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Apontis Pharma

DB: APPH

Market Cap€147.9m

Last Close €17.4

Apontis Pharma is a specialty pharma company focused purely on the German market, where it has a rich commercial heritage (formerly Schwarz Pharma and then UCB Innere Medizin). Its current focus is on driving uptake of its single pills for cardiovascular disease, but it also has co-marketing agreements with large-cap pharma for branded respiratory and diabetes drugs.

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Investment summary

Apontis Pharma is a speciality pharma business aiming to leverage its commercial heritage in Germany and deliver on its rapid growth ambitions. The company has carved out a sizeable niche for its ‘single pill’ products, which are combinations of commonly co-prescribed generic drugs that have been reformulated into in one branded pill (2020 sales of €19.0m). Alongside the ‘single pill strategy’, Apontis also has co-marketing agreements for several branded drugs (2020 sales of €16.6m). It is the increasing mix of the higher-margin single pills that we believe should benefit current operating leverage and provide the foundations for an enticing margin story. Apontis shares were placed at €19.0/share, raising gross proceeds to the company of €38m, translating to an enterprise value (EV) of c €145m.

Content on Apontis Pharma
Apontis Pharma – A phoenix rises
Healthcare | Initiation | 11 May 2021
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Share price graph
Price performance
%
1m
3m
12m
Actual (1.7) N/A N/A
Relative* (2.7) N/A N/A
52-week high/low €18.9/€17.0
*% relative to local index
Key management
Karlheinz Gast CEO