Biotech Public Equity Monitor - November 2020 - FCF Fox Corporate Finance | FCF Life Sciences
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
FCF Fox Corporate Finance | FCF Life Sciences Biotech Public Equity Monitor – November 2020 (Market Caps: EUR 50m – EUR 1bn) Haemophilus Influenzae Bacteria
Agenda
Executive Summary
FCF Overview
Biotechnology – Therapeutics
Overview
Oncology
Central Nervous System
Infectious Diseases
Immunology
Ophthalmology
Rare Diseases
Respiratory
Diversified
Others
Biotechnology – Miscellaneous
2Executive Summary
The Biotech Public
Biotech Public Equity Monitor Recipients
Equity Monitor is a
standardized report is a comprehensive, standardized valuation analysis for The FCF Life Sciences Public Equity Monitor targets the following
on valuations in the biotechnology and pharmaceutical companies in the micro, small and recipients:
European midcap market segment in Europe ▪ Corporates / Executives ▪ Venture capital investors
biotechnology and ▪ Institutional investors ▪ Family Offices / High-
pharmaceutical ▪ Private equity investors net-worth individuals
segments and is a ▪ Advisors
quick reference for
investors, corporates
and professionals Selection of Companies Availability
The selection of companies is based on the following criteria: The FCF Life Sciences Public Equity Monitor is available on FCF’s
website at “https://www.fcf.de/de/research/life-science-research“
More advanced,
detailed and / or ▪ Companies operating in the biotechnology or pharmaceutical
Data
customized reports ▪ Headquarters located in Europe
are available upon
All input data is provided by S&P Capital IQ and is not independently
request ▪ Current market capitalization (as of November 30th, 2020) is
verified by FCF. Ratio and multiple calculations are driven based on
between EUR 50 million and EUR 1 billion as to focus on the
the input data available. For additional information and disclaimer,
micro - mid cap market segment instead of the large / blue
please refer to the last page
chip Life Sciences companies
▪ Life Sciences companies with a market capitalization below
EUR 50m and above EUR 1 billion were excluded
To recommend colleagues or fellow investors to be added to the
▪ The therapeutics sector was further divided into the following mailing list, kindly send an email with the respective contact
indications: Oncology, Central Nervous System, Infectious information
Diseases, Immunology, Ophthalmology, Rare Diseases,
Respiratory, Diversified and Others
If you have questions, comments or ideas, please do not hesitate
▪ FCF may add additional companies on its own discretion to contact us
(regardless of market capitalization)
3Agenda
Executive Summary
FCF Overview
Biotechnology – Therapeutics
Overview
Oncology
Central Nervous System
Infectious Diseases
Immunology
Ophthalmology
Rare Diseases
Respiratory
Diversified
Others
Biotechnology – Miscellaneous
4FCF Overview
FCF seeks to Who We Are Capital Markets Capabilities and Services
provide its clients ■ Specialized Investment Bank and Financing Specialist
Private / ■ Venture capital ■ Private equity
with financing ■
■ Advising public and private small- / midcap companies Pre-IPO Growth capital
Equity
solutions
■ Initial Public Offering pursued in tandem)
(i) at the lowest ■ Advisor for structuring and placement of financing transactions: (IPO) / Capital increase ■ Private investment in
cost, − All instruments: Unbiased approach to all available corporate Public
■ Dual-track (IPO and Public Equity (PIPE)
financing instruments (no product selling approach), allowing alternative transaction ■ Block trade
(ii) with the highest
for customized financing structures ■ Receivables / Factoring / ■ Working capital /
flexibility,
− All investors: Close and trusted relationships with senior Short-term Asset-backed securities Revolving credit facility
(iii) in the shortest executives of virtually all relevant equity and debt investors Debt ■ Borrowing base / ■ Guarantees /
Inventory Letter of credit
period of time, − Fast process: Process management skills and direct / personal
access to institutional debt and equity investors enable fast ■ Bank loan facility / ■ Promissory note
(iv) with the highest
Debt
Syndicated loans (Schuldscheindarlehen)
closing proba- transactions ■ Sale-and-lease-back / ■ Second lien /
Long-term
bility, and with Leasing Subordinated loans
■ More than 100 transactions with a total placement volume in Debt
■ Corporate bonds (public / ■ Venture debt
(v) financing excess of EUR 4.0 billion since foundation in 2005 private placement) ■ Unitranches
partners that ■ High yield / PIK bond
■ More than 15 professionals headquartered in Munich
integrate well Hybrid ■ Mezzanine capital ■ Convertible bonds
into their strategy
Selected Transactions
Real Estate Sale-and- European Investment Family Office Advisory European Investment Guarantee & Debt Syndicated Loan, Capital Increase and
& Acquisition Round Extension Transaction Support Capital Increase Factoring Facility Investment in
Lease-Back Bank Debt Facility Bank Debt Facility Facilities Factoring and Inventory Round Extension
Financing Facilities Leasing
[confidential] [confidential]
Advisor to AkrosA
HAI Extrusion Germany Hydrogenious LOHC Infrastructure Hydrogenious LOHC Doppstadt
Immunic AG Homegoods Company ROBART GmbH Vasopharm GmbH Synapticon GmbH KMP Holding GmbH Private Equity
GmbH Technologies GmbH Company Technologies GmbH Familienholding GmbH
GmbH & Co. KG
EUR 20m ~ EUR 25m ~ EUR 80m [confidential] [confidential] ~ EUR 20m EUR 17m EUR 80m > EUR 10m [confidential] > EUR 10m
December 2020 October 2020 June 2020 February 2020 December 2019 November 2019 July 2019 July 2019 June 2019 June / January 2019 March 2019 December 2018
Syndicated Loan European Investment European Investment European Investment European Investment Syndicated Loan Bilateral
Acquisition Financing Bilateral Loan Facility Capital Increase Capital Increase Promissory Note
Facility Bank Debt Facility Bank Debt Facility Bank Debt Facility Bank Debt Facility Facility Loan Facility
[confidential] [confidential]
DSD – Duales System
GSE Group Business Service Leading Virtual Ziegler Holzindustrie Schnellecke Group
KMP Holding GmbH censhare AG AMW GmbH Voxeljet AG numares AG MagForce AG Holding
Acquisition by Finexx Provider Reality Company GmbH & Co. KG AG & Co. KG
GmbH & Co. KG
> EUR 15m [confidential] > EUR 10m < EUR 10m EUR 25m EUR 25m EUR 25m EUR 11m EUR 35m EUR 70m EUR 55m EUR 30m
December 2018 April 2018 April 2018 April 2018 December 2017 December 2017 November 2017 November 2017 July 2017 July 2017 June 2017 June 2017
5Overview
Overview Service Portfolio Facts and Figures
Focus on Biotechnology, MedTech and HealthTech Over Over
Life Sciences Life Sciences
Management Team of 100 years EUR 2bn
FCF advises innovative companies on arranging, structuring and placing Advisory in aggregated Life Sciences
