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.¥11504.6m
Last close¥219.00
High / Low (52 weeks)¥311.0 / ¥200.0
Stock market listingTYO
Forecast net cash (¥m)1248
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(2.7)(4.8)(14.8)
Relative *(4.1)(13.9)(27.5)

* % Relative to local index

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Company news

Y/E Dec Revenue (¥m) EBITDA (¥m) PBT (¥m) EPS (fd) (¥) P/E (x) P/CF (x)
2015A 1933.0 (2527.0) (2630.0) (81.3) N/A N/A
2016A 2368.0 (2101.0) (2317.0) (59.0) N/A N/A
2017E 3599.0 (3903.0) (4000.0) (82.4) N/A N/A
2018E 4248.0 (1987.0) (1999.0) (39.5) N/A N/A

Last updated on 14/12/2017

Investment summary

The licence agreement between SymBio and The Medicines Company (MDCO) for the exclusive rights to develop the IONSYS (SyB P-1501) pain patch in Japan has terminated effective 30 November. SymBio is seeking damages of at least $82m (¥9bn) arising from MDCO’s repudiation of the licence agreement. The termination is in line with our expectations after MDCO voluntarily withdrew IONSYS from sale in the US market in June; any compensation payments received from MDCO would represent upside to our forecasts and valuation. Our forecasts and valuation ($174m) are unchanged, as we have already removed all future costs and revenues for SyB P-1501 from our financial model.

Last updated on 15/12/2017

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 13/12/2017

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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