Main menu
Edison Group
  • Home
  • Sparks
  • Equities

    Equities

    View All Equities

    Equities by Sector

    Metals One

    MCap

    —

    Last close

    GBP0.01

    ▲ 0.18 (19.44%)

    LM PAY

    MCap

    EUR24m

    Last close

    EUR37.60

    ▲ 4.00 (11.90%)

    Pathos Communications

    MCap

    GBP18m

    Last close

    GBP0.26

    ▲ 2.50 (10.64%)

  • Sectors

    Sectors

  • Megatrends

    Megatrends

  • Thematics

    Thematics

    View All Thematics

    Latest

  • Audiovisual

    Audiovisual

    View All Audiovisual

    Latest

ASLAN Pharmaceuticals — ASLAN acquires full rights to varlitinib

ASLAN Pharmaceuticals — ASLAN acquires full rights to varlitinib

In January 2018, ASLAN announced that it had fully acquired the global commercial rights to varlitinib from its partner, Array BioPharma. Previously, the agreement stipulated that ASLAN develop the drug and sublicense it, and we view the current agreement as a significant improvement. We believe that ASLAN brings significant value to the table in Asian development capacity. The licence is now consistent with the goal of directly commercialising varlitinib in the US and parts of Asia.

Analyst avatar placeholder

Written by

ASLAN Pharmaceuticals

ASLAN acquires full rights to varlitinib

Partnering update

Pharma & biotech

10 January 2018

Price

NT$37.00

Market cap

NT$4815m

US$1/NT$30.36

Net cash (NT$bn) at end June 2017

1.85

Shares in issue

130.1m

Free float

50.9%

Code

6497

Primary exchange

Taipei

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

12.0

(17.4)

N/A

Rel (local)

6.7

(20.3)

N/A

52-week high/low

NT$55.8

NT$31.8

Business description

ASLAN Pharmaceuticals is a Singapore-based drug developer targeting Asia prevalent diseases. It has varlitinib in pivotal clinical trials for biliary tract cancer and gastric cancer, and will be advancing ASLAN003 to Phase II trials for acute myeloid leukaemia.

Next events

ASLAN004 Phase I initiation

2018

Varlitinib first-line BTC results

2018

Varlitinib GC interim results

2018

Varlitinib Chinese BTC results

Late 2018

Analysts

Nathaniel Calloway

+1 646 653 7036

Maxim Jacobs

+1 646 653 7027

ASLAN Pharmaceuticals is a research client of Edison Investment Research Limited

In January 2018, ASLAN announced that it had fully acquired the global commercial rights to varlitinib from its partner, Array BioPharma. Previously, the agreement stipulated that ASLAN develop the drug and sublicense it, and we view the current agreement as a significant improvement. We believe that ASLAN brings significant value to the table in Asian development capacity. The licence is now consistent with the goal of directly commercialising varlitinib in the US and parts of Asia.

Year end

Revenue (NT$m)

PBT*
(NT$m)

EPS*
(NT$)

DPS
(NT$)

P/E
(x)

Yield
(%)

12/15

0.0

(403)

(7.32)

0.0

N/A

N/A

12/16

373.0

(247)

(2.35)

0.0

N/A

N/A

12/17e

0.0

(1,088)

(8.78)

0.0

N/A

N/A

12/18e

0.0

(1,215)

(9.34)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

$24m in upfronts and $105m in milestones

Under the terms of the new deal, ASLAN will pay Array $12m upfront and an additional $12m by the first year anniversary. In addition, Array will be entitled to $30m in development milestones and $75m in commercial milestones, as well as a low double-digit tiered royalty.

Deal essential to ASLAN’s global sales strategy

The previous agreement with Array stipulated that ASLAN would develop the drug through Phase II and out-license it to a global partner in return for 50% of the sublicensing revenue. However, this agreement was inconsistent with ASLAN’s more recent goals of directly selling its drugs in the US and certain Asian territories and out-licensing in Europe and Japan.

Chinese pivotal trial accelerated

ASLAN announced that after consulting with officials from the Chinese FDA it was anticipating a reduction in time to market for varlitinib by about one year over previous expectations. The trial is currently enrolling 68 patients and is expected to provide top-line objective response rate (ORR) data by the end of 2018. The company has begun implementing the sales and manufacturing infrastructure to support the launch of the product.

