Amryt Pharma (LON:AMYT 20.00p) ? Sp21 May 2018 16:23
I purchased in Dec at 26p, but I am used to falls before rises. HOLD
Company news
Amryt Pharma (LON:AMYT 20.00p) � Speculative Buy
Amryt Pharma yesterday announced that it has appointed Patrick Jordan as Vice-President of Global Distributor Markets. Mr. Jordan will support Amryt's entry into the Kingdom of Saudi Arabia market, alongside its planned expansion into new territories in Central & Eastern Europe, Middle East, North Africa, and beyond. Mr. Jordan has worked in the pharmaceutical industry for the last 18 years including senior roles at Pfizer and Merck & Co (�MSD�). At MSD, Mr. Jordan was the Managing Director of Saudi operations and Regional Managing Director of Eastern Europe and North Africa business. Amryt�s CEO, Dr. Joe Wiley, commented �[the appointment] reflects the progress we are making as we focus on our expanding opportunities across global markets�.
Our view: Lojuxta is approved for the treatment of Homozygous Familial Hypercholesterolaemia (�HoFH�) and AP101 is currently in pivotal Phase 3 trials for the treatment for Epidermolysis Bullosa (�EB�). Amryt has exclusive marketing rights for Lojuxta in the EEA, Middle East, North Africa, Turkey and Israel. Recently, Amryt announced that it signed an exclusive distributorship agreement for Lojuxta and AP101 in the Kingdom of Saudi Arabia with Faisal Musaed El Seif Saudi Pharmaceutical Company. This is a clear demonstration of global interest in Lojuxta along with AP101 as the latter moves closer to approval (interim analysis expected in H1 2018). The global market opportunity for EB is estimated to be over �1.3bn. Amryt�s successful raise of �15m gross in October 2018 along with its �10.9m existing cash (at 30 June 2017) and undrawn EIB debt facility of �10m are together more than sufficient to fund AP101�s Phase 3 clinical trials to completion. Beaufort�s valuation indicates Amryt is presently valued less than Lojuxta�s prudently discounted future cashflow (no value attributed to AP101 nor AP102!). Beaufort reiterates its Speculative Buy rating on the shares with target price of 65p.
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