BioAlliance Pharma (BIO)

Business description

BioAlliance Pharma is a French drug development company focused on orphan cancer and supportive care treatments. It has two FDA-approved specialty products and three clinical-stage orphan oncology candidates.

Share price chart

Share chart

Stock data

Market cap.€157.8m
Last close€7.630
High / Low (52 weeks)€10.5 / €3.8
Stock market listingEuronext Paris
Forecast net debt (€m)2.7
Forecast gearing ratio (%)41
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(2.8)(4)101.3
Relative *(0.8)(1.8)81.2

* % Relative to local index

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Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2012A 4.0 (11.9) (11.6) (65.44) N/A N/A
2013A 1.5 (15.8) (15.3) (74.12) N/A N/A
2014E 2.4 (14.8) (14.3) (69.32) N/A N/A
2015E 4.0 (14.5) (15.6) (75.43) N/A N/A

Last updated on 23/07/2014

Investment summary

The imminent BioAlliance/Topotarget merger to create Onxeo to focus on orphan oncology brings together three late-stage assets: Validive and Livatag from BioAlliance and Beleodaq from Topotarget. The strategy is to commercialise these alone in Europe, leveraging the commercial base, with first launches from 2017e. Near-term catalysts include Beleodaq US launch in coming months, Livatag further safety assessments (November) and Validive Phase II data (Q414). Our standalone BioAlliance valuation is increased to €187m. Our initial estimates suggest Onxeo could be worth €284m, including Beleodaq in peripheral T-cell lymphoma (PTCL) only.

Last updated on 23/07/2014

Industry outlook

The proposed merger could complete in July/August 2014 subject to EGM approvals and would result in Topotarget shareholders owning c 1/3 of the combined entity, with existing BioAlliance shareholders holding c 2/3. The proposed strategy is to market the orphan oncology products alone in Europe, with three complementary products providing sales & marketing synergies.

Last updated on 30/06/2014

Key management

Judith Greciet, CEO
Nicolas Fellmann, CFO
Pierre Attali, COO

Company address

49 Boulevard du Général Matrial Valin
Paris
75015
France
+33 (0)1 45 58 71 00
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