SymBio Pharmaceuticals (4582)

Business description

SymBio is a Japanese specialty pharma company with a focus on oncology and haematology. Treakisym is SymBio's branded formulation of bendamustine HCl. Rigosertib was in-licensed from Onconova.

Stock data

Market cap.¥11565.7m
Last close¥200.00
High / Low (52 weeks)¥311.0 / ¥199.0
Stock market listingTYO
Forecast net cash (¥m)423
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(6.1)(19)(3.4)
Relative *(11.6)(13.7)(17)

* % Relative to local index

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Company news

SymBio Pharmaceuticals: Initiation of Phase I Clinical Trial for Oral TREAKISYM

Sun, 21 Jan 2018 23:26:15 GMT

BRIEF-SymBio Pharmaceuticals says arbitration against The Medicines Company

Mon, 13 Nov 2017 06:59:03 GMT

Initiation of Phase 3 Clinical Trial on the Patient-controlled Pain Management ...

Mon, 13 Jun 2016 05:15:00 GMT

Symbio Pharmaceuticals: Self-Commercialization Gains Favor

Mon, 09 Apr 2018 12:05:23 GMT

Onconova and SymBio Complete License Agreement for Rigosertib, a Phase III ...

Fri, 08 Jul 2011 11:03:22 GMT

Y/E Dec Revenue (¥m) EBITDA (¥m) PBT (¥m) EPS (fd) (¥) P/E (x) P/CF (x)
2016A 2368.0 (2101.0) (2317.0) (59.0) N/A 517.6
2017A 3444.0 (3917.0) (3977.0) (79.8) N/A 814.3
2018E 4203.0 (3004.0) (3030.0) (54.2) N/A 272.3
2019E 4325.0 (3591.0) (3636.0) (62.9) N/A 661.1

Last updated on 06/04/2018

Investment summary

With the lifecycle of Treakisym extended through the in-licensing of liquid formulations from Eagle in 2017, SymBio is refining its plans to establish its own salesforce to market Treakisym (and other drugs) in Japan. While the company has not yet made a final decision, we think it is highly likely to move to self-commercialization in order to improve operating margins after its marketing arrangement with Eisai expires. Therefore, we now model self-commercialization in our base-case valuation. This more than offsets the later anticipated filing date for rigosertib iv and lower peak penetration for Treakisym in first-line non-Hodgkin’s lymphoma and lifts our valuation to $211m.

Last updated on 09/04/2018

Industry outlook

SymBio is focused on in-licensing niche opportunities in hard-to-treat indications often overlooked by big pharma. An in-house screening process to select additional pipeline candidates for development and commercialisation will be key to driving operating leverage.

Last updated on 02/03/2018

Key management

Fuminori Yoshida, Representative Director, President & CEO
Kazuo Asakawa, Corporate Officer
Tsutomu Abe, Corporate Officer

Company address

Toranomon 30 Mori Building
3-2-2
Toranomon
MINATO-KU, Tokyo
105-0001
Japan
+81-3-54721125
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