Presentation 8
equity and debt transactions in a holistic financing strategy approach. Board Life Sciences transaction
Integrated based in Munich
Together with its industry advisors, FCF Life Sciences provides valuable experience volume1
Financial
support on the strategic positioning of its clients Modeling
Post- Over 4
Access to
Strategic Financing Advisory Transaction 80 Leading regularly
Support > 1000
completed Life EIB advisor published Life
international
FCF advises with its dedicated Life Sciences team on the following Investor Sciences in Europe Sciences
investors
transaction types: Screening transactions1 reports
1 including Professionals and Life Sciences Advisors
Investor / IB
Venture Capital Venture Debt Roadshow
+ +
Life Sciences Research Series
Growth Equity Due
Diligence
Support Venture Capital Monitor Public Equity Monitor
Equity & Debt is a monthly is the most detailed
Life Sciences Team Fundraising
published overview analysis of
Financing of venture capital European publicly
Strategy listed companies,
transactions of Life
Advisory
Sciences companies from the Life
Closing Sciences sectors
Arno Fuchs Dr. Mathias Sebastian Alexander Kuhn Assistance
CEO Schott Sommer Analyst
Director Associate
Term Sheet
Negotiation Venture Capital Report IPO Report
analyses the latest examines recent
IPO
Execution Venture Capital IPO trends in the
Support funding activities in Life Sciences sector,
Life
Dr. Alexandra Goll Claus Schalper Prof. Dr. Enno Spillner the Life Sciences with a strong focus
Science
Former Co-Founder & former Horst Domdey CFO Evotec
General Partner CFO Pieris Pharma Co-Founder of Medigene Advisory sector in Europe on the comparison
TVM Capital & board member BioM Board (extract from
service portfolio) and the US of European and US
characteristics
6Agenda
Executive Summary
FCF Overview
Biotechnology – Therapeutics
Overview
Oncology
Central Nervous System
Infectious Diseases
Immunology
Ophthalmology
Rare Diseases
Respiratory
Diversified
Others
Biotechnology – Miscellaneous
7Indices by Therapeutics Subsector
Market Overview (LTM)
280%
Sector in %
Infectious Diseases +125.4
260%
Ophthalmology +109.0
240%
Respiratory +52.3
220%
Oncology +21.1
200%
Diversified +9.1
180%
Central Nervous System +5.4
160% Others +3.1
140% Rare Diseases -28.8
Immunology -42.8
120%
100%
80%
60%
40%
20%
Dec-2019 Jan-2020 Feb-2020 Mar-2020 Apr-2020 May-2020 Jun-2020 Jul-2020 Aug-2020 Sep-2020 Oct-2020 Nov-2020
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research; Note: Values are based on averages 8Performance Metrics by Subsector
Average Values
Share Price Performance EV / Sales
Ø Values
Free float Capital Cash /
since / Shares Ø3M Sh. Trad. Company Time to Raised Market Cash ROE ROCE Cash / Expected Loss
Subsector # of Comp. 1M 3M YTD IPO p.a. Potential out. / Free Float Age IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2019 CY2020 CY2021 CY2022 TA Profitability (LFY)
Oncology 47 15.1% 6.2% 48.4% 66.3% -1.3% 131.1% 58% 0.30% 18 yrs 10 yrs 329.7 237.0 48.6 190.2 -40.4% -34.2% 24.2x 22.0x 21.2x 14.6x 54% 2024 2.4x
Central Nervous System 10 23.3% 17.2% 46.7% 7.2% -0.8% 95.5% 54% 3.75% 15 yrs 11 yrs 265.5 275.8 70.1 206.1 -51.4% -53.8% 22.6x 16.9x 19.2x 7.0x 69% 2024 1.6x
Infectious Diseases 8 -3.8% 7.2% 19.4% -41.3% -3.1% 124.4% 59% 0.43% 17 yrs 11 yrs 329.9 359.8 42.5 353.9 -43.0% -26.0% 4.1x 12.4x 3.0x 8.9x 52% 2024 12.0x
Immunology 4 41.6% 29.6% 1.3% -60.4% -11.8% 167.3% 64% 0.31% 16 yrs 6 yrs 424.0 127.9 73.1 65.3 -50.7% -53.9% 10.3x 11.1x 4.7x 2.9x 59% >2024 1.2x
Ophthalmology 3 64.5% 75.5% 75.9% -19.7% -5.3% 118.3% 76% 0.74% 20 yrs 7 yrs 230.7 197.3 34.0 176.5 -56.4% -48.0% 34.3x 30.3x 13.4x 15.1x 42% 2024 1.3x
Rare Diseases 8 16.9% 3.8% -4.6% -54.1% -12.7% 124.8% 61% 0.22% 9 yrs 1 yrs 864.1 287.0 64.7 404.6 -33.9% -16.8% 7.1x 6.1x 12.7x 3.3x 31% 2024 2.3x
Respiratory 6 50.6% 27.5% 86.2% 54.3% 50.2% 55.2% 58% 0.37% 16 yrs 10 yrs 281.1 272.6 50.7 222.7 -33.5% -26.9% 10.2x 9.6x 5.4x 2.1x 36% 2024 2.8x
Diversified 29 11.7% 2.0% 127.1% -12.8% -4.7% 216.6% 59% 0.21% 25 yrs 15 yrs 204.0 310.4 24.0 283.2 -6.1% -5.1% 15.4x 17.9x 15.5x 11.2x 45% 2024 2.0x
Others 17 12.4% 11.2% 26.3% 19.8% 0.7% 135.8% 59% 0.34% 13 yrs 8 yrs 183.9 248.6 45.9 226.0 -39.1% -37.1% 15.9x 16.1x 20.4x 7.5x 60% 2024 4.3x
Ø 15 25.8% 20.0% 47.4% -4.5% 1.2% 129.9% 61% 0.74% 16 yrs 9 yrs 345.9 257.4 50.4 236.5 -39.4% -33.5% 16.0x 15.8x 12.8x 8.1x 50% 2024 3.3x
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research; Note: Values are based on averages
9
Note: EV / Sales multiples are capped at a maximum of 100x, ROE and ROCE are capped at a maximum of -100%Agenda
Executive Summary
FCF Overview
Biotechnology – Therapeutics
Overview
Oncology
Central Nervous System
Infectious Diseases
Immunology
Ophthalmology
Rare Diseases
Respiratory
Diversified
Others
Biotechnology – Miscellaneous
10Therapeutics - Oncology
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2019 CY2020 CY2021 CY2022 TA Profitability (LFY)
4SC AG, a clinical-stage biopharmaceutical company, engages in
Deutsche
4SC AG developing small-molecule drugs that target key indications in DEU Oncology 1997 2005 215 76 11 42 -49% -50% 19.2x 46.8x 2.2x na 25% >2024 0.8x
Börse
cancer with high unmet medical needs.
Adaptimmune Therapeutics plc, a clinical-stage
Adaptimmune
biopharmaceutical company, focuses on providing novel cell
Therapeutics GBR Oncology NASDAQ ✓ ✓ 2008 2015 3178 649 67 328 -33% -28% nm nm nm 33.2x 16% >2024 0.5x
therapies primarily to patients with solid tumors in the United
plc
States.
Affimed N.V., a clinical-stage biopharmaceutical company,
Affimed N.V. focuses on discovering and developing cancer immunotherapies DEU Oncology NASDAQ ✓ ✓ 2000 2014 683 395 90 300 -84% -57% 14.0x 9.1x 8.9x 3.8x 83% 2022 2.8x
in the United States, Europe, and Germany.
NASDAQ
Alligator Alligator Bioscience AB (publ) develops antibody-based
SWE Oncology OMX ✓ 2001 2016 43 53 13 42 -113% -107% nm 72.4x nm 2.5x 73% >2024 0.6x
Bioscience AB pharmaceuticals for cancer treatment.
Sweden
Aptorum Group Limited, a pharmaceutical company, engages in
Aptorum the discovery, development, and commercialization of therapeutic
GBR Oncology NASDAQ ✓ ✓ 2010 2018 942 75 4 72 -90% -90% nm nm 91.9x 79.4x 17% >2024 0.2x
Group Ltd. assets to treat diseases with unmet medical needs, particularly
infectious diseases and cancers.
NASDAQ
Ascelia Ascelia Pharma AB (publ) operates as an oncology-focused
SWE Oncology OMX 2000 2019 19 113 14 92 -38% -36% na na na na 52% >2024 1.9x
Pharma AB orphan drug development company in Sweden.
Sweden
Autolus Autolus Therapeutics plc, a clinical-stage biopharmaceutical
Therapeutics company, develops T cell therapies for the treatment of GBR Oncology NASDAQ ✓ ✓ 2014 2018 740 459 151 353 -59% -56% nm nm nm 55.5x 56% >2024 1.4x
plc hematological malignancies and solid tumors.
