Saniona: Tesomet in focus

Research Update

2017-05-08

08:18

2017 has started well for Saniona and significant progress has been made in the development of Tesomet. Most important of all was the positive outcome in the phase IIa trial, showing a promising safety profile for Tesomet with a reduction in heart rate, rather than an increase seen in patients treated with tesofensine. A new clinical trial in Prader-Willi syndrome (PWS) was recently initiated and is expected to last for about a year. We believe PWS is an attractive indication for pursuing development of Tesomet in terms of time to market, costs for clinical trials and market opportunities. We estimate peak sales potential for Tesomet in PWS of USD 240 million, with a possibility to be on the market in 2021. Adding the PWS indication to our Saniona model is the main reason for us raising our base case fair value to SEK 65 (60). We argue the market underestimate the importance for Tesomet of the positive outcome in the phase IIa clinical trial and the opportunity in PWS.

KP

Klas Palin

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