Bryan, Garnier & Co publishes a new Corporate Research Report on Erytech Pharma

 (Corporate, Fair Value between EUR70m and EUR82m)

News published on April Thursday 18, 2013
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Bryan, Garnier & Co, lead manager and book runner, is proud to announce the launch of the IPO for ERYTECH on NYSE Euronext Paris. The offering starts today and will last until 30 April at 5pm CET. The indicative price range is EUR10.50 to EUR12.70 per share. All the details including structure of the offering, calendar, research report and invitations to meet the management will be sent independently from this mail. 

ERYTECH Pharma (Corporate, Fair Value between EUR70m and EUR82m)
Encapsulated potential
With Graspa, Erytech has undertaken a phase III trial in the first product stemming from its technological platform. The drug's credibility has been strengthened by the strategic agreement signed with Recordati-Oprhan Europe worth a total of EUR50m. Adressing an unmet medical need in the treatment of acute leukaemia, Erytech is positioned in the buoyant segment of orphan diseases. The company is at a turning point with the prospective approval of Graspa in Europe in 2015. We value Erytech at between EUR70m and EUR82m.

  • An increasing interest in orphan diseases. Symbolised by the takeover of Genzyme by Sanofi in 2011, the orphan disease segment has enjoyed increasing interest from a number of pharma companies and is now one of the market's most dynamic growth engines.  
  • Graspa a trump card... Graspa has proved its attractive benefit/risk profile, positioning it as a "best in class" in the asparaginases market. At the end of the phase III trial, the drug should be approved in 2015 for treatment of acute lymphoblastic leukaemia (ALL) in Europe.
  • …In partnership with Recordati-Orphan Europe. Clinical results for Graspa and its sales potential have enabled the group to sign a partnership for Europe with Recordati with a EUR5m upfront payment and an overall value for the deal of EUR50m. Furthermore, Recordati is to take part in the IPO for an amount of EUR5m.  
  • An innovative technology and long-term opportunities. After obtaining the FDA's green light to start its clinical trial, Erytech intends to maximise Graspa's potential in the US. Encapsulation in red blood cells could be extended beyond acute leukaemia to other types of cancer such as solid tumours.   

Full report available to subscribers

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