SymBio Pharmaceuticals — Treakisym approved for DLBCL

SymBio Pharmaceuticals (TYO: 4582)

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Research: Healthcare

SymBio Pharmaceuticals — Treakisym approved for DLBCL

SymBio announced on 23 March 2021 that it has received marketing approval for Treakisym (bendamustine) for diffuse large B-cell lymphoma (DLBCL). The drug has been approved for relapsed and refractory disease in two combinations: with rituximab and polatuzumab vedotin or with rituximab alone. We expect this approval to approximately double the addressable market for the drug in Japan.

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Written by

Healthcare

SymBio Pharmaceuticals

Treakisym approved for DLBCL

Regulatory update

Pharma & biotech

30 March 2021

Price

¥1,180

Market cap

¥45,080m

¥110/US$

Net cash (¥m) at 30 December 2020

3.85

Shares in issue

38.2m

Free float

91%

Code

4582

Primary exchange

TYO

Secondary exchange

OTC US

Share price performance

%

1m

3m

12m

Abs

(12.6)

220.4

267.5

Rel (local)

(18.2)

192.4

169.1

52-week high/low

¥1,663

¥298

Business description

SymBio Pharmaceuticals is a Japanese specialty pharma company with a focus on oncology and hematology. The Treakisym powder formulation was in-licensed from Astellas in 2005; liquid Treakisym was in-licensed from Eagle Pharmaceuticals in 2017; and brincidofovir was licensed from Chimerix in 2019.

Next events

Treakisym RI application

2021

Analyst

Nathaniel Calloway

+1 646 653 7036

SymBio Pharmaceuticals is a research client of Edison Investment Research Limited

SymBio announced on 23 March 2021 that it has received marketing approval for Treakisym (bendamustine) for diffuse large B-cell lymphoma (DLBCL). The drug has been approved for relapsed and refractory disease in two combinations: with rituximab and polatuzumab vedotin or with rituximab alone. We expect this approval to approximately double the addressable market for the drug in Japan.

Year end

Revenue (¥m)

PBT*
(¥m)

EPS*
(¥)

DPS
(¥)

P/E
(x)

Yield
(%)

12/19

2,838

(4,250)

(184)

0

N/A

N/A

12/20

2,987

(4,514)

(137)

0

N/A

N/A

12/21e

9,228

1,508

27

0

43.7

N/A

12/22e

11,484

2,017

37

0

31.9

N/A

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

Approval was expected after strong clinical results

Bendamustine is not approved for DLBCL in the US or Europe, despite being approved for other forms of non-Hodgkin lymphoma (NHL). This being said, the efficacy in this indication has been established in multiple clinical studies, including SymBio’s pivotal clinical studies, which showed a 76% objective response rate (ORR) to treatment. This previously gave us significant confidence that the product would eventually be approved, as has now occurred.

DLBCL a significant market in Japan

We estimate that approximately 16,000 new patients will be diagnosed with DLBCL in Japan. We assume that approximately 70% of these patients will relapse, which corresponds to an addressable market for relapsed and refractory DLBCL of 11,200 per year. This would approximately double the market for the drug, which is currently also approved for low-grade NHL and chronic lymphocytic leukemia (CLL).

Part of bigger scheme to maximise Treakisym

The label expansion to DLBCL is part of the company’s broader strategy to market and extend the lifecycle for Treakisym. The current DLBCL approval is for the freeze-dried Treakisym product, and the company has already submitted a marketing application to also expand the label for its ready-to-dilute (RTD) formulation to DLBCL as well. We assume that the rapid infusion (RI) formulation will include DLBCL in its label when it is submitted for approval later in 2021.

Valuation: Increased to ¥43.2bn on approval

We have increased our valuation to ¥43.2bn or ¥1,131 per basic share, from ¥39.7bn or ¥1,040 per basic share previously. We have removed some risk and lowered the discount rate for DLBCL. These factors have increased the valuation for this indication to ¥17.1bn from ¥13.7bn. Otherwise our models remain unchanged.

