Last close As at 05/08/2026
USD5.00
▲ −1.80 (−26.47%)
Market capitalisation
USD62m
Research: Healthcare
OpGen has announced plans to commercialize its Unyvero portfolio in the United Arab Emirates and Qatar through a new distribution agreement with Leader Life Sciences (LLS). This approach is similar to the company’s European roll-out, leveraging local networks to expand and strengthen Unyvero’s presence. Regulatory approval/product registration will be required in both markets before product launch, which will be initiated and managed by LLS. The three-year distribution agreement can be extended in annual increments and there is a minimum commitment for LLS to purchase at least eight Unyvero systems and unspecified numbers of cartridges (reflecting c $1m in transfer price-based revenues to OpGen).
Written by
OpGen |
Expanding presence in the Middle East |
Partnership update |
Pharma and biotech |
10 June 2022 |
Share price performance
Business description
Analysts
OpGen is a research client of Edison Investment Research Limited |
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OpGen has announced plans to commercialize its Unyvero portfolio in the United Arab Emirates and Qatar through a new distribution agreement with Leader Life Sciences (LLS). This approach is similar to the company’s European roll-out, leveraging local networks to expand and strengthen Unyvero’s presence. Regulatory approval/product registration will be required in both markets before product launch, which will be initiated and managed by LLS. The three-year distribution agreement can be extended in annual increments and there is a minimum commitment for LLS to purchase at least eight Unyvero systems and unspecified numbers of cartridges (reflecting c $1m in transfer price-based revenues to OpGen).
Year end |
Revenue ($m) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/20 |
4.2 |
(24.7) |
(1.57) |
0.0 |
N/A |
N/A |
12/21 |
4.3 |
(35.7) |
(1.17) |
0.0 |
N/A |
N/A |
12/22e |
5.0 |
(22.8) |
(0.49) |
0.0 |
N/A |
N/A |
12/23e |
8.1 |
(19.0) |
(0.41) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments.
OpGen has announced an exclusive three-year distribution agreement (through its German subsidiary, Curetis) with LLS for its Unyvero systems in the United Arab Emirates (UAE) and Qatar. This agreement supplements OpGen’s existing distribution agreement with Advanced Technology Corporation (ATC) in Kuwait.
Based on the announced terms, LLS will have the exclusive distribution rights of Unyvero A50 systems, along with the full range of diagnostics application cartridges, in the UAE and Qatar, and will be responsible for product registration and market launches of these products. Regulatory approval in the Middle East is typically based on the CE mark and related paperwork, so this approval is anticipated in the next couple of months. Post regulatory approval, LLS has agreed to purchase a minimum of eight Unyvero systems and an undisclosed number of application cartridges over the three-year term, which is estimated to be worth about $1m (transfer price-based revenue). The agreement can be extended further after the agreed term in annual extensions.
We view this geographic expansion as another positive step in OpGen’s international roll-out, enabling it to grow without being required to make significant upfront investments. As a reminder, with the exception of a direct salesforce presence in the United States, OpGen exclusively operates through a network of distributors across Europe as well as other international markets. Currently, OpGen holds distribution agreements with 12 distributors globally including Beijing Clear Biotech (China), Menarini Diagnostics (Austria, Belgium, France, Germany, Greece, Italy, Luxemburg, Netherlands, Portugal, Spain, Switzerland, United Kingdom) and Annar Health Technologies (Colombia).
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Research: Healthcare
Pharnext announced that it has raised €12m in short-term, fixed-rate financing from Global Tech Opportunities 13, a member of the Alpha Blue Ocean group and the company’s convertible debt (OCEANE-BSA) holder. This refinancing will be used to pay off the outstanding €8m in venture debt obligations to IPF Partners (raised in 2018), releasing Pharnext from the restrictive covenants requiring it to maintain a €8m cash balance. Additionally, the funds will serve as an alternative source of financing for the dilutive drawdown of incremental convertible tranches. In light of this announcement, we are withdrawing our forecasts while we revisit our estimates and valuation.