Research update


Pledpharma: Proceeding without a partner

PledPharma intends to advance PledOx to registration in Europe and the US on its own, since interest in a partnership has been too weak at this stage. This shift in strategy and the fully guaranteed new share issue have exerted pressure on the share price. Following the announcement that PledPharma would to take PledOx through Phase III on its own, we have updated our model assumptions for the company. Including the dilution effect from the new share issue and the adjusted forecasts, we are lowering our fundamentally fair value to SEK 37 (70).

For most of the subscription period, the share traded below the issue price of SEK 20, why a significant portion of the underwriting commitments were utilized, with the risk of a potential overhang. Combined with few evident share price catalysts over the next 6-12 months, we believe this speaks in favour of the share continuing to be traded at a clear discount to our fundamental value.

Note! This is a translation of the original report, released November 29th

Continue reading (pdf) icon-download