Treakisym label expansion to DLBCL

SymBio announced in a series of two press releases that it has received marketing approval in Japan for the use of Treakisym (bendamustine) for the treatment of DLBCL. The drug has been approved for this patient population in combination use with rituximab and polatuzumab vedotin or with rituximab alone. We are very pleased to see this approval, but are not surprised considering our high degree of confidence in the drug for this indication, based on the company’s previously reported clinical results.

SymBio completed a Phase III study in Japan to support a label expansion of Treakisym (in combination with rituximab) to relapsed and refractory DLBCL in November 2019 and reported that it received positive results. The study enrolled 40 patients of whom 38 were evaluated for safety and efficacy. The company reported an ORR in 29 of 38 (76%) patients, of which 18 of 38 (47%) showed a complete response (CR), with a median progression-free survival (PFS) of 11.9 months. These results are superior on a numerical basis to other reported studies of this combination. For instance, an Italian retrospective study reported 50% ORR, 28% CR, and a PFS of 8.8 months.1 Other studies have reported lower response rates.2 The safely profile presented in the abstract was also consistent with other results and predominantly showed hematologic adverse events (AEs). A majority of patients saw grade 3 or higher drops in lymphocyte counts (90%), neutropenia (74%) or reduction in CD4 lymphocytes (66%). This is to be expected for most drugs targeting hematologic malignancies and is indicative of the drug’s activity.

  Arcari A. et al. (2016) Safety and efficacy of rituximab plus bendamustine in relapsed or refractory diffuse large B-cell lymphoma patients: an Italian retrospective multicenter study. Leuk Lymph 57, 1823-1830.

  Vacirca JL, et al. (2014) Bendamustine combined with rituximab for patients with relapsed or refractory diffuse large B cell lymphoma Ann Hematol 93, 403-409.

This combination has been previously studied in a number of different trials across the globe, and is among the arsenal of treatment regimens available to doctors despite not being formally approved. The BR treatment regimen (as it is typically called) has historically been used as a salvage treatment in patients following failure of first-line chemotherapy as an alternative to more aggressive chemotherapy salvage or autologous stem cell transplant. The BR regimen has a generally more tolerable profile than these other treatments. Because of this there have also been attempts to investigate it as an alternative treatment in the first line in frail patients.3 However, a limitation to evaluating the data on the BR combination is that there is a lack of placebo-controlled studies, although this has not limited other similar approvals. Bendamustine was approved in the US for the treatment of indolent NHL in patients who have failed rituximab treatment, based on a single-arm study.

  Storti S, et al. (2018) Rituximab Plus Bendamustine As Front-Line Treatment In Frail Elderly (>70 Years) Patients With Diffuse Large B-Cell Non-Hodgkin Lymphoma: A Phase II Multicenter Study Of The Fondazione Italiana Linfomi. Haematologica 103, 1345-1350.

DLBCL is an intermediate or high-risk form of NHL, but accounts for the largest fraction of NHL cases in Japan and elsewhere. Approximately 45% of NHL cases in Japan are DLBCL, corresponding to approximately 16,000 patients.4 Assuming that 70% of DLBCL patients progress to receive second-line therapy, we forecast a target market of 11,200 second-line (r/r) DLBCL patients per year, which would approximately double the addressable market for the drug.

  Chihara D, et al. (2013) Differences in incidence and trends of haematological malignancies in Japan and the United States. Brit J Haem 164, 536-545.

The expansion into this market is only part of the company’s strategy to manage the long-term marketability of this product. Additionally the company is approving new formulations of the drug that will extend its lifecycle: the RTD formulation was approved in September 2020 and we expect the company to submit an application for the RI formulation before the end of 2021. Both of these products would extend the patent runway to 2031, if the company can convert physicians onto the new formulations. Both of these formulations will need to be approved for the DLBCL indication, and the company has already submitted a supplemental application to the PMDA for expansion of the label for the RTD formulation to DLBCL.