Valuation: Slight adjustment to NT$9.3bn or NT$71.85

We have adjusted our valuation to NT$9.3bn or NT$71.85 per share from $9.5bn or NT$72.87 per share. This is attributable to the near-term payments associated with the new varlitinib agreement. We view the new agreement as a significant positive for the company over the previous licence, although these factors were included in our previous assumptions. This is offset by moving up our expected commercialisation of varlitinib in China to late 2019, and a slight increase to our US pricing expectations. We have increased the future financing requirement to NT$3.0bn from NT$2.5bn to cover expenses associated with the new licence.

ASLAN gains global rights to varlitinib

ASLAN is currently developing the pan-HER inhibitor varlitinib for the treatment of solid tumours, which it licensed from Array BioPharma in 2011. The company’s two most advanced programmes are for biliary tract cancer, which is in pivotal trials, and gastric cancer, which is in a Phase II/III trial. These indications are of a high prevalence in Asia and are orphan indications in the US and Europe, and the company’s stated goal has been to sell this drug directly in certain Asian counties and the US and license it in Europe and Japan. However, both its current development plan and its sales strategy were at odds with the licensing agreement it had with Array, which stipulated that ASLAN develop the drug through early proof of concept clinical trials and find a sublicensing partner for Phase III development and commercialisation. ASLAN and Array would have split any sublicensing royalties under this agreement. We previously forecast that ASLAN would have to renegotiate this licence to execute on its global strategy.

The new deal grants ASLAN global rights to the drug. In return it will pay Array $24m in upfront payments ($12m on signing and $12m by the first anniversary) as well as $30m in development milestones and $75m in commercial milestones. In addition, there is a low double-digit tiered royalty.

Given that the current biliary tract trial has the potential to support approval in as early as 2020, we believe that these are attractive terms, considering that ASLAN gets global rights. We believe that ASLAN brings value to the table in its ability to efficiently develop this asset leveraging its Asian clinical capacity, and that this asset would go undeveloped otherwise.

China timeline accelerated

ASLAN announced on 8 January 2018 that it expected a faster pathway to commercialisation in China than previously anticipated. After discussions with the Chinese FDA, the company provided guidance that it expected top-line data from its ongoing 68-person pivotal biliary tract cancer trial to be available by the end of 2018. The company previously guided to only interim data being available in 2018. The primary endpoint of the trial will now be objective response rate (ORR), whereas previously it was percentage change in tumour size at week 12 and overall survival. We view this development as highly encouraging as it demonstrates the recognition from the Chinese regulatory authorities of the need for new treatments in this area. The company has stated that this will accelerate the pathway to market by approximately a year, and that it has begun implementing the infrastructure in China to support a commercial launch.

Valuation

We have slightly adjusted our valuation to NT$9.3bn or NT$71.85 per share, from $9.5bn or NT$72.87 per share, to reflect the renegotiation of the licence with Array. We should note that we view this agreement as a significant improvement over the previous licence. However, we previously included a licence structure similar to this (with low single-digit royalties) into our model, as we understood that it would need to be renegotiated. This adjustment is largely due to the near-term payments associated with the new deal. We have added an additional term for the upfront and $35m in sales milestones ($5m on first sales and $30m associated with sales hurdles, out of a $75m potential total) for varlitinib to our valuation table (NT$518), and have included $15m in research milestones in our R&D valuations. We expect the company to incur further R&D milestone payments if it progresses with other varlitinib development programmes that we currently do not include in our model. These changes have shifted a portion of our unallocated costs into these respective categories. We previously included royalties in our COGS for varlitinib in line with the current agreement. These factors are offset by slight increases to our US launch pricing estimates (approximately 8% higher) due to continued pricing power across the industry. Our price growth model is otherwise conservative at 2% per year. We have also adjusted our commercialisation timeline in China to reflect the recent announcement that top-line data would be available in 2018. We now expect approval and launch in late 2019 (from 2020 before). We expect to update our valuation with the release of results from the Phase II portion of the gastric cancer clinical trial and from the Phase II first line biliary tract cancer trial expected in 2018.

