Acacia Pharma

EU: ACPH

€97.4m market cap

€1.77 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) received a second complete response letter (CRL) in May 2019 from the US FDA following receipt of the first CRL in October 2018, both relating to deficiencies at the contract manufacturing organisation (CMO). With a new CMO qualified, management has resubmitted its new drug application (NDA) to the US FDA for the third time, setting a new PDUFA date for 26 February 2020, which could enable a launch in H120. As of 30 June 2019, Acacia had net cash of £12.8m.

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 0.0 (14.6) (16.8) (0.30) N/A N/A
2020E 1.1 (45.6) (48.3) (0.88) N/A N/A
Industry outlook

Inadequately treated PONV leads to prolonged stays in post-anaesthesia care unit recovery rooms. Use of BARHEMSYS could reduce patient hospitalisation time and the associated costs.

Last updated on 21/11/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (£m) 5.6
Forecast gearing ratio (%) 0
Price performance
%
1m
3m
12m
Actual 18.3 (5.1) (21.1)
Relative* 15.5 (13.7) (29.3)
52-week high/low €4.0/€1.2
*% relative to local index
Key management
Michael Bolinder CEO
Christine Soden CFO