Valuation

We have increased our valuation to ¥43.2bn or ¥1,131 per basic share, from ¥39.7bn or ¥1,040 per basic share. This increase is solely due to the approval for DLBCL. We have increased the probability of success to 100% for the freeze-dried product and the RTD product, and to 95% for the RI product, which matches the previously approved indication. As well, we have lowered the discount rate to 10% (from 12.5%), which is our standard for approved medical products. These factors have increased the valuation of the DLBCL indication to ¥17.1bn from ¥13.7bn previously. Otherwise our models remain unchanged.

Exhibit 1: Valuation of SymBio

Program

Indication

Prob. of success

Launch year

Peak revenue (¥m)

Valuation (¥m)

Treakisym

Low grade NHL/MCL (r/r and 1st line); CLL

95–100%

2010

8,600

20,990.54

Treakisym (DLCBL)

r/r DLBCL

95–100%

2021

9,600

17,140.02

Brincidofovir

AdV following HSCT

20%

2025

9,100

1,242.42

Total

39,372.98

Net cash and equivalents (December 2020)

3,848.63

Total firm value (¥m)

43,221.61

Total basic shares (m)

38.20

Value per basic share (¥)

1,131.37

Source: SymBio reports, Edison Investment Research

Financials

The only changes to our model are minor accounting/bookkeeping adjustments with a negligible impact. We may adjust our forecasts in the future based on sales of Treakisym for the new indication. We currently forecast about ¥500m in DLBCL sales in 2021, because we expect some headwinds with a new marketing team targeting a new indication for the product.

Exhibit 2: Financial summary

JPN GAAP, year end: 31 December

¥m

2019

2020

2021e

2022e

INCOME STATEMENT

Revenue

 

 

2,837.8

2,987.1

9,227.8

11,483.8

Cost of Sales

(1,973.0)

(2,120.2)

(1,618.7)

(2,261.2)

Gross Profit

864.8

866.9

7,609.1

9,222.6

R&D

(2,441.6)

(2,266.6)

(465.0)

(820.0)

SG&A

(2,724.8)

(3,106.5)

(5,647.7)

(6,398.5)

EBITDA

(4,263.5)

(4,441.4)

1,561.2

2,069.6

Depreciation & amortisation

(38.1)

(64.8)

(64.8)

(65.4)

Normalised operating profit

 

 

(4,174.5)

(4,403.8)

1,598.8

2,106.5

Reported operating profit

 

 

(4,301.6)

(4,506.2)

1,496.4

2,004.1

Net interest

(75.0)

(109.7)

(90.3)

(89.1)

Joint ventures & associates (post tax)

0.0

0.0

0.0

0.0

Exceptionals

4.2

529.5

0.0

0.0

Profit Before Tax (norm)

 

 

(4,249.5)

(4,513.5)

1,508.4

2,017.5

Profit Before Tax (reported)

 

 

(4,372.5)

(4,086.4)

1,406.1

1,915.1

Reported tax

(3.8)

(3.8)

(476.4)

(577.3)

Profit After Tax (norm)

(4,253.3)

(4,517.3)

1,032.1

1,440.1

Profit After Tax (reported)

(4,376.3)

(4,090.2)

929.7

1,337.7

Minority interests

0.0

0.0

0.0

0.0

Discontinued operations

0.0

0.0

0.0

0.0

Net income (normalised)

 

 

(4,253.3)

(4,517.3)

1,032.1

1,440.1

Net income (reported)

 

 

(4,376.3)

(4,090.2)

929.7

1,337.7

Basic average number of shares outstanding (m)

23.2

33.0

38.2

38.6

EPS - basic normalised (¥)

 

 

(183.72)

(137.10)

27.02

37.29

EPS - diluted normalised (¥)

 

 

(180.46)

(135.38)

26.72

36.89

EPS - basic reported (¥)

 

 

(189.03)

(124.13)

24.34

34.64

Dividend (¥)

0.00

0.00

0.00

0.00

BALANCE SHEET

Fixed Assets

 

