Research update


Pledpharma: Comeback

The company has during the autumn delivered and became clearer about the Phase III program for PledOx, but also presented a positive surprise in the form of a license agreement for the project in Asia. The licensing agreement with Solasia Pharma covers several important Asian markets, in particular Japan, where development is now being accelerated and we now expect it to be possible to launch PledOx in 2023, rather than in 2026, as previously. The agreement with Solasia makes it possible for Pledpharma to generate revenue even during the clinical and regulatory phases. In addition, the expansion in patient numbers in Asia will help strengthen the clinical documentation ahead of the future registration of PledOx.

We have updated our model assumptions for PledOx and are raising our fundamentally motivated value in the base scenario to SEK 42 (36). Despite positive share price developments following the positive news, expectations remain cautious and the share is trading significantly below comparable companies.

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