€168.9m market cap

€2.55 last close

Paion owns the fast-onset and short-recovery anaesthesia product remimazolam. This is approved in Japan for GA and in the US and China for PS. ByFavo is licensed in the US to Acacia. It is filed in the EU (for PS) and South Korea. A European GA filing is expected in H121.

Investment summary

The European Phase III general anaesthesia (GA) trial showed that Remimazolam was as effective as propofol in maintaining anaesthesia in major surgery so met the primary endpoint. More importantly, fewer hypotensive episodes were noted on average in the remimazolam arm; for at risk patients (ASA Class III or IV), this safety gain could be critical in justifying remimazolam’s price premium over propofol. In the US, remimazolam (ByFavo) is expected to be launched soon for procedural sedation (PS). It is launched in Japan for GA use as Anerem by Mundipharma. Paion had €24.5m in cash (30 September) after receiving the €15m US approval milestone in Q320. Paion also has an EIB loan facility of up to €20m giving cash until H221.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 2.8 (12.5) (12.4) (15.9) N/A N/A
2019A 8.0 (9.2) (9.3) (10.8) N/A N/A
2020E 20.3 2.4 2.4 5.9 43.2 178.3
2021E 4.2 (20.9) (20.9) (31.2) N/A N/A
Industry outlook

Paion is considering licensing or acquiring products to make a direct European salesforce economic. Otherwise, there will be a European partnering strategy. In Italy and Belgium, compassionate use of remimazolam is possible to sedate COVID-19 patients.

Last updated on 14/01/2021
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Share price graph
Balance sheet
Forecast net cash (€m) 22.3
Forecast gearing ratio (%) N/A
Price performance
Actual 2.4 7.6 21.4
Relative* (3.2) 0.2 16.8
52-week high/low €3.2/€1.4
*% relative to local index
Key management
Jörg Spiekerkötter, Chairman
Dr James (Jim) Phillips CEO
Abdelghani Omari CFO

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