 

386.5

459.4

429.3

421.6

Intangible Assets

240.5

301.8

251.0

217.1

Tangible Assets

75.5

76.7

97.4

123.7

Investments & other

70.4

80.9

80.9

80.9

Current Assets

 

 

4,887.5

5,815.3

6,600.7

8,048.2

Stocks

0.0

944.4

181.8

254.0

Debtors

549.3

407.0

1,011.3

1,258.5

Cash & cash equivalents

3,910.8

3,848.6

4,792.4

5,920.4

Other

427.4

615.2

615.2

615.2

Current Liabilities

 

 

(872.2)

(1,615.3)

(1,423.3)

(1,525.4)

Creditors

(33.2)

(583.5)

(483.3)

(574.1)

Tax and social security

(87.8)

(81.9)

0.0

0.0

Short term borrowings

0.0

0.0

0.0

0.0

Other

(751.3)

(949.9)

(940.0)

(951.3)

Long Term Liabilities

 

 

(1.6)

(2.1)

(2.1)

(2.1)

Long term borrowings

0.0

0.0

0.0

0.0

Other long term liabilities

(1.6)

(2.1)

(2.1)

(2.1)

Net Assets

 

 

4,400.1

4,657.3

5,604.6

6,942.3

Minority interests

0.0

0.0

0.0

0.0

Shareholders' equity

 

 

4,400.1

4,657.3

5,604.6

6,942.3

CASH FLOW

Op Cash Flow before WC and tax

(4,334.4)

(4,021.6)

1,470.9

1,980.5

Working capital

(242.1)

(229.0)

(23.8)

(228.6)

Exceptional & other

229.5

130.0

102.4

102.4

Tax

(3.8)

(3.8)

(476.4)

(577.3)

Net operating cash flow

 

 

(4,350.7)

(4,124.4)

1,073.1

1,276.9

Capex

(216.5)

(160.3)

(129.4)

(148.8)

Acquisitions/disposals

0.0

0.0

0.0

0.0

Equity financing

3,740.0

4,222.1

0.0

0.0

Dividends

0.0

0.0

0.0

0.0

Other

0.0

0.0

0.0

0.0

Net Cash Flow

(827.2)

(62.6)

943.7

1,128.1

Opening net debt/(cash)

 

 

(4,821.4)

(3,910.8)

(3,848.6)

(4,792.4)

FX

(83.4)

(1.5)

0.0

0.0

Other non-cash movements

0.0

1.9

0.0

0.0

Closing net debt/(cash)

 

 

(3,910.8)

(3,848.6)

(4,792.4)

(5,920.4)

Source: SymBio reports, Edison Investment Research


General disclaimer and copyright

This report has been commissioned by SymBio Pharmaceuticals and prepared and issued by Edison, in consideration of a fee payable by SymBio Pharmaceuticals. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: 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 and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. 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.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, 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 securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. 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, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

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. 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 (i.e. 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.

United Kingdom

This document is prepared and provided by Edison 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.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

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1185 Avenue of the Americas

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General disclaimer and copyright

This report has been commissioned by SymBio Pharmaceuticals and prepared and issued by Edison, in consideration of a fee payable by SymBio Pharmaceuticals. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: 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 and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. 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.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, 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 securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. 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, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

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. 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 (i.e. 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.

United Kingdom

This document is prepared and provided by Edison 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.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison 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. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

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

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, 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

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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Research: Financials

FinLab — Benefiting from its fintech focus

FinLab delivered a NAV total return of c 18% in FY20, primarily assisted by the share price of Heliad Equity Partners (HEP), in which FinLab holds a c 45% stake, more than doubling. HEP’s share price was mostly driven by the acquisition of DEGIRO by flatex (HEP’s main portfolio holding) with the favourable market conditions for online brokers in 2020 further supporting the share price performance of the combined entity (flatexDEGIRO). We note that recently, Bernd Förtsch acquired Christian Angermayer’s stake in FinLab, which makes him the controlling shareholder.

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