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Threshold Pharmaceuticals (THLD)

Business description

Threshold is focused on tumour hypoxia, a low-oxygen condition found in most solid tumours and some blood cancers. Evofosfamide is in Ph III for STS and pancreatic cancer and earlier trials in other cancers. It is partnered with Merck KGaA.

On the threshold of a blockbuster opportunity

Initiation | Pharmaceutical & healthcare | 11/03/2015

Phase III data for evofosfamide (TH-302) in soft tissue sarcoma (STS) and pancreatic cancer are expected by early 2016. These two indications alone could lead to blockbuster sales with partner Merck KGaA. Our estimates suggest the current market cap is more than underpinned by the risk-adjusted potential in STS together with net cash. We value Threshold at $949m based on evofosfamide in STS and pancreatic cancer and in a number of further opportunities in other solid tumours and blood cancers.

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Stock data

Market cap.US$35.6m
Last closeUS$0.498
High / Low (52 weeks)US$1.3 / US$0.4
Stock market listingUS
Forecast net cash (US$m)31
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual26.6(1.2)(2.6)
Relative *24.2(4.6)(14.3)

* % Relative to local index

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