Paion

DE: PA8

€144.5m market cap

€2.22 last close

PAION is a specialty pharma company developing anaesthesia products. Its lead product, remimazolam, is partnered with Mundipharma in Japan, Yichang in China, Hana Pharma in S Korea, Cosmo in the US, Pendopharm in Canada and R-Pharm in CIS, Turkey and MENA.

Investment summary

Acacia Pharma will sell ByFavo (remimazolam) in the US after a deal with Cosmo (Paion’s Switzerland-based US partner). Cosmo estimates 24.5m endoscopy procedures per year. Acacia may launch its first US product, BARHEMSYS, from mid-2020 but has limited US infrastructure and, as yet, no salesforce. We are updating our Paion valuation (formerly €317m).

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 5.8 (15.9) (15.9) (20.5) N/A N/A
2018A 2.8 (12.5) (12.4) (15.9) N/A N/A
2019E 8.0 (11.1) (11.1) (14.2) N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Industry outlook

Remimazolam is an ultra-short-acting sedative/anaesthetic and its profile should drive US market uptake for short procedures such as colonoscopy. Remimazolam has advantages over competing products (midazolam and propofol), including fast onset and offset of action with a reversal agent available.

Last updated on 18/02/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 9.6
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (0.4) 11.6 (2.2)
Relative* (1.6) 7.7 (19.2)
52-week high/low €2.6/€1.9
*% relative to local index
Key management
Jörg Spiekerkötter, Chairman
Dr James (Jim) Phillips CEO
Abdelghani Omari CFO

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