Avacta Group Plc offers reagents and therapeutics based on
Avacta Group AIM
Affimer technology for diagnostic and research applications in the GBR Oncology ✓ 2003 2006 149 340 60 281 -17% -20% 61.1x 64.8x 32.4x na 72% >2024 4.6x
plc London
United Kingdom, North America, Asia, and rest of Europe.
BerGenBio ASA, a clinical-stage biopharmaceutical company, NASDAQ
BerGenBio
develops medicines to treat immune evasive, drug resistant, and NOR Oncology OMX ✓ 2007 2017 128 254 71 184 -32% -33% nm na na 4.2x 98% >2024 3.5x
A.S.A.
metastatic cancers. Norway
Bicycle Bicycle Therapeutics plc, a clinical-stage biopharmaceutical
Therapeutics company, develops a class of medicines for diseases that are GBR Oncology NASDAQ ✓ ✓ 2009 2019 509 381 128 267 -35% -26% 21.7x 28.4x 30.4x 34.1x 88% >2024 4.7x
plc underserved by existing therapeutics.
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 11
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Therapeutics - Oncology
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
ATS 4%
Santo Holding 54%
24%
4SC AG 1.7 1.1 2.6 -2% -9% -22% na -15% 1 4.9 197% 46% Beteiligungsverwaltu 76% Egger, Wolfgang 46.0% 0.08%
(Deutschland) GmbH 96%
ng GmbH
Adaptimmune Matrix Capital 11% 7%
25%
New Enterprise RA Capital
Therapeutics 4.2 0.9 11.2 8% -41% 290% -72% -20% 5 8.7 108% Management 75%
89% 93% 47.9% 0.19%
Associates, Inc. Management, L.P.
plc Company, LLC
7% 6% 5%
New Enterprise Millennium
Affimed N.V. 4.5 1.2 4.6 65% 54% 82% -17% -3% 5 6.6 48% 93% BlackRock, Inc. 94% 95% 83.0% 0.53%
Associates, Inc. Management LLC
Banque Internationale
19%
9%
Sunstone Life 8%
Alligator a Luxembourg SA,
0.7 0.5 1.2 -4% -21% -26% -77% -31% 3 1.4 89% 81% Sjögren, Jonas 91% Science Ventures 92% 69.3% na
Bioscience AB Asset Management
A/S
Arm
15% 1%
Aptorum 38%
2.2 1.0 15.3 23% 29% -84% -84% -61% 3 10.4 372% Huen, Chung Yuen Lui, Darren 85% Wu, Justin 22.5% na
Group Ltd. 62%
99%
Sunstone Life 16% 10%
15% 5%
Ascelia CMC SPV of 3 April Handelsbanken
3.9 1.4 4.5 16% 37% 75% 66% 34% 1 5.1 29% Science Ventures 84% 85%
90% 95% 59.8% na
Pharma AB 2017 AB Asset Management
A/S
Autolus Capital Research 8%
Syncona Investment 28% 27%
Therapeutics 8.8 2.5 14.4 -5% -25% -26% -40% -19% 8 24.3 177% 72% Kellner, Petr 73% and Management 92% 34.1% na
Management Limited
plc Company
Barclays Bank PLC,
Jarvis Securities plc, 7%
A J Bell Holdings 6% 5%
Avacta Group Wealth and
1.4 0.1 2.4 -25% -23% 565% na -10% 2 3.1 128% Asset Management 93% Limited, Asset 94% 95% 92.9% nm
plc Investment
Arm Management Arm
Management Division
8% 6%
BerGenBio 26% Nordea Investment
2.9 1.1 5.1 17% -6% 17% 7% 2% 4 5.6 93% Meteva AS 74% Investinor AS 92% 94% 60.3% na
A.S.A. Management AB
Bicycle Tybourne Capital 10% 10% 10%
SV Health Investors, GSK Equity
Therapeutics 17.9 6.3 18.1 13% 19% 112% 42% 26% 8 22.8 28% Management (HK) 90% 90% 90% 21.2% na
LLC Investments Limited
plc Ltd.
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
12
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageTherapeutics - Oncology
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2019 CY2020 CY2021 CY2022 TA Profitability (LFY)
BioInvent BioInvent International AB (publ) focuses on the research and NASDAQ
International development of immunomodulating antibodies for the treatment of SWE Oncology OMX ✓ 1996 2001 168 157 61 97 -22% -22% 10.8x 2.7x 1.8x na 91% 2020 4.6x
AB cancer in Sweden, Europe, the United States, and internationally. Sweden
Cantargia AB (publ), a biotechnology company, engages in the NASDAQ
Eckert &
research and development of antibody-based therapies for SWE Oncology OMX 2010 2015 74 620 27 581 -37% -37% nm nm 4.2x nm 63% >2024 2.5x
Ziegler AG
serious diseases. Sweden
Cellectis S.A., a clinical stage biotechnological company,
develops immuno-oncology products based on gene-edited T- Euronext
Cellectis S.A. FRA Oncology ✓ 1999 2007 1285 863 222 714 -24% -20% 34.9x 11.5x 10.8x 12.0x 54% >2024 2.4x
cells that express chimeric antigen receptors to target and Paris
eradicate cancer cells.
Celon Pharma S.A., an integrated pharmaceutical company, Warsaw
Celon Pharma
researches, manufactures, and markets drugs to treat cancers, POL Oncology Stock 2002 2016 57 411 7 407 6% 3% 16.9x 12.2x 10.7x 7.0x 4% Profitable na
S.A.
neurological diseases, diabetes, and other metabolic disorders. Exchange
Celyad Oncology, a clinical-stage biopharmaceutical company,
Celyad Euronext
focuses on the development of CAR-T cell-based therapies for BEL Oncology ✓ 2004 2013 611 114 27 91 -97% -42% nm 37.4x 16.2x 7.6x 35% >2024 0.9x
Oncology S.A. Brussels
the treatment of cancer.
Nordic
Dextech Dextech Medical AB develops drug candidates for application in
SWE Oncology Growth 2004 2014 6 78 nm 78 -63% -63% nm na na na na >2024 na
Medical AB urological oncology primarily for prostate cancer.
Market
EXACT EXACT Therapeutics AS, a clinical stage biotech company, NASDAQ
Therapeutics develops a technology platform for targeted therapeutic NOR Oncology OMX 2012 2020 14 75 2 71 -36% -38% 94.0x na na na 46% >2024 1.6x
AS enhancement, Acoustic Cluster Therapy (ACT). Norway
F-star F-star Therapeutics, Inc., a clinical-stage biopharmaceutical
Therapeutics, company develops tetravalent bispecific antibodies for cancer GBR Oncology NASDAQ ✓ ✓ na 2020 4 57 nm 57 na na na 18.3x 18.3x na na >2024 na
Inc. therapy.
Nordic
Hamlet Hamlet Pharma AB (publ), a pharmaceutical company, engages
SWE Oncology Growth ✓ na 2015 4 78 1 77 -261% -261% na na na na 62% >2024 0.8x
Pharma AB in the research and development of cancer drugs.
Market
Heidelberg Pharma AG, a biopharmaceutical company, focuses
Heidelberg Deutsche
on oncology and antibodies, and specializes in antibody drug DEU Oncology 1997 2006 165 162 9 153 -91% -94% 20.3x 16.1x 11.5x 9.5x 36% 2023 0.9x
Pharma AG Börse
conjugates in Germany.