Exhibit 1: Valuation of ASLAN

Programme

Indication

Region

Clinical
stage

Prob. of
success

Launch
year

Peak sales
($m)

Margin/royalties

rNPV
(NT$m)

Varlitinib

2nd line BTC

US + Europe

Phase II/III

30%

2020

277

59%

3,380

East Asia

Phase II/III

30%

2019-2020

195

53-58%

2,053

R&D

(312)

1st line GC

US + Europe

Phase II/III

20%

2021

182

57%

883

East Asia

Phase II/III

20%

2021

302

54-60%

1,430

R&D

(281)

Upfront and sales milestones payable

(518)

ASLAN003

1st line AML

US + Europe

Phase II ready

10%

2022

308

59%

1,055

R&D

(147)

ASLAN002 royalties

1st line BC + GC

US + Europe

Phase II

15%

2022

909

5%

470

Unallocated costs

(512)

Total

7,502

Net cash and equivalents (Q217) ($m)

1,847

Total firm value ($m)

9,349

Total basic shares (m)

130.1

Value per share ($)

71.85

Source: ASLAN reports, Edison Investment Research

Financials

We have incorporated the near-term varlitinib deal terms into our financial forecasts as R&D expenses. The acceleration of the timeline in China has resulted in first revenue for varlitinib in 2019, although we expect it to be small given the lateness of approval in the year. We expect the company to have a cash runway through the Phase II readouts in 2018, although we have increased the future financing requirement to NT$3.0bn from NT$2.5bn, which we record in 2019 as debt. We expect that part of this financing need may be offset by the out-licensing of varlitinib rights for Europe and Japan. Otherwise, our forecasts remain unchanged.

Exhibit 2: Financial summary

NT$000s

2015

2016

2017e

2018e

2019e

31-December

IFRS

IFRS

IFRS

IFRS

IFRS

INCOME STATEMENT

Revenue

 

 

0

373,018

0

0

22,554

Cost of Sales

0

(4,038)

0

0

(3,383)

Gross Profit

0

368,980

0

0

19,171

R&D

(210,471)

(425,296)

(864,507)

(986,706)

(1,041,728)

SG&A

(223,690)

(224,721)

(244,442)

(249,331)

(863,773)

EBITDA

 

 

(384,537)

(232,716)

(1,077,436)

(1,204,124)

(1,854,417)

Normalised operating profit

 

 

(386,191)

(235,167)

(1,075,689)

(1,202,777)

(1,853,069)

Amortisation of acquired intangibles

0

0

0

0

0

Exceptionals

0

0

0

0

0

Share-based payments

(47,970)

(45,870)

(33,260)

(33,260)

(33,260)

Reported operating profit

(434,161)

(281,037)

(1,108,949)

(1,236,037)

(1,886,329)

Net Interest

(33,376)

(16,932)

(12,512)

(12,512)

(12,512)

Joint ventures & associates (post tax)

0

0

0

0

0

Exceptionals

16,910

5,644

0

0

0

Profit Before Tax (norm)

 

 

(402,657)

(246,455)

(1,088,201)

(1,215,289)

(1,865,581)

Profit Before Tax (reported)

 

 

(450,627)

(292,325)

(1,121,461)

(1,248,549)

(1,898,841)

Reported tax

0

0

0

0

0

Profit After Tax (norm)

(402,657)

(246,455)

(1,088,201)

(1,215,289)

(1,865,581)

Profit After Tax (reported)

(450,627)

(292,325)

(1,121,461)

(1,248,549)

(1,898,841)

Minority interests

0

0

0

0

0

Discontinued operations

0

0

0

0

0

Net income (normalised)

(402,657)

(246,455)

(1,088,201)

(1,215,289)

(1,865,581)

Net income (reported)

(450,627)

(292,325)

(1,121,461)

(1,248,549)

(1,898,841)

Basic average number of shares outstanding (m)

55

105

124

130

137

EPS - basic normalised (NT$)

 

 

(7.32)

(2.35)

(8.78)

(9.34)

(13.65)

