ImmuPharma - Edison Group

Overview
Price performance
Financials
Thematics

ImmuPharma is a UK drug development company linked to the leading French research organisation (CNRS). The lead project, Lupuzor, is in a Phase IIb trial with partner Cephalon for lupus. A new peptide cancer product, Nucant-6L, has entered Phase I/II studies.

Sector

Healthcare

Balance Sheet

Forecast net debt (US$m)

15.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(11.7)	(19.2)	14.1
Relative	(15.8)	(23.5)	(11.1)
52 week high/low	7.3p/1.6p

Financials

ImmuPharma’s ability to secure a new partner for Lupuzor, having re-claimed the rights in the wake of Teva’s acquisition of Cephalon, is fundamental to its investment case and provides a major near-term catalyst. ImmuPharma believes it can secure a deal on terms at least as good as those with Cephalon – $45m upfront in a $500m plus royalties deal – given the product is now Phase III-ready, has an SPA and fast-track status in place.

Y/E Dec	Revenue (US$m)	EBITDA (US$m)	PBT (US$m)	EPS (c)	P/E (x)	P/CF (x)
2020A	0.0	(0.5)	(0.6)	(50.88)	N/A	N/A
2021A	0.0	(1.4)	(1.3)	(35.91)	N/A	N/A
2022E	0.0	(6.2)	(5.9)	(42.56)	N/A	N/A
2023E	0.0	(8.8)	(8.8)	(63.12)	N/A	N/A

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