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 13
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Therapeutics - Oncology
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
BioInvent 13% 11% 6%
Van Herk Omega Fund
International 0.2 0.1 0.2 nm 15% 41% na -15% na na na 87% 89% AP Fonden 4 94% 66.2% 0.19%
Investments B.V. Management, LLC
AB
8% 7%
Alecta 7%
Eckert & Swedbank Robur Pensionsförsäkring
6.8 1.3 7.0 28% 147% 254% 113% 14% 1 6.4 -6% AP Fonden 4 92% 93% 93% 94.9% 0.08%
Ziegler AG Fonder AB AB, Asset
Management Arm
10% 10%
Capital Research 8%
ARK Investment Bpifrance
Cellectis S.A. 20.3 6.6 20.7 48% 33% 29% 98% 5% 1 20.5 1% 90% 90% and Management 92% 61.7% 0.87%
Management LLC Participations SA
Company
Generali 9%
Investors 4%
Celon Pharma 33% Powszechne Towarzystwo
9.1 5.1 11.2 25% -5% 0% 140% 24% 3 7.8 -14% Glatton Sp. z o.o. 91% 33.3% na
S.A. 67%
Towarzystwo Funduszy 96%
Emerytalne S A Inwestycyjnych S.A.
16% 6%
Wellington 2%
Celyad Victory Capital
8.2 4.5 12.1 30% nm -15% -51% -9% 3 17.7 116% Tolefi SA 94% Management Group 65.5% 1.13%
Oncology S.A. Management Inc. 98%
LLP
10% 10%
Dextech 27%
5.3 3.6 8.0 17% -2% -25% 351% 26% na na na Wadman, Svante 73% Holmberg, Anders R. 90% Nilsson, Sten 90% 23.8% 0.01%
Medical AB
EXACT 6% 0% 0%
Sontum, Per
Therapeutics 2.5 2.4 5.0 -2% -25% -15% -99% -94% na na na 94% Pettersen, Stig Jarle 100 Provost, Jean-Claude 100 93.1% na
Christian % %
AS
F-star 19% MP Healthcare 12%
35%
Therapeutics, 5.9 3.3 6.3 na na nm na na 1 22.2 278% Aescap Venture 65%
TVM Capital GmbH 81% Venture 88% 0.0% na
Inc. Management, Inc.
8% 4%
Hamlet 50% Nordnet AB, Asset
2.3 1.2 4.1 17% 21% -34% na 24% na na na Svanborg, Catharina 92% Avanza Fonder AB 46.5% 0.22%
Pharma AB 50%
Management Arm 96%
dievini Hopp BioTech 4% 3%
Heidelberg DH-Holding
5.2 2.1 9.1 65% 29% 146% -62% -7% 3 5.9 13% holding GmbH & Co. UCB SA 19.6% 0.19%
Pharma AG Verwaltungs GmbH 97%
KG 73%
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
14
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageTherapeutics - Oncology
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2019 CY2020 CY2021 CY2022 TA Profitability (LFY)
Hybrigenics Hybrigenics Société Anonyme comprises biopharmaceutical Euronext
FRA Oncology na 2019 na 53 nm 53 na na na na na na na >2024 na
S.A. company. Paris
Immatics N.V., a clinical-stage biopharmaceutical company,
focuses on the discovery and development of T cell receptor
Immatics N.V. DEU Oncology NASDAQ ✓ ✓ 2000 2020 466 535 234 282 -182% -30% 15.3x 9.6x 8.9x 9.4x 83% >2024 7.4x
(TCR) based immunotherapies for the treatment of cancer in the
United States.
NASDAQ
Immunicum
Immunicum AB (publ) develops therapeutic cancer vaccines. SWE Oncology OMX na 2013 74 69 19 50 -64% -63% na na na na 97% >2024 1.5x
AB
Sweden
Innate Pharma S.A., a biotechnology company, discovers and
Innate Pharma Euronext
develops therapeutic antibodies for the treatment of oncology FRA Oncology ✓ 1999 2006 181 361 132 232 -21% -18% 2.7x 2.6x 3.5x 3.5x 39% >2024 6.3x
S.A. Paris
indications in France and internationally.
Isofol Medical AB (publ), a biotech company, develops, NASDAQ
Isofol Medical
commercializes, and sells oncology drugs in Sweden and SWE Oncology OMX 2008 2017 59 136 15 122 -159% -156% na 24.9x 86.5x 20.8x 82% >2024 0.9x
AB
internationally. Sweden
Medigene AG, a clinical stage immuno-oncology company,
Deutsche
Medigene AG focuses on the development of T cell immunotherapies for the DEU Oncology ✓ 1994 2000 131 91 20 56 -33% -28% 5.3x 5.6x 2.3x 2.2x 21% 2023 1.0x
Börse
treatment of cancer.
Merus N.V., a clinical-stage immuno-oncology company, engages
Merus N.V. in the discovery and development of bispecific antibody NLD Oncology NASDAQ ✓ ✓ 2003 2016 1024 417 119 259 -98% -45% 9.3x 11.0x 8.5x 9.1x 65% >2024 2.4x
therapeutics in the Netherlands.
Swiss
Molecular Molecular Partners AG operates as a clinical-stage
CH Oncology Stock ✓ 2004 2014 285 533 44 474 -156% -108% 25.3x 15.6x 6.8x 6.4x 65% >2024 1.3x
Partners AG biopharmaceutical company.
Exchange
Nanobiotix Nanobiotix SA operates as a clinical-stage nanomedicine Euronext
FRA Oncology ✓ 2003 2012 174 322 27 347 na -162% nm nm nm nm 59% >2024 0.5x
S.A. company for the treatment of cancer worldwide. Paris
Nordic NASDAQ
Nordic Nanovector ASA, a biopharmaceutical company, develops
Nanovector NOR Oncology OMX ✓ 2009 2014 145 105 35 70 -153% -157% na na na nm 93% >2024 0.8x
and commercializes therapeutics for haematological cancers.
A.S.A. Norway
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 15
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Therapeutics - Oncology
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
0% 0%
Hybrigenics Diagnostic Medical 20%
0.2 0.1 0.8 23% 21% 125% na 92% na na na - 100 - 100 0.0% na
S.A. Systems S.A. 80%
% %
dievini Hopp BioTech 10% 8%
26% ARYA Sciences
Immatics N.V. 8.5 7.3 14.4 -5% 11% -36% na -21% 5 14.3 68% holding GmbH & Co. 74%
90% AT Impf GmbH 92% 47.7% na
Holdings
KG
9% 8% 5%
Immunicum Nordnet AB, Asset
0.7 0.5 1.3 -6% -22% -26% -22% -3% na na na Avanza Fonder AB AP Fonden 4 90.5% 0.05%
AB 91% 92%
Management Arm 95%
12% 9% 8%
Innate Pharma Bpifrance
4.6 2.9 7.5 34% -15% -23% 1% 0% 4 8.0 75% Novo Nordisk A/S 88% AstraZeneca PLC 91% 92% 67.3% 0.83%
S.A. Participations SA
4% 4% 3%
Isofol Medical Handelsbanken Swedbank Robur
1.6 0.4 2.1 17% 19% -15% -46% -15% 2 2.7 67% Biofol AB 96% 96% 95.4% na
AB Asset Management Fonder AB 97%
Aviva Investors 9% 1% 1%
Deutsche Asset & Dimensional Fund
Medigene AG 3.7 2.9 7.2 12% -23% -8% na -18% 3 6.9 86% Global Services 91% 100.0% 0.23%
Wealth Management 99%
Advisors L.P. 99%
Limited
11% 9%
19%
Federated Hermes,
Merus N.V. 14.3 8.5 17.3 37% 42% 14% 62% 11% 7 16.0 12% BVF Partners LP 81% Incyte Corporation 89% 91% 48.3% 0.34%
Inc.
4% 7% 6%
Molecular Hansjoerg Wyss, Suvretta Capital
19.5 10.2 23.0 3% 8% 20% 5% 1% 6 25.4 30% BVF Partners LP 93% 94% 68.4% 0.06%
Partners AG 96%
Jackson Management, LLC
5% 3%
Natixis Investment 2%
Nanobiotix
12.4 3.5 14.8 108% 81% 49% 106% 9% 4 23.8 93% Amiral Gestion SA 95% Lévy, Laurent Managers 95.9% 0.39%
S.A. 97% 98%
International
Nordic 8% 6% 3%
Nanovector 1.3 0.9 3.3 6% -38% -59% -64% -15% 2 2.0 50% HealthCap 92% Folketrygdfondet 94% Om Holding As 97% 80.8% 0.24%
A.S.A.
