas with high unmet need and may deliver four key readouts with the next 18 months. We initiate coverage of RedHill with a valuation of NIS1.21-1.29bn or NIS9.5-10.1/share.

RedHill Biopharma

Successful Phase II with BEKINDA for IBS-D

Update | Pharmaceutical & healthcare | 27 Nov 2017

In October 2017, RedHill announced that one of its core assets, BEKINDA, significantly alleviated symptoms of patients with diarrhoea-predominant irritable bowel syndrome (IBS-D) in a Phase II trial. Although not comparable directly, the data look good in relation to two other recent drugs, Viberzi and Xifaxan, which had combined sales of $382m in 2016 after the launch in 2015 for this indication. We have increased our success probability for BEKINDA in IBS-D and now value RedHill at $449m or $21.1/ADS.

RedHill Biopharma

First sales of GI specialty products

Update | Pharmaceutical & healthcare | 22 Aug 2017

RedHill’s strategy to diversify into commercial specialty pharma business has born first fruits with initial sales booked in Q217, in line with previously guided timelines to initiate the marketing activities. The US organisation is now fully set up and markets two GI products: Donnatal (co-promoted with Concordia Healthcare) and EnteraGam (exclusive licence to sell from Entera Health). We now include the two products in our RedHill valuation, which is increased to $414m or $23.4/ADS. Notably, RedHill recently added a third product, Esomeprazole Strontium, to its US portfolio, which we could potentially add to our valuation assuming successful initiation of promotional activities in coming weeks.

RedHill Biopharma

Positive Phase III with BEKINDA for gastroenteritis

Update | Pharmaceutical & healthcare | 17 Jul 2017

RedHill BioPharma delivered a flurry of news recently, including a major R&D milestone when a Phase III trial with BEKINDA 24mg showed that the drug was beneficial to gastroenteritis/gastritis patients. There are several inflection points still to come in 2017: a data readout from the BEKINDA Phase II trial with IBS-D patients, a second DSMB review of RHB-104 Phase III in Crohn's disease trial with an early termination option, and the meeting with the FDA to decide the further strategy with BEKINDA for gastroenteritis. We have increased our valuation to $390m (NIS1.42bn).

RedHill Biopharma

Seeking recurring revenues; two readouts in 2017

Update | Pharmaceutical & healthcare | 24 May 2017

RedHill's Q117 business update described steady progress on both fronts: the R&D pipeline and planned commercialisation of the two products for gastrointestinal (GI) diseases via co-promotion or in-licensing deals. The initiation of promotional activities is expected in Q217 and data readouts from two mid- to late-stage clinical trials in Q2/Q317 will provide inflection points this year. Our valuation is slightly higher at NIS1.40bn ($378m).

RedHill Biopharma

Second GI product added to commercial portfolio

Flash note | Pharmaceutical & healthcare | 06 Apr 2017

Yesterday RedHill announced an agreement with US-based medical food developer and manufacturer Entera Health for exclusive rights to market EnteraGam in the US. In exchange, RedHill will pay tiered royalties, but notably no upfront or milestone payments. EnteraGam is an FDA-regulated medical food intended for the dietary management of chronic diarrhoea and has to be administered under medical supervision. This is the second product RedHill has added to its commercial portfolio after the co-promotion deal for Donnatal with Concordia Healthcare in January 2017.

RedHill Biopharma

Transformation to commercial/R&D spec pharma

Update | Pharmaceutical & healthcare | 06 Mar 2017

RedHill's Q416 results update showed steady progress with R&D activities and the company readying itself for commercialisation in the US, following the recently announced co-promotion deal for Donnatal. Data readouts from three mid- to late-stage clinical trials will shape RedHill's H117, providing inflection points for the share price. Our valuation is slightly lowered to NIS1.3bn ($369m) on somewhat higher than expected guided cash burn in 2017.