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Symbio Pharmaceuticals / Equity Bottom-Up

<p>During 2017 we expect updates on all three of SymBio&#8217;s main assets. We expect Treakisym sales growth via partner Eisai following approvals during 2016 in new indications, which could more than double the current levels (&#165;4.7bn). For pipeline assets IONSYS and rigosertib, data from ongoing trials could become available during H217, which will shape the future development pathways. We also expect SymBio to remain focused on in-licensing further opportunities to complement its existing pipeline. This could help drive future operating leverage if SymBio evolves into a commercial entity, possibly from 2020. We value SymBio at &#165;19.7bn.</p>

During 2017 we expect updates on all three of SymBio&#8217;s main assets. We expect Treakisym sales growth via partner Eisai following approvals during 2016 in new indications, which could more than double the current levels (&#165;4.7bn). For pipeline assets IONSYS and rigosertib, data from ongoing trials could become available during H217, which will shape the future development pathways. We also expect SymBio to remain focused on in-licensing further opportunities to complement its existing pipeline. This could help drive future operating leverage if SymBio evolves into a commercial entity, possibly from 2020. We value SymBio at &#165;19.7bn.

<p>SymBio recently obtained approvals for Treakisym in Japan in the additional indications of first-line low grade non-Hodgkin&#8217;s lymphoma (NHL) and mantle cell lymphoma (MCL). This follows on from the Aug 2016 approval in chronic lymphocytic leukaemia. We believe these additional indications could nearly double current Treakisym sales (on track for c $40m in 2016) via partner Eisai, which to date have been mostly in relapsed or refractory (r/r) low grade NHL/MCL. These approvals represent an important step in SymBio&#8217;s strategy to maximise Treakisym&#8217;s potential.</p>

SymBio recently obtained approvals for Treakisym in Japan in the additional indications of first-line low grade non-Hodgkin&#8217;s lymphoma (NHL) and mantle cell lymphoma (MCL). This follows on from the Aug 2016 approval in chronic lymphocytic leukaemia. We believe these additional indications could nearly double current Treakisym sales (on track for c $40m in 2016) via partner Eisai, which to date have been mostly in relapsed or refractory (r/r) low grade NHL/MCL. These approvals represent an important step in SymBio&#8217;s strategy to maximise Treakisym&#8217;s potential.

Treakisym approvals should lead to sales uplift

Japan

WAKAMOTO PHARMACEUTICAL CO., LTD. produces and sells prescription and generic drug.  The Company's products include vitamins, external medicine, toothpaste and toothbrushes, and drugs for digestive organs.

MEDRx Co Ltd., is a pharmaceutical company. The Company develops medicines for the pharmaceutical industry based on drug formulation technologies required for Drug Delivery Systems.

Nippon Chemiphar Co., Ltd. produces and sells medicine for medical use.  The Company also produces medical, health, and cosmetics products.  Nippon Chemiphar sterilizes medical instruments for hospitals and operates nursing home for elderly.

RaQualia Pharma, Inc. is a pharmaceutical company. The Company develops compounds for patient studies and sells drugs to pharmaceutical manufacturers. RaQualia also provides research on remedies in gastrointestinal, liver diseases, and pain in general areas.

Taisho Pharmaceutical Holdings Company Ltd. produces and sells pharmaceuticals, foods, and  other related products. The Company also provides insurance agency and information processing services and operates hotel businesses.

Taisho Pharmaceutical Holdings Company Ltd. produces and sells pharmaceuticals, foods, and other related products. The Company also provides insurance and information processing services and operates hotel businesses.

Taiko Pharmaceutical Co Ltd is a pharmaceutical company that manufactures and sells gastrointestinal pharmaceuticals and general use pharmaceutical products.

Fuso Pharmaceutical Industries, Ltd. produces and sells pharmaceuticals and medical equipment.  The Company's main products are transfusion fluid and artificial kidney dialysis fluid.  Fuso Pharmaceutical Industries also leases real estate properties and operates bowling places.

Daito Pharmaceutical Co Ltd. is a pharmaceutical company. The Company manufactures generic formulations as well as supplies APIs for generic products to generic marketers. Daito serves a broad range of clients including generic medicine suppliers, ethical prescription pharmaceutical companies, healthcare products companies and home delivery medicines groups.

Fuji Pharma Co., Ltd. manufactures and markets generic drugs.  The Company produces hormone agents for the obstetrics and gynecology fields, and chemicals for x-rays and infectious disease diagnosis kits.  Fuji Pharmaceutical also provides pharmaceutical information on after-market research and the effectiveness and safety of medications.

Wai Yuen Tong Medicine Holdings Limited, through its subsidiaries, manufactures and sells Chinese and western pharmaceutical products.

Percheron Therapeutics Limited is a biopharmaceutical drug discovery and development company. The Company creates and develops novel antisense therapeutics for a variety of drug candidates including duchenne muscular dystrophy (DMD), multiple sclerosis (MS), and acromegaly. Percheron Therapeutics serves customers in Australia.

GenMont Biotech Inc. is an ultra-modern biotechnology medicines.

Yung Zip Chemical Ind. Co., Ltd. develops and markets therapeutics to treat infections and related diseases.   The Company sells its products in Taiwan and exports worldwide.

Venus Remedies Limited is a pharmaceutical manufacturing unit. The Company manufactures products such as I.V. fluids, antibiotics, anti-histamines, third and fourth generation Cephalosporins and Oncology drugs.

Chi Sheng Chemical Corporation manufactures and distributes medical medicines and equipments. Some of their products include vitamin injections, oral solutios , cough syrups, stomach medicines as well as externally applied medicines such as contact lens solutions and healthcare food.

Eagle Veterinary Technology Co., Ltd. produces veterinary medicines, such as antibiotics, disinfectants, and vitamins for swine, poultry, bovine, and fish. The Company also produces feeding stuff additives.

Tien Liang Biotech Co., Ltd. produces and sells chemical pharmaceuticals and Chinese herbs.  The Company also develops and manufactures dietary supplements and cosmetic products.

InnoPharmax Inc. is a specialty pharmaceutical company. The Company develops and commercializes products for the treatment of infectious diseases, immunology, and oncology.

Jenburkt Pharmaceuticals Limited manufactures and markets pharmaceuticals formulations and healthcare products.

Symbio Pharmaceuticals Limited develops and commercializes prescription drugs n oncology, hematology and auto-immune disease for Japan and other Asia Pacific markets.

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Symbio Pharmaceuticals (4582 JP)

Moving ahead on all fronts

During 2017 we expect updates on all three of SymBio’s main assets. We expect Treakisym sales growth via partner Eisai following approvals during...

Edison Investment Research

Treakisym approvals should lead to sales uplift

SymBio recently obtained approvals for Treakisym in Japan in the additional indications of first-line low grade non-Hodgkin’s lymphoma (NHL) and...

Edison Investment Research

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