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
16
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageTherapeutics - Oncology
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2019 CY2020 CY2021 CY2022 TA Profitability (LFY)
NuCana plc, a clinical-stage biopharmaceutical company,
NuCana plc engages in the development of products for the treatment of GBR Oncology NASDAQ ✓ ✓ 1997 2017 792 193 111 83 -24% -27% na na na na 84% >2024 4.4x
cancer.
Oasmia Oasmia Pharmaceutical AB (publ) develops, manufactures, NASDAQ
Pharmaceutic markets, and sells drugs in the field of human and veterinary SWE Oncology OMX ✓ 1988 2005 166 183 5 158 -3% -5% nm na nm 8.8x 5% 2023 0.2x
al AB oncology primarily in Sweden. Sweden
Oncodesign Société Anonyme, a biotechnology company,
Oncodesign conducts research and development work on new therapeutic Euronext
FRA Oncology 1995 2014 13 75 nm 75 na na 2.1x 2.1x 1.8x 1.5x na Profitable na
S.A. and diagnostic tools along with pharmaceutical firms, biotech Paris
companies, public research institutions, and investment groups.
Onxeo SA, a clinical-stage biotechnology company, designs and
Euronext
Onxeo S.A. develops oncology drugs for tumor DNA repair functions FRA Oncology ✓ 1997 2005 132 59 20 47 -61% 14% 10.9x 27.6x 5.6x 2.6x 38% 2022 0.6x
Paris
worldwide.
Oryzon Genomics S.A., a clinical phase biopharmaceutical
Oryzon Madrid
company, engages in the discovery and development of
Genomics ESP Oncology Stock 2000 2015 71 167 45 137 -4% -4% 13.3x na na na 46% >2024 12.1x
epigenetics-based therapeutics for the treatment of oncological
S.A. Exchange
and CNS disorders.
OSE Immunotherapeutics SA, a clinical-stage biotechnology
OSE
company, focuses on the development of immunotherapies for Euronext
Immunotherap FRA Oncology ✓ na 2015 40 111 23 108 -15% -16% 4.2x 8.7x 4.5x 1.0x 25% 2021 4.9x
immune activation and regulation in the fields of immuno- Paris
eutics S.A.
oncology and autoimmune diseases.
Oxford Biomedica plc, a biopharmaceutical company, engages in
London
Oxford the research, development, and bioprocessing of lentiviral vector
GBR Oncology Stock ✓ 1995 1996 311 794 56 750 -12% -10% 9.9x 7.9x 5.8x 5.5x 32% 2021 2.9x
Biomedica plc and cell therapy products for the treatment of various diseases in
Exchange
Europe and internationally.
PCI Biotech Holding ASA, a biopharmaceutical company, focuses
NASDAQ
PCI Biotech on the development and commercialization of novel therapies for
NOR Oncology OMX 2000 2008 73 93 19 74 -34% -41% 77.5x na na na 89% >2024 2.1x
Holding A.S.A. the treatment of cancer through its photochemical internalization
Norway
(PCI) technology platform.
ProQR ProQR Therapeutics N.V., a biopharmaceutical company,
Therapeutics engages in the discovery and development of RNA-based NLD Oncology NASDAQ ✓ ✓ 2012 2014 899 165 89 109 -76% -57% 56.6x 12.7x 40.9x 12.7x 81% >2024 1.6x
N.V. therapeutics for the treatment of genetic disorders.
Redx Pharma Redx Pharma Plc engages in drug discovery, pre-clinical AIM
GBR Oncology 2010 2015 79 122 2 124 -270% -102% 28.3x 11.3x na na 22% >2024 0.4x
plc development, and licensing activities in the United Kingdom. London
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 17
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Therapeutics - Oncology
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
Capital Research 18% 14%
Sofinnova 24%
Sofinnova Partners
NuCana plc 3.8 3.2 8.9 -6% -15% -30% -70% -31% 7 14.0 267% 76% and Management 82% 86% 48.0% na
Investment, Inc. SAS
Company
Oasmia Per Arwidsson 7% 3%
25%
Nordnet AB, Asset
Pharmaceutic 0.4 0.4 1.1 5% -10% 3% na -10% 1 0.6 55% Private and Arwidsro 75% Avanza Fonder AB 93% 68.3% 0.16%
Management Arm 97%
al AB Investment Ab
3%
Aviva Investors 2% 0%
Oncodesign Oddo Bhf Asset
11.0 5.6 15.2 20% 9% 14% 50% 6% 4 15.6 42% Global Services Claresco Finance 100 46.2% 0.53%
S.A. Management SAS 97% 98%
%
Limited
11% 10% 1%
Financiére de la Dimensional Fund
Onxeo S.A. 0.8 0.3 1.0 26% 9% 36% -94% -17% 1 1.2 62% Artal Group S.A. 89% 90% 78.3% 0.25%
Montagne Advisors L.P. 99%
Oryzon 6% 6% 4%
Arjol, Carlos Manuel Arriendos Venferca,
Genomics 2.8 1.5 3.9 3% -1% 0% na -10% 2 10.8 287% 94% Maes, Tamara 94% 81.8% 0.10%
Buesa S.L. 96%
S.A.
OSE 18%
13% 5%
Costantini, MS Medical Synergy
Immunotherap 7.2 2.8 10.5 nm 12% 95% -33% -7% 4 10.8 49% Loria, Emile 82% 87% 95% 52.8% 0.08%
Dominique S.A.
eutics S.A.
12%
Vulpes Investment 13% 10%
Oxford M&G Investment
9.7 4.0 10.0 8% nm 26% 985% 10% 8 11.4 18% 88% Management Private 87% Novo Holdings A/S 90% 72.9% 0.11%
Biomedica plc Management Limited
Ltd
10% 8% 6%
PCI Biotech
2.5 1.8 8.2 30% -44% -68% nm 0% na na na Erik Must AS 90% Myrlid AS 92% MP Pensjon 94% 75.8% 0.06%
Holding A.S.A.
ProQR 10%
Wellington 9% 9%
RTW Investments, Adage Capital
Therapeutics 3.3 3.0 9.2 4% -33% -63% -67% -16% 6 17.8 441% 90% Management Group 91% 91% 73.4% 0.05%
LP Management, L.P.
N.V. LLP
6% 3%
Redx Pharma 7%
AXA Investment Sofinnova Partners
0.6 0.1 1.1 -14% 9% 555% -45% -10% na na na Redmile Group, LLC 94% 0.5% 1.86%
plc 93%
Managers S.A. SAS 97%
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
18
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageTherapeutics - Oncology
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2019 CY2020 CY2021 CY2022 TA Profitability (LFY)
Ryvu Ryvu Therapeutics S.A., a clinical stage biopharmaceutical Warsaw
Therapeutics company, engages in developing of novel small molecule POL Oncology Stock 2007 2011 75 209 36 174 -13% -13% 17.4x 27.0x 33.7x 19.0x 56% >2024 4.3x
S.A. therapies for treatment of oncology. Exchange
Scancell Scancell Holdings plc engages in the discovery and development AIM
GBR Oncology ✓ 1997 2008 69 106 4 102 -72% -88% na na na na 41% >2024 0.6x
Holdings plc of novel vaccines for the treatment of various cancers. London
Targovax ASA, a clinical stage immuno-oncology company, NASDAQ
Targovax
engages in the development of oncolytic viruses to target hard-to- NOR Oncology OMX na 2014 49 57 7 56 -34% -26% nm 83.5x 90.4x 27.2x 15% >2024 0.5x
A.S.A.
treat solid tumors. Norway
Tiziana Life Sciences Plc, a clinical stage biotechnology
Tiziana Life company, focuses on the discovery and development of AIM
GBR Oncology ✓ 2013 2014 156 182 8 176 -159% -158% na na na na 69% >2024 1.0x
Sciences plc molecules and related diagnostics to treat diseases in oncology London
and immunology in the United Kingdom.
