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SymBio Pharmaceuticals

Moving ahead on all fronts

Outlook | Pharmaceuticals & healthcare | 27 Feb 2017

During 2017 we expect updates on all three of SymBio's main assets. We expect Treakisym sales growth via partner Eisai following approvals during 2016 in new indications, which could more than double the current levels (¥4.7bn). For pipeline assets IONSYS and rigosertib, data from ongoing trials could become available during H217, which will shape the future development pathways. We also expect SymBio to remain focused on in-licensing further opportunities to complement its existing pipeline. This could help drive future operating leverage if SymBio evolves into a commercial entity, possibly from 2020. We value SymBio at ¥19.7bn.

SymBio Pharmaceuticals

Preparing to establish own sales organization

ADR Update | Pharmaceuticals & healthcare | 12 Dec 2018

SymBio announced in October that it has begun preparations to establish its own sales organization to market Treakisym and other anticancer drugs in Japan after the marketing agreement with Eisai expires in December 2020. The announcement validates our decision earlier this year to adopt self-commercialization in Japan in our base-case valuation model. Self-commercialization will improve operating margins and allow it to establish a team of in-house experts to communicate the benefits of Treakisym (and rigosertib if approved) to healthcare providers. Our valuation increases to $225m as we roll forward the DCF model; our earnings forecasts and valuation assumptions are unchanged.

SymBio Pharmaceuticals

Preparing to establish own sales organisation

Update | Pharmaceuticals & healthcare | 07 Dec 2018

SymBio announced in October that it has begun preparations to establish its own sales organisation to market Treakisym and other anticancer drugs in Japan after the marketing agreement with Eisai expires in December 2020. The announcement validates our decision earlier this year to adopt self-commercialisation in Japan in our base-case valuation model. Self-commercialisation will improve operating margins and allow it to establish a team of in-house experts to communicate the benefits of Treakisym (and rigosertib if approved) to healthcare providers. Our valuation increases to ¥25.5bn as we roll forward the DCF model; our earnings forecasts and valuation assumptions are unchanged.

SymBio Pharmaceuticals

Self-commercialization gains favor

ADR Outlook | Pharmaceuticals & healthcare | 09 Apr 2018

With the lifecycle of Treakisym extended through the in-licensing of liquid formulations from Eagle in 2017, SymBio is refining its plans to establish its own salesforce to market Treakisym (and other drugs) in Japan. While the company has not yet made a final decision, we think it is highly likely to move to self-commercialization in order to improve operating margins after its marketing arrangement with Eisai expires. Therefore, we now model self-commercialization in our base-case valuation. This more than offsets the later anticipated filing date for rigosertib iv and lower peak penetration for Treakisym in first-line non-Hodgkin’s lymphoma and lifts our valuation to $211m.

SymBio Pharmaceuticals

Self-commercialisation gains favour

Outlook | Pharmaceuticals & healthcare | 06 Apr 2018

With the lifecycle of Treakisym extended through the in-licensing of liquid formulations from Eagle in 2017, SymBio is refining its plans to establish its own salesforce to market Treakisym (and other drugs) in Japan. While the company has not yet made a final decision, we think it is highly likely to move to self-commercialisation in order to improve operating margins after its marketing arrangement with Eisai expires. Therefore, we now model self-commercialisation in our base-case valuation. This more than offsets the later anticipated filing date for rigosertib iv and lower peak penetration for Treakisym in first-line non-Hodgkin’s lymphoma and lifts our valuation to ¥23.8bn.

SymBio Pharmaceuticals

Licence agreement for IONSYS terminated

ADR Update | Pharmaceuticals & healthcare | 15 Dec 2017

The licence agreement between SymBio and The Medicines Company (MDCO) for the exclusive rights to develop the IONSYS (SyB P-1501) pain patch in Japan has terminated effective 30 November. SymBio is seeking damages of at least $82m (¥9bn) arising from MDCO’s repudiation of the licence agreement. The termination is in line with our expectations after MDCO voluntarily withdrew IONSYS from sale in the US market in June; any compensation payments received from MDCO would represent upside to our forecasts and valuation. Our forecasts and valuation ($174m) are unchanged, as we have already removed all future costs and revenues for SyB P-1501 from our financial model.

