Targeting resistant and threatening indications

BioVersys (BIOV) is a Swiss clinical-stage biopharmaceutical company developing novel anti-infectives to address antimicrobial resistance (AMR). Lead asset BV100 targets carbapenem-resistant Acinetobacter baumannii (CRAB) infections, classified by the WHO as a critical priority pathogen. BIOV’s second clinical-stage asset is alpibectir (partnered with GSK), which is being developed to address drug-resistant tuberculosis (TB). Following a successful IPO raising CHF76.7m in February 2025, the company reported a gross cash position of CHF92.1m as of end-June 2025, with operational headroom into H128, past multiple upcoming milestones. We initiate coverage with a valuation of CHF361.1m or CHF61.9 per share.