Transgene SA, a biotechnology company, designs, develops, and
Transgene Euronext
produces therapeutic vaccines and oncolytic viruses for the FRA Oncology ✓ 1979 1998 619 143 7 139 -9% -27% 10.4x 1.6x 11.4x 1.4x 7% 2020 0.4x
S.A. Paris
treatment of cancer and infectious diseases.
NASDAQ
Ultimovacs Ultimovacs ASA, a pharmaceutical company, develops
NOR Oncology OMX 2011 2019 38 157 41 116 -24% -23% na na na na 83% >2024 6.7x
A.S.A. immunotherapies for various cancers.
Norway
NASDAQ
Xspray Xspray Pharma AB (publ) engages in developing protein kinase
SWE Oncology OMX 2003 2017 51 292 11 281 -16% -16% na na na na 32% >2024 2.5x
Pharma AB inhibitors for targeted cancer treatments in Sweden.
Sweden
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 19
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Therapeutics - Oncology
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
Ryvu Nationale- 9%
Forum Towarzystwo 6%
Przewiezlikowski, 27%
Therapeutics 11.4 6.3 17.4 5% -17% 9% 720% 25% 1 16.7 46% 73% Nederlanden 91% Funduszy 94% 62.4% 0.05%
Pawel Tadeusz
S.A. Powszechne S.A. Inwestycyjnych S.A.
Vulpes Investment 15% 0%
Scancell 29% Investec Wealth &
0.1 0.0 0.2 -14% 38% 51% -83% -13% na na na Redmile Group, LLC 71% Management Private 85% 100 71.9% 0.09%
Holdings plc Investment Limited %
Ltd
16% 6% 6%
Targovax Nordea Investment
0.7 0.3 1.1 21% -1% -26% na -20% 2 1.6 135% HealthCap 84% 94% RADFORSK 94% 68.9% 0.02%
A.S.A. Management AB
16% 7%
Tiziana Life ### Cerrone, Gabriele 33% Empery Asset HighTower Advisors,
0.9 0.3 3.3 -42% -37% 93% na 17% 1 12.2 1203% 67%
84% 93% 30.5% 0.02%
Sciences plc ## Marco Antonio Management, LP LLC
5% 0%
Transgene 40% Groupe Industriel LA Banque Postale
1.7 0.8 2.1 26% 21% 10% -87% -9% 2 2.5 47% Merieux, Alain 95%
100 34.7% 0.20%
S.A. 60%
Marcel Dassault S.A. Asset Management %
7%
18%
Ultimovacs 31% GJELSTEN
4.9 2.6 7.2 11% 4% 23% 54% 33% 1 8.0 63% Einarsson, Jonas 69%
82% Canica AS 93% 56.7% na
A.S.A. HOLDING AS
15% 10% 8%
Xspray Östersjöstiftelsen, Swedbank Robur
15.4 4.1 26.1 19% 20% 94% 570% 81% na na na 85% Ribbskottet AB 90% 92% 84.7% na
Pharma AB Endowment Arm Fonder AB
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
20
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageAgenda
Executive Summary
FCF Overview
Biotechnology – Therapeutics
Overview
Oncology
Ce nt r a l Ne r vous S ys t e m
Infectious Diseases
Immunology
Ophthalmology
Rare Diseases
Respiratory
Diversified
Others
Biotechnology – Miscellaneous
21Therapeutics - Central Nervous System
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2019 CY2020 CY2021 CY2022 TA Profitability (LFY)
AC Immune SA, a clinical stage biopharmaceutical company,
AC Immune discovers, designs, and develops therapeutic and diagnostic Central Nervous
CH NASDAQ ✓ ✓ 2003 2016 850 356 164 129 -27% -25% 1.3x 8.8x 2.8x 6.1x 69% Profitable na
S.A. products for the prevention, diagnosis, and treatment of System
neurodegenerative diseases associated with protein misfolding.
Acacia Pharma Group plc, a hospital pharmaceutical company,
Acacia
discovers, develops, and commercializes pharmaceutical Central Nervous Euronext
Pharma Group GBR ✓ 2007 2018 65 212 22 198 -97% -78% na nm 29.2x na 66% >2024 1.1x
products for the patients undergoing surgery, other invasive System Brussels
plc
procedures, or cancer chemotherapy treatments.
BioArctic AB (publ), a research intensive biopharmaceutical NASDAQ
Central Nervous
BioArctic AB company, develops biological drugs for patients with SWE OMX 1992 2017 73 814 99 717 -8% -7% 26.6x nm 48.7x nm 96% Profitable na
System
neurodegenerative disease in Sweden. Sweden
IRLAB IRLAB Therapeutics AB (publ), a research and development NASDAQ
Central Nervous
Therapeutics company, develops drugs for the treatment of Parkinson’s SWE OMX ✓ na 2017 47 199 16 183 -40% -40% nm na na na 64% >2024 1.8x
System
AB disease. Sweden
Central Nervous Euronext
MedinCell S.A. MedinCell S.A. develops various therapeutic solutions. FRA na 2018 40 239 12 260 na -93% 42.9x 12.6x 18.1x na 45% >2024 0.6x
System Paris
NASDAC
Orphazyme A/S, a biopharmaceutical company, develops
Orphazyme Central Nervous OMX
therapies for the treatment of neurodegenerative orphan DNK 2009 2017 212 290 82 219 -84% -75% na nm 8.5x 4.3x 90% >2024 1.8x
A/S System Copenhag
diseases.
en
Pharnext SA, a clinical-stage biopharmaceutical company,
Central Nervous Euronext
Pharnext S.A. develops therapies for orphan and common neurodegenerative FRA 2007 2016 31 72 24 70 na -93% 19.6x 44.0x 40.0x na 83% 2020 1.0x
System Paris
diseases in France.
Prothena Prothena Corporation plc, a clinical-stage neuroscience
Central Nervous
Corporation company, focuses on discovery and development of novel IRL NASDAQ ✓ ✓ 2012 2012 1213 378 268 127 -49% -32% nm nm 1.8x 10.6x 88% >2024 3.9x
System
plc therapies for life-threatening diseases in the United States.
Theranexus société anonyme, a biopharmaceutical company,
Theranexus Central Nervous Euronext
develops drug candidates for the treatment of central nervous FRA ✓ 2013 2017 23 64 11 57 -72% -63% nm 2.3x 4.5x na 74% 2021 2.0x
S.A. System Paris
system disorders.
Vivoryon Vivoryon Therapeutics AG, a clinical stage biopharmaceutical Euronext
Central Nervous
Therapeutics company, engages in the research and development of DEU Amsterda ✓ ✓ 1997 2014 102 134 4 100 -35% -33% na na na na 10% >2024 0.5x
System
AG therapeutic products for the treatment of Alzheimer’s disease. m
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 22
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Therapeutics - Central Nervous System
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
dievini Hopp BioTech 17% 14%
AC Immune 25%
4.6 3.4 10.9 12% -28% -39% -53% -16% 4 10.3 122% holding GmbH & Co. 75% Varuma AG 83% BVF Partners LP 86% 39.8% na
S.A.
KG
Acacia Cosmo 21% 20%
15%
Gilde Healthcare Lundbeckfond Invest
Pharma Group 2.4 1.6 3.9 31% 12% 15% -33% -13% na na na Pharmaceuticals 79% 80% 85% 39.0% na
Partners B.V. A/S
plc N.V.
