Acacia Pharma

EU: ACPH

€100m market cap

€1.88 last close

Acacia Pharma is a hospital pharmaceutical company focused on the development and commercialisation of new nausea and vomiting treatments for surgical and cancer patients. Its main product, BARHEMSYS, is for the treatment of PONV and is forecast to launch in 2019.

Investment summary

Acacia Pharma is focused on bringing antiemetic drugs to the US hospital setting for unmet needs in post-operative nausea and vomiting (PONV) and chemotherapy-induced nausea and vomiting (CINV). Acacia’s lead product BARHEMSYS (repurposed amisulpride for the management of PONV) has been resubmitted to the FDA following receipt of a CRL (in October) relating to deficiencies at the contract manufacturer. The FDA has set a Prescription Drug User Fee Act (PDUFA) goal to review the class 2 resubmission by 5 May 2019, but we highlight this could be delayed by the US government shutdown. We still anticipate a US launch of BARHEMSYS in Q219 for PONV ‘rescue treatment’ and expect broadening of use for PONV prophylaxis in subsequent years. As of 31 December, Acacia had net cash of £22.1m.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 0.0 (3.0) (6.5) (2.32) N/A N/A
2018A 0.0 (15.0) (16.2) (0.35) N/A N/A
2019E 1.1 (43.7) (46.0) (0.83) N/A N/A
2020E 13.5 (39.2) (41.7) (0.76) N/A N/A
Last updated on 22/03/2019
Industry outlook

Inadequately treated PONV leads to prolonged stay in post-anaesthesia care unit (PACU) recovery rooms. BARHEMSYS use could reduce patient hospitalisation time and the associated costs.

Last updated on 22/03/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (£m) 5.6
Forecast gearing ratio (%) 0
Price performance
%
1m
3m
12m
Actual 12.3 33.0 (43.2)
Relative* 11.8 20.1 (38.9)
52-week high/low €4.0/€1.2
*% relative to local index
Key management
Julian Gilbert CEO
Christine Soden CFO