finnCap Research Company Notes - 23 October 2019
Oct 23, 2019 / News
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Sector: Life Sciences
Shield Therapeutics (STX) : Corp
Phase IIIb H2H data presented at conference
Key data
Share price (p) 185.5
Target price (p) 350.0
Market cap (£m) 217.2
Enterprise value (£m) 210.6
The publication of the Phase III AEGIS-H2H data at the United European Gastroenterology Week, comparing Feraccru/Acccrufer with the leading intravenous (IV) iron (Ferinject), confirmed non-inferiority and showed that Feraccru prevented the recurrence of iron deficiency anaemia (IDA) over 52 weeks, whereas 39% of those on Ferinject required at least one additional intervention. The release of these data now allow Norgine to promote these additional benefits in marketed territories as well as supporting the pricing and reimbursement applications for Feraccru in France, Italy and Spain, where launches are expected in 2020/2021. Shield remains on track to complete licensing discussions for Feraccru in the US and China by year-end, the value of which is still to be reflected in the share price. We reiterate our target price of 350p, which excludes potential upfront and commercial milestones.
Mark Brewer
020 7220 0556
mbrewer@finncap.com