5%
24%
36%
BioArctic AB 9.2 4.6 12.5 6% 6% 2% 268% 51% 3 16.0 73% Lannfelt, Lars 64%
Gellerfors, Pär 76% AP Fonden 4 95% 40.2% na
IRLAB 8%
Ancoria Insurance 8% 8%
Therapeutics 4.1 1.3 5.7 -2% 25% 17% -35% -11% na na na Avanza Fonder AB 92% Public Ltd., Asset 92% FV Group AB 92% 78.9% na
AB Management Arm
10% 9% 7%
Crédit Mutuel
MedinCell S.A. 10.8 4.4 20.0 33% 53% 57% 49% 20% 1 11.8 9% Nguyen, Sabine 90% Nguyen, Anh 91% 93% 51.5% na
Innovation
7%
Sunstone Life 5%
9% 5%
Orphazyme
8.4 7.8 18.5 3% -30% -14% -22% -8% 2 19.3 131% Orpha Pooling B.V. 93% Science Ventures 91%
95% Aescap Venture 95% 64.3% na
A/S
A/S
21%
15% Tasly 14%
Pharnext S.A. 3.8 2.5 7.0 21% 6% -34% -65% -21% 1 11.3 201% CB Lux 79% Lohas S.À R.L. 85% Pharmaceutical 86% 50.6% na
Group Co., Ltd
Prothena 9% 9%
24%
OrbiMed Advisors
Corporation 9.5 5.9 14.8 1% -10% -33% na na 5 13.5 43% EcoR1 Capital, LLC 76% BlackRock, Inc. 91% 91% 43.8% 3.75%
LLC
plc
9% 9%
17%
Theranexus
17.4 1.9 18.1 72% 90% 472% 12% 4% 2 23.2 33% Auriga Partners 83% Charvériat, Mathieu 91% Mouthon, Franck 91% 46.9% na
S.A.
Vivoryon 10% 6%
Mackenzie 5%
Lupus Alpha Asset
Therapeutics 6.7 3.2 8.5 55% 48% 24% -56% -12% 2 17.0 153% MorphoSys AG 90% 94% Investments Europe 86.9% nm
Management GmbH 95%
AG Limited
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
23
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageAgenda
Executive Summary
FCF Overview
Biotechnology – Therapeutics
Overview
Oncology
Central Nervous System
Infectious Diseases
Immunology
Ophthalmology
Rare Diseases
Respiratory
Diversified
Others
Biotechnology – Miscellaneous
24Therapeutics - Infectious Diseases
Share Price Analysis & Shareholding Structure
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2019 CY2020 CY2021 CY2022 TA Profitability (LFY)
ABIVAX Société Anonyme discovers and optimizes drugs for the
Infectious Euronext
ABIVAX S.A. treatment of inflammatory diseases, infectious diseases, and FRA ✓ 2013 2015 90 285 12 297 -332% -108% nm 42.0x 3.8x 28.5x 24% >2024 0.4x
Diseases Paris
cancer in France.
Basilea Pharmaceutica AG, a commercial stage
Basilea Swiss
biopharmaceutical company, focuses on the development of Infectious
Pharmaceutic CH Stock ✓ 2000 2004 781 529 56 612 -4% -3% 4.9x 4.9x 4.4x 3.2x 30% 2022 2.7x
products that address the medical needs in the therapeutic areas Diseases
a AG Exchange
of oncology and anti-infectives.
Destiny Pharma plc, a clinical stage biotechnology company,
Destiny focuses on the discovery, development, and commercialization of Infectious AIM
GBR 1996 2017 29 43 6 37 -94% -113% nm na na na 90% >2024 1.1x
Pharma plc medicines for the treatment of infectious diseases in the United Diseases London
Kingdom.
Galecto, Inc., a clinical-stage biotechnology company, develops
Infectious
Galecto, Inc. molecules for the treatment of fibrosis, cancer, inflammation, and DNK NASDAQ ✓ ✓ 2011 2020 126 315 32 284 -108% -67% na na na 16.5x 88% 2023 1.0x
Diseases
other related diseases.
Nabriva Nabriva Therapeutics plc, a biopharmaceutical company,
Infectious
Therapeutics engages in the development and commercialization of novel anti- IRL NASDAQ ✓ ✓ 2005 2015 947 54 35 27 -206% -153% 3.1x 7.0x 1.7x 0.8x 72% 2023 0.5x
Diseases
plc infective agents to treat serious infections.
Swiss
Polyphor AG, a clinical stage biopharmaceutical company, Infectious
Polyphor AG CH Stock 1996 2018 130 80 41 47 -218% -141% nm 3.5x 3.1x 2.4x 76% >2024 0.7x
focuses on developing macrocycle drugs for cancer. Diseases
Exchange
Relief Therapeutics Holding AG, a clinical stage biotechnology
Relief Swiss
company, engages in developing treatment solutions for Infectious
Therapeutics CH Stock ✓ na 2016 na 991 2 992 6% -14% na na na na 5% >2024 0.2x
indications related to diabetic complications and respiratory Diseases
Holding AG Exchange
diseases.
Valneva SE, a specialty vaccine company, engages in developing
Infectious Euronext
Valneva SE and commercializing vaccines for infectious diseases with unmet FRA ✓ 1999 2007 206 581 156 536 -80% -20% 4.2x 4.4x 1.9x 2.3x 35% 2021 89.6x
Diseases Paris
needs.
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
25
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageTherapeutics - Infectious Diseases
General Information & Valuation Metrics
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
12% 0%
54% Sofinnova Partners Lupus Alpha Asset
ABIVAX S.A. 23.3 10.4 26.0 25% 35% 3% 9% 2% 5 36.0 54% Truffle Capital S.A.S. 46% 88% 100 33.8% 0.29%
SAS Management GmbH %
Credit Suisse,
Basilea Basilea 10% 7% 6%
Investment Banking UBS Asset
Pharmaceutic 49.0 27.0 56.5 17% 5% 13% -22% -1% 7 78.0 59% Pharmaceutica 90% 93% 94% 87.6% 0.85%
and Securities Management
a AG International Ltd.
Investments
16% 11% 7%
Destiny Rosetta Capital
0.7 0.3 1.3 -36% 33% 42% -57% -23% 1 3.3 359% Love, William Guy 84% Wade, Jemima 89% 93% 42.3% na
Pharma plc Limited
17% 10% 9%
OrbiMed Advisors Cormorant Asset
Galecto, Inc. 12.8 11.1 15.1 nm na 0% nm 0% 3 21.1 65% 83% Novo Holdings A/S 90% 91% 0.0% na
LLC Management, LLC
Nabriva 1% 0%
Longitude Capital 0%
Hudson Bay Capital
Therapeutics 3.6 3.2 17.0 -16% -28% -70% -61% -16% 2 14.4 303% FMR LLC 100 Management Co., 100 98.8% 0.09%
99%
Management LP % %
plc LLC
11% 0%
9%
Credit Suisse Asset 6%
Polyphor AG 7.2 4.5 8.7 -6% 7% -1% -77% -44% 1 7.3 2% Ingro Finanz AG 89% Varuma AG 100
91% Management 94% 76.3% na
%
(Switzerland)
Relief 4% 1%
Global Emerging 27%
Therapeutics 0.4 0.0 0.7 -16% -25% nm na 61% na na na 73% Sagot, Yves Herculis Partners SA 68.3% na
Markets 96% 99%
Holding AG
15% 9% 8%
Groupe Grimaud La Bpifrance
Valneva SE 6.4 1.8 7.4 5% 22% 149% -39% -4% 5 8.2 28% 85% MVM Partners LLP 91% 92% 64.7% 0.48%
Corbière SA Participations SA
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 26
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Agenda
Executive Summary
FCF Overview
Biotechnology – Therapeutics
Overview
Oncology
Central Nervous System
Infectious Diseases
Immunology
Ophthalmology
Rare Diseases
Respiratory
Diversified
Others
Biotechnology – Miscellaneous
27Therapeutics - Immunology
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2019 CY2020 CY2021 CY2022 TA Profitability (LFY)
Advicenne S.A., a late-stage biopharmaceutical company,
Advicenne Euronext
develops pediatric therapeutics for the treatment of orphan renal FRA Immunology 2007 2017 27 66 18 57 -155% -85% 27.8x 17.3x 2.8x 1.6x 72% >2024 1.3x
S.A. Paris
diseases and niche neurology indications.
