Formycon

DB: FYB

€322m market cap

€32.2 last close

Formycon is a biotechnology company focused on biosimilars. The lead product is FYB201, a Lucentis biosimilar in Phase III. FYB203 is an Eylea biosimilar in the preclinical stage. They are both partnered. It also has two unpartnered biosimilars: FYB202, a biosimilar candidate of Stelara; and FYB205, an undisclosed biosimilar.

Investment summary

Formycon’s partner Bioeq IP plans to file FYB201, a Lucentis biosimilar candidate, to treat neovascular age-related macular degeneration (nAMD) with the FDA imminently in Q419. The US launch could be in 2021 and the EU in 2022. H119 revenues were €17.2m from partners for product development services. There are three main projects. Bioeq is the partner on FYB201, Santo on FYB203 (an Eylea biosimilar candidate) and there isa a joint venture with Aristo Pharma on FYB202 (a Stelara biosimilar candidate). FYB202 is due to enter a Phase I trial soon. Formycon guides for FY19 revenues of about €35m. End-June cash was €7.5m, effectively €19.8m including the final €12.3m of proceeds from the €17.3m private placing in March 2019.

Sector
Healthcare
Share price graph
Price performance
%
1m
3m
12m
Actual (3.9) 10.7 7.3
Relative* (8.9) (3.5) (7.1)
52-week high/low €36.4/€25.1
*% relative to local index
Key management
Dr Carsten Brockmeyer CEO
Dr Nicolas Combé CFO
Dr Stefan Glombitza COO