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SymBio Pharmaceuticals

Moving ahead on all fronts

Outlook | Pharmaceutical & 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

Licence agreement for IONSYS terminated

ADR Update | Pharmaceutical & 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 | Pharmaceutical & 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 | Pharmaceutical & 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 | Pharmaceutical & 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 | Pharmaceutical & 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 | Pharmaceutical & 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 | Pharmaceutical & 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.

SymBio Pharmaceuticals

With experience comes confidence

Update | Pharmaceutical & healthcare | 21 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.

SymBio Pharmaceuticals

Accelerating its growth strategy

ADR Update | Pharmaceutical & healthcare | 01 Dec 2015

SymBio recently acquired the exclusive rights to develop and market IONSYS, a fentanyl iontophoretic transdermal system for acute post-operative pain, in Japan. Treakisym is nearing a decision on additional indications and development is again moving ahead for rigosertib. With a third product in its development portfolio, we believe SymBio has the confidence to accelerate its in-licensing program on its quest to become the pharmaceutical partner of choice in Asia-Pacific.

SymBio Pharmaceuticals

Accelerating its growth strategy

Update | Pharmaceutical & healthcare | 30 Nov 2015

SymBio recently acquired the exclusive rights to develop and market IONSYS, a fentanyl iontophoretic transdermal system for acute post-operative pain, in Japan. Treakisym is nearing a decision on additional indications and development is again moving ahead for rigosertib. With a third product in its development portfolio, we believe SymBio has the confidence to accelerate its in-licensing programme on its quest to become the pharmaceutical partner of choice in Asia-Pacific.

SymBio Pharmaceuticals

Transforming to a commercial-stage company

Initiation | Pharmaceutical & healthcare | 13 Oct 2014

SymBio is on the path to becoming a key specialty pharma partner for Asian markets following in-licensing deals for orphan blood cancer products Treakisym (Treanda) and rigosertib. The former was a pivotal deal, helping to establish SymBio, with rigosertib potentially propelling SymBio to the next phase with a commercial infrastructure. Treakisym sales could grow in coming years with expansion to additional indications, and this asset together with cash underpins the current share price.