During 2017 we expect updates on all three of SymBio’s main assets. We expect Treakisym sales growth via partner Eisai Co., Ltd. (T:4523) 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 Symbiox Investment & Trading Co Ltd (BO:SYMB) 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.
On track to maximise Treakisym’s potential
During 2016 SymBio received additional approvals for Treakisym in chronic lymphocytic leukaemia (CLL) and first-line low-grade non-Hodgkin’s lymphoma (NHL) and mantle cell lymphoma (MCL). These represent patient markets in Japan of around 7,800, compared to around 4,700 patients with relapsed or refractory (r/r) low-grade NHL/MCL, where sales have been generated to date (¥4,200m in 2016) via partner Eisai. Hence, we believe these additional indications could more than double current Treakisym sales and we expect an uplift during 2017.
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