€268m market cap

€26.8 last close

Formycon is a biotechnology company developing biosimilars. The main lead is FYB201, a Lucentis biosimilar candidate that has completed Phase III and is entering regulatory review. FYB203 is an Eylea candidate biosimilar in preclinical. They are both out-licensed. FYB202, a biosimilar candidate of Stelara, is being developed in a joint venture.

Investment summary

Formycon ended 2019 with a strong €22.4m cash position and three main projects. A new project to manufacture antibodies against SARS-CoV-2 is underway to treat COVID-19. Formycon’s lead project, Lucentis biosimilar FYB201, treats neovascular age-related macular degeneration (nAMD) and is partnered with Bioeq AG (Bioeq). Bioeq aims to resubmit the BLA to the FDA in H220. FYB202 (a Stelara biosimilar) is in a joint venture with Aristo Pharma and is slated to enter Phase III in Q320. FYB203 (an Eylea bio-similar) is partnered with Klinge and could enter Phase III in mid-2020. FY19 revenue from partners was €33.2m. The reported operating loss was €2.3m with an operational cash outflow, including JV investment, of €6.2m.

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Price performance
Actual 6.8 16.5 (11.0)
Relative* 4.4 9.2 (16.6)
52-week high/low €34.7/€16.9
*% relative to local index
Key management
Dr Carsten Brockmeyer CEO
Dr Nicolas Combé CFO
Dr Stefan Glombitza COO