Edison Investment Research Limited: Edison issues outlook on NeuroVive Pharmaceutical (NVP)

London, UK, 5 October 2018

Edison issues outlook on NeuroVive Pharmaceutical (NVP)

On 18 June 2018, NeuroVive (NVP:SS) announced that it had out-licensed a subset of compounds from its NVP015 programme (succinate prodrugs) to BridgeBio, a private biotech based in California, targeting Leber's Hereditary Optic Neuropathy (LHON) under new subsidiary Fortify Therapeutics. The upfront payment was limited, but the total deal value could reach $60m. NeuroVive is about to initiate a Phase Ib trial with the second lead drug candidate, KL1333 (NAD+ modulator), while both the EMA and FDA have provided positive views on the lead NeuroSTAT Phase IIb programme (TBI). We value NeuroVive at SEK1.64bn or SEK17.9/share.

Our updated valuation of NeuroVive is largely similar at SEK1.64bn or SEK17.9/share compared to SEK1.62bn or SEK17.7/share previously. The positive effect of rolling our model forward was partially offset by a lower net cash position. We maintain the R&D assumptions set out in our initiation report.

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