Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<ul>
<li>Japanese drug maker Astellas Pharma announced on Monday that it has entered into a definitive agreement to acquire 100% of opthalmalogy player Iveric Bio for a total consideration of U$5.9bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> will pay US$40 per share of <a href="https://www.smartkarma.com/entities/iveric-bio-inc" target="_blank" data-smartkarma-citation="entities:15201:1" rel="noopener">IVERIC bio (ISEE US)</a> , 64% premium to the unaffected closing price of US$24.33 per share as of 31st March 2023.</li>
<li>As Astellas’ blockbuster drug XTANDI’s exclusivity is nearing expiry, we think Iveric’s key drug asset ACP should offer some protection over loss of XTANDI’s revenues in the future.</li>
</ul>


Japanese drug maker Astellas Pharma announced on Monday that it has entered into a definitive agreement to acquire 100% of opthalmalogy player Iveric Bio for a total consideration of U$5.9bn.

Astellas Pharma (4503 JP) will pay US$40 per share of IVERIC bio (ISEE US) , 64% premium to the unaffected closing price of US$24.33 per share as of 31st March 2023.
As Astellas’ blockbuster drug XTANDI’s exclusivity is nearing expiry, we think Iveric’s key drug asset ACP should offer some protection over loss of XTANDI’s revenues in the future.


Astellas Pharma Buys Iveric Bio: Help Offset Upcoming Patent Expiry of XTANDI

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> is acquiring the U.S.-based clinical stage biopharmaceutical company <a href="https://www.smartkarma.com/entities/iveric-bio-inc" target="_blank" data-smartkarma-citation="entities:15201:1" rel="noopener">IVERIC bio (ISEE US)</a> for ~$5.9B. Iveric Bio focuses on the discovery and development of novel ophthalmology treatments.</li>
<li>Iveric’s lead drug candidate Avacincaptad Pegol for the potential treatment of Geographic Atrophy is under FDA review with PDUFA action date of August 19, 2023.</li>
<li>The acquisition will be funded by a combination of bank loan, issuance of commercial paper totaling ~¥800B, and internal cash. The acquisition is expected to complete by 3Q23 (July–September).</li>
</ul>



Astellas Pharma (4503 JP) is acquiring the U.S.-based clinical stage biopharmaceutical company IVERIC bio (ISEE US) for ~$5.9B. Iveric Bio focuses on the discovery and development of novel ophthalmology treatments.
Iveric’s lead drug candidate Avacincaptad Pegol for the potential treatment of Geographic Atrophy is under FDA review with PDUFA action date of August 19, 2023.
The acquisition will be funded by a combination of bank loan, issuance of commercial paper totaling ~¥800B, and internal cash. The acquisition is expected to complete by 3Q23 (July–September).


Astellas Pharma (4503 JP): New Acquisition to Add Promising Drug Candidate in New Therapeutic Area

Pharma/ Biotechnology Investments Specialist, Vasuda Capital Management

Dr. Bhavneesh Sharma, MD, MBA

Pharma/ Biotechnology Investments Specialist

Vasuda Capital Management

Equity Bottom-Up

We listened to the conference call by <a href="https://www.smartkarma.com/entities/15201" target="_blank" data-smartkarma-citation="entities:15201:1">Ophthotech Corp (OPHT US)</a> management (<a href="http://edge.media-server.com/m/p/ta7q85as" target="_blank">link</a>). The results of the phase 3 trial were shocking to many investors since the phase 2b study showed a clear significant benefit for Fovista+Lucentis combination (with shorter duration of treatment). <a href="http://investors.ophthotech.com/releasedetail.cfm?ReleaseID=1003651" target="_blank">Link</a> to press release.In the phase 3 study, the efficacy in the Fovista arm was similar to the phase 2b but the clinical efficacy in the Lucentis arm increased compared to phase 2b, resulting in non-significant benefit in…

We listened to the conference call by Ophthotech Corp (OPHT US) management (link). The results of the phase 3 trial were shocking to many investors since the phase 2b study showed a clear significant benefit for Fovista+Lucentis combination (with shorter duration of treatment). Link to press release.In the phase 3 study, the efficacy in the Fovista arm was similar to the phase 2b but the clinical efficacy in the Lucentis arm increased compared to phase 2b, resulting in non-significant benefit in…

We opened a new long position today in <a href="https://www.smartkarma.com/entities/15201" target="_blank" data-smartkarma-citation="entities:15201:1">Ophthotech Corp (OPHT US)</a>, an emerging biotechnology company that is developing novel drugs for wet-type age-related macular degeneration (AMD). The company has an upcoming catalyst (results of a phase 3 trial for Fovista, its novel wet-AMD therapy), that could move the stock price. We present our investment thesis for the company and valuation of the common stock (risk-adjusted NPV).

We opened a new long position today in Ophthotech Corp (OPHT US), an emerging biotechnology company that is developing novel drugs for wet-type age-related macular degeneration (AMD). The company has an upcoming catalyst (results of a phase 3 trial for Fovista, its novel wet-AMD therapy), that could move the stock price. We present our investment thesis for the company and valuation of the common stock (risk-adjusted NPV).

New Long Position: Novel Drug for Wet-AMD, a Common Cause of Blindness, and Upcoming Catalyst.

United States

IVERIC bio, Inc. operates as a biopharmaceutical company. The Company develops treatments for patients with orphan inherited retinal diseases with significant unmet medical needs. IVERIC bio serves customers in the United States.

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IVERIC bio (ISEE US)

Astellas Pharma Buys Iveric Bio: Help Offset Upcoming Patent Expiry of XTANDI

Acquisition of Iveric Bio's key drug asset ACP should offer protection against upcoming patent expiry of XTANDI. The whole deal is based on a late...

Shifara Samsudeen, ACMA, CGMA

Astellas Pharma (4503 JP): New Acquisition to Add Promising Drug Candidate in New Therapeutic Area

Astellas Pharma is acquiring Iveric Bio for ~$5.9B. Iveric’s lead drug candidate ACP will be a revenue-generating pillar to compensate for the...

Tina Banerjee

Ophthotech: What Is Next?

We listened to the conference call by Ophthotech Corp (OPHT US) management (link). The results of the phase 3 trial were shocking to many investors...

Dr. Bhavneesh Sharma, MD, MBA

New Long Position: Novel Drug for Wet-AMD, a Common Cause of Blindness, and Upcoming Catalyst.

We opened a new long position today in Ophthotech Corp (OPHT US), an emerging biotechnology company that is developing novel drugs for wet-type...

Dr. Bhavneesh Sharma, MD, MBA

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