Ablynx: Conference call feedback
CORPORATE, Fair Value EUR11 vs. EUR10 (+33%)
Following the announcement of the deal with AbbVie, Ablynx held a conference call to detail some elements of the agreement which we show here. There is no doubt that bringing AbbVie as a partner for ALX-0061 is a major achievement for Ablynx. The Biotech company will be in control of the clinical development until 2015 and a potential licensing in. Being in charge of late stage development will help bring significant experience for Ablynx but “ a large part” of the upfront payment will be dedicated to clinical studies. We include economics of the deal in our model and derive a EUR11 fair value.
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