Edison Investment Research Limited: Edison issues outlook on e-Therapeutics (ETX)

London, UK, 12 December 2018

Edison issues outlook on e-Therapeutics (ETX)

e-Therapeutics (ETX) has announced a long-awaited research collaboration with Novo Nordisk (Novo) on early target discovery in diabetes. This is the first commercial collaboration in ETX's history and will last for at least a year. The financial terms of the transaction were not disclosed but the deal should be recognised for its validation of ETX's disease-aware network-driven drug discovery (NDD) platform. This is expected to be the first in an expected series of deals on the NDD platform and the assets generated from it.

We have maintained our previous valuation at £63.5m or 24p per share and will review the impact of the transaction on ETX's cash position at the FY19 results. We continue to expect more than one such transaction although the timing is uncertain.

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