SymBio Pharmaceuticals

Licence agreement for IONSYS terminated

Update | Pharmaceuticals & healthcare | 14 Dec 2017

The licence agreement between SymBio and The Medicines Company (MDCO) for the exclusive rights to develop the IONSYS (SyB P-1501) pain patch in Japan has terminated effective 30 November. SymBio is seeking damages of at least US$82m (¥9bn) arising from MDCO’s repudiation of the licence agreement. The termination is in line with our expectations after MDCO voluntarily withdrew IONSYS from sale in the US market in June; any compensation payments received from MDCO would represent upside to our forecasts and valuation. Our forecasts and valuation (¥19.7bn) are unchanged, as we have already removed all future costs and revenues for SyB P-1501 from our financial model.

SymBio Pharmaceuticals

New formulations extend Treakisym patent life

ADR Update | Pharmaceuticals & healthcare | 02 Nov 2017

SymBio has substantially increased the value of its Treakisym franchise through in-licensing novel bendamustine formulations from Eagle Pharmaceuticals for $12.5m. The new formulations bring a lower cost of goods and 10 years of additional patent protection to help in life cycle management of the Treakisym franchise. Sales of Treakisym following the approval of two new indications in 2016 have exceeded the company’s expectations, leading it to upgrade FY17 sales guidance. Interim data from the global Phase III rigosertib trial could become available during Q417. We value SymBio at $174m, with the enhanced Treakisym portfolio offsetting the suspension of IONSYS development.

SymBio Pharmaceuticals

New formulations extend Treakisym patent life

Update | Pharmaceuticals & healthcare | 23 Oct 2017

SymBio has substantially increased the value of its Treakisym franchise through in-licencing novel bendamustine formulations from Eagle Pharmaceuticals for $12.5m. The new formulations bring a lower cost of goods and 10 years of additional patent protection to help in life cycle management of the Treakisym franchise. Sales of Treakisym following the approval of two new indications in 2016 have exceeded the company’s expectations, leading it to upgrade FY17 sales guidance. Interim data from the global Phase III rigosertib trial could become available during Q417. We value SymBio at ¥19.7bn (unchanged), with the enhanced Treakisym portfolio offsetting the suspension of IONSYS development.

SymBio Pharmaceuticals

Moving ahead on all fronts

ADR Outlook | Pharmaceuticals & healthcare | 27 Feb 2017

During 2017 we expect updates on all three of SymBio’s main assets. We expect Treakisym sales growth via partner Eisai following approvals during 2016 in new indications, which could more than double the current levels (¥4.7bn/$42m). For pipeline assets IONSYS and rigosertib, data from ongoing trials could become available during H217, which will shape the future development pathways. We also expect SymBio to remain focused on in-licensing further opportunities to complement its existing pipeline. This could help drive future operating leverage if SymBio evolves into a commercial entity, possibly from 2020. We value SymBio at $175m.

SymBio Pharmaceuticals

Treakisym approvals should lead to sales uplift

Flash note | Pharmaceuticals & healthcare | 06 Jan 2017

SymBio recently obtained approvals for Treakisym in Japan in the additional indications of first-line low grade non-Hodgkin's lymphoma (NHL) and mantle cell lymphoma (MCL). This follows on from the Aug 2016 approval in chronic lymphocytic leukaemia. We believe these additional indications could nearly double current Treakisym sales (on track for c $40m in 2016) via partner Eisai, which to date have been mostly in relapsed or refractory (r/r) low grade NHL/MCL. These approvals represent an important step in SymBio's strategy to maximise Treakisym's potential.

SymBio Pharmaceuticals

With experience comes confidence

ADR Update | Pharmaceuticals & healthcare | 23 Mar 2016

Three steps forward, one step back. With the December filing of three supplemental NDAs for Treakisym, SymBio is demonstrating it is willing to move ahead with its strategic plans despite Astellas's decision to withdraw its long-delayed EU application for Treakisym in first-line iNHL. Separately, Baxalta announced on 3 March that it would discontinue its development and licensing agreement with Onconova for rigosertib as of August. Onconova is in discussions with Baxalta; however, it is not clear whether Baxalta will help Onconova obtain alternate funding to complete the trial. Issues with SymBio's partners may have an impact on the timeframes for both rigosertib and the Treakisym label expansion approvals.