Bryan, Garnier & Co publishes a new Independent Research Report on Shire PLC
BUY, FV 2350p vs. 2160p
SPD602 and Lifitegrast factored in our model
Prior to the 18th Congress of the European Haematology Association to be held from June 13 to 16, 2013, we would like to discuss the potential of SPD602, the iron chelator developed by the company Shire, which will release its detailed data at Week 72. Additionally, we take this opportunity to address the acquisition of SARcode and the development in ophthalmic treatments decided by Flemming Ornskov. Lifitegrast is therefore factored into our model with a sales peak of USD450m, discounted by a 50% probability of success (POS). Moreover, our risk-free rate is lowered from 3.3% to 3%. Following these 3 changes, Shire’s fair value stands at 2,350 p.
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