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Newron Pharmaceuticals (NWRN)

Business description

Newron is a CNS-focused biotech. Xadago (partnered with Zambon, US WorldMeds, Meiji Seika, Sequirus) for PD has been launched in Europe and the US. Other pipeline assets include Sarizotan (Phase III for RS) and Evenamide (Phase II for schizophrenia).

Progression, partnering and prioritisation

Outlook | Pharmaceutical & healthcare | 26/03/2015

With Xadago (safinamide) now formally approved in Europe this should trigger first royalty income from commercial partner Zambon upon launch, which is initially targeted in Germany. Safinamide in the US is now back on track with an approval decision expected by YE15. A safinamide sub-licensing deal in the US, in addition to partnering NW-3509 are both on the cards. Our valuation is increased to CHF496m (€466m) with a higher safinamide royalty in addition to a risk-adjusted contribution in dyskinesia.

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Stock data

Market cap.CHF212.4m
Last closeCHF11.900
High / Low (52 weeks)CHF21.2 / CHF8.2
Stock market listingSW
Forecast net cash (€m)47.9
Forecast gearing ratio (%)N/A
SectorPharmaceutical & healthcare

Price performance

Relative *4.145.5(39.5)

* % Relative to local index

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