Allergy
Allergy Therapeutics plc engages in the research and AIM
Therapeutics GBR Immunology ✓ 2004 2004 115 111 41 83 16% 7% 0.9x 0.9x 0.9x 0.8x 43% Profitable na
development of allergy treatments. London
plc
DBV DBV Technologies S.A., a clinical-stage biopharmaceutical
Euronext
Technologies company, engages in the research and development of FRA Immunology ✓ 2002 2012 1519 225 226 22 -71% -57% 2.3x 1.6x 1.4x 0.6x 75% >2024 1.5x
Paris
S.A. epicutaneous immunotherapy products.
Quantum
Quantum Genomics Société Anonyme, a biopharmaceutical Euronext
Genomics FRA Immunology na 2009 34 109 8 99 -97% -81% na 24.6x 13.8x 8.6x 44% >2024 0.9x
company, develops drugs to treat cardiovascular diseases. Paris
S.A.
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 28
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Therapeutics - Immunology
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
Natixis Investment 1% 1%
Advicenne Bpifrance 27% Caisse des dépôts et
7.9 5.0 11.2 40% 7% -11% -44% -17% 2 24.9 217% 73% Managers 72.6% na
S.A. Participations SA 99%
consignations 99%
International
Allergy 22% 20% River and Mercantile 4%
Bielsol Investments Skygem Acquisition
Therapeutics 0.2 0.1 0.2 21% -8% 42% -84% -10% 3 0.6 221% 78% 80% Asset Management 40.2% 0.03%
(1987) Ltd. Limited 96%
plc LLP
DBV 8% 7%
Baker Bros. Advisors 34% Bpifrance Tavistock Life
Technologies 4.1 2.4 25.4 68% 13% -79% -54% -8% 5 4.4 6% 66%
92% 93% 44.0% 0.84%
LP Participations SA Sciences
S.A.
Quantum Lyxor International 0% 0% 0%
Clay Asset
Genomics 5.2 1.5 5.7 38% 106% 53% na -11% 1 16.8 225% Asset Management 100 100 Gestys 100 100.0% 0.08%
% Management % %
S.A. S.A.
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
29
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageAgenda
Executive Summary
FCF Overview
Biotechnology – Therapeutics
Overview
Oncology
Central Nervous System
Infectious Diseases
Immunology
Ophthalmology
Rare Diseases
Respiratory
Diversified
Others
Biotechnology – Miscellaneous
30Therapeutics - Ophthalmology
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2019 CY2020 CY2021 CY2022 TA Profitability (LFY)
GenSight Biologics S.A., a clinical-stage biotechnology company,
GenSight engages in the discovery and development of therapies for Euronext
FRA Ophthalmology ✓ 2012 2016 167 301 nm 301 na na 61.2x 24.1x 19.2x 20.0x na 2023 na
Biologics S.A. mitochondrial and neurodegenerative diseases of the eye and Paris
central nervous system.
Nicox S.A., an ophthalmology company, develops solutions to Euronext
Nicox S.A. FRA Ophthalmology ✓ 1996 1999 314 178 40 152 -34% -16% 22.1x 36.4x 7.5x 10.1x 27% >2024 2.1x
maintain ocular health in France and internationally. Paris
Oxurion NV, an integrated biopharmaceutical company, develops
Euronext
Oxurion N.V. and commercializes medicines for the treatment of eye diseases BEL Ophthalmology ✓ 1991 2006 211 113 28 77 -79% -80% 19.6x na na na 57% >2024 0.5x
Brussels
and cancer in Belgium and internationally.
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 31
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Therapeutics - Ophthalmology
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
12% 9% 6%
GenSight Sofinnova Partners Bpifrance
7.6 1.1 7.8 118% 178% 205% -5% -1% 3 10.2 35% 88% 91% 3SBio Inc. 94% 64.1% na
Biologics S.A. SAS Participations SA
7% 6%
Medical Strategy 2%
OrbiMed Advisors
Nicox S.A. 5.3 2.5 6.3 54% 37% 22% na -12% 3 14.2 167% HBM Partners Ltd. 93% 94% GmbH, Asset 85.0% 1.38%
LLC 98%
Management Arm
9% 6% 6%
Clay, Thomas
Oxurion N.V. 3.0 2.1 3.7 21% 12% 0% -34% -3% 2 7.5 153% 91% Vlerick, Philippe 94% Novartis AG 94% 79.5% 0.10%
Moragne
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
32
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageAgenda
Executive Summary
FCF Overview
Biotechnology – Therapeutics
Overview
Oncology
Central Nervous System
Infectious Diseases
Immunology
Ophthalmology
Rare Diseases
Respiratory
Diversified
Others
Biotechnology – Miscellaneous
33Therapeutics - Rare Diseases
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2019 CY2020 CY2021 CY2022 TA Profitability (LFY)
ADVANZ ADVANZ PHARMA Corp., a specialty pharmaceutical company, Over-the-
PHARMA through its subsidiaries, owns or licenses a portfolio of branded GBR Rare Diseases Counter ✓ ✓ na 2013 4945 195 120 1,207 na 3% 2.7x na na na 9% >2024 0.7x
Corp. Ltd. and generic prescription products. Pink Sheet
Amryt Pharma plc, a biopharmaceutical company, develops and
Amryt Pharma AIM
commercializes novel therapeutics to treat patients suffering from GBR Rare Diseases ✓ 2019 2019 311 360 64 459 -120% -11% 8.9x 3.1x 2.7x 1.9x 15% 2022 1.1x
plc London
serious and life-threatening rare diseases.
Centogene N.V., together with its subsidiaries, engages in
Centogene diagnosis and research around rare diseases that transform
DEU Rare Diseases NASDAQ ✓ ✓ 2006 2019 137 229 17 239 -68% -37% 4.9x 3.0x 3.5x 3.0x 17% 2023 0.8x
N.V. clinical and genetic data into information for patients, physicians,
and pharmaceutical companies.
ERYTECH Pharma S.A., a clinical-stage biopharmaceutical
ERYTECH Euronext
company, develops red blood cell-based therapeutics for cancer FRA Rare Diseases ✓ 2004 2013 479 136 nm 107 -143% na 20.2x 13.9x 17.3x 2.4x na 2023 na
Pharma S.A. Paris
and orphan diseases.
Infant Bacterial Infant Bacterial Therapeutics AB (publ), a clinical stage NASDAQ
Therapeutics pharmaceutical company, develops drugs to prevent or treat rare SWE Rare Diseases OMX 2013 2016 66 151 44 107 -16% -16% na na na na 96% >2024 10.0x
AB diseases affecting infants. Sweden
Orchard Therapeutics plc, a biopharmaceutical company,
Orchard
develops gene therapies for serious and life-threatening rare
Therapeutics GBR Rare Diseases NASDAQ ✓ ✓ 2015 2018 580 415 35 293 -79% -61% nm nm 45.1x 7.5x 14% >2024 0.2x
diseases in the United Kingdom, European Union, and the United
plc
States.
Pharming Group N.V., a specialty pharmaceutical company, Euronext
Pharming
develops and manufactures biopharmaceutical products in the NLD Rare Diseases Amsterda ✓ na 1999 211 758 155 734 28% 25% 4.3x 4.0x 3.4x 2.6x 48% Profitable na
Group N.V.
United States, Europe, and internationally. m
Santhera Pharmaceuticals Holding AG, a specialty
Santhera Swiss
pharmaceutical company, together with its subsidiaries, develops
Pharmac. CH Rare Diseases Stock ✓ na 2006 184 51 18 91 nm -20% 1.3x 6.7x 3.9x 2.2x 19% >2024 1.0x
and commercializes medicines for rare neuromuscular and
Holding AG Exchange
pulmonary diseases with high unmet medical need.
Source: GlobalData; S&P Capital IQ as of November 30th, 2020; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 34
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”You can also read
