We initiate coverage of Orphazyme, a Danish pure-play orphan drug company with a late-stage pipeline. Multiple key clinical readouts are lined up for 2018-2021 and lead project arimoclomol could reach the market by 2020. We value the company at DKK 110 in our Base Case, with Bull and Bear Case at DKK 200 and DKK 35 per share, respectively.