EPS - diluted normalised (NT$)

 

 

(7.32)

(2.35)

(8.78)

(9.34)

(13.65)

EPS - basic reported (NT$)

 

 

(8.19)

(2.78)

(9.05)

(9.59)

(13.89)

Dividend (NT$)

0.00

0.00

0.00

0.00

0.00

BALANCE SHEET

Fixed Assets

 

 

5,200

19,201

20,527

20,527

20,527

Intangible Assets

430

2,727

2,727

2,727

2,727

Tangible Assets

2,919

12,437

12,437

12,437

12,437

Investments & other

1,851

4,037

5,363

5,363

5,363

Current Assets

 

 

890,962

1,718,671

1,692,203

510,251

1,767,787

Stocks

0

0

0

0

834

Debtors

0

41,867

0

0

3,708

Cash & cash equivalents

889,728

1,673,906

1,689,305

507,353

1,760,347

Other

1,234

2,898

2,898

2,898

2,898

Current Liabilities

 

 

(65,984)

(123,061)

(177,113)

(197,938)

(308,543)

Creditors

(33,043)

(123,061)

(177,113)

(197,938)

(308,543)

Tax and social security

0

0

0

0

0

Short term borrowings

0

0

0

0

0

Other

(32,941)

0

0

0

0

Long Term Liabilities

 

 

(2,066,865)

(269,692)

(282,204)

(294,716)

(3,307,228)

Long term borrowings

(279,491)

(269,692)

(282,204)

(294,716)

(3,307,228)

Other long term liabilities

(1,787,374)

0

0

0

0

Net Assets

 

 

(1,236,687)

1,345,119

1,253,413

38,124

(1,827,457)

Minority interests

0

0

0

0

0

Shareholders' equity

 

 

(1,236,687)

1,345,119

1,253,413

38,124

(1,827,457)

CASH FLOW

Op Cash Flow before WC and tax

(384,537)

(232,716)

(1,077,436)

(1,204,124)

(1,854,417)

Working capital

(6,269)

48,749

95,919

20,825

106,063

Exceptional & other

16,848

3,184

(9,019)

(9,817)

(9,817)

Tax

0

0

0

0

0

Net operating cash flow

 

 

(373,958)

(180,783)

(990,536)

(1,193,116)

(1,758,171)

Capex

(1,095)

(12,094)

(1,747)

(1,347)

(1,347)

Acquisitions/disposals

0

(2,627)

0

0

0

Net interest

0

0

0

0

0

Equity financing

1,053,660

1,031,496

996,495

0

0

Dividends

0

0

0

0

0

Other

(260)

(2,186)

(1,326)

0

0

Net Cash Flow

678,347

833,806

2,887

(1,194,463)

(1,759,518)

Opening net debt/(cash)

 

 

53,083

(610,237)

(1,404,214)

(1,407,101)

(212,637)

FX

(15,027)

(37,794)

0

0

0

Other non-cash movements

0

(2,035)

0

0

0

Closing net debt/(cash)

 

 

(610,237)

(1,404,214)

(1,407,101)

(212,637)

1,546,881

Source: ASLAN reports, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by ASLAN Pharmaceuticals and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by ASLAN Pharmaceuticals and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Research: TMT

Osirium Technologies — FY17 bookings on track

Osirium has confirmed that FY17 bookings intake was in line with market expectations. The company has seen a steady flow of new customer wins as well as renewals from existing customers. The recent launch of its first freemium product, PxM Express, should support further customer acquisition through the course of FY18.

Continue Reading
Cookie Policy Overview
Edison Group

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping us understand which section of the website you find more interesting and useful. See our Cookie Policy for more information.

Strictly necessary and functional

These cookies are used to deliver our website and content. Strictly necessary cookies relate to our hosting environment, and functional cookies are used to facilitate social logins, social sharing and rich-media content embeds.

Advertising

Advertising Cookies collect information about your browsing habits such as the pages you visit and links you follow. These audience insights are used to make our website more relevant.

Performance

Performance Cookies collect anonymous information designed to help us improve the site and respond to the needs of our audiences. We use this information to make our site faster, more relevant and improve the navigation for all users.