Vicore announced that it has selected diffuse systemic sclerosis ("dSSc") as the second rare disease indication for lead asset VP01 (C21), which is already in development for idiopathic pulmonary fibrosis ("IPF"). Phase IIa proof-of-concept trials for both indications are expected to start in H2/2019E, with data possible in mid-2021E. Based on the estimated prevalence and limited therapeutic options, our preliminary analysis suggests that dSSc could represent a sales opportunity for VP01 close to that in IPF, for which we forecast c.$1.5bn in peak sales in 2034E. Our valuation and hence SEK42 / share target price for Vicore only reflect risk-adjusted net present values ("rNPVs") for VP01 in IPF and for VP02 in IPF cough; hence, there is upside to our forecasts for development in additional indications. We reiterate our OUTPERFORM recommendation.
25 Apr 2019
Scleroderma the second indication for VP01 (C21)
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Scleroderma the second indication for VP01 (C21)
Vicore Pharma Holding AB (6Y4:FRA) | 0 0 0.0%
- Published:
25 Apr 2019 -
Author:
Brigitte de Lima, PHD CFA -
Pages:
5
Vicore announced that it has selected diffuse systemic sclerosis ("dSSc") as the second rare disease indication for lead asset VP01 (C21), which is already in development for idiopathic pulmonary fibrosis ("IPF"). Phase IIa proof-of-concept trials for both indications are expected to start in H2/2019E, with data possible in mid-2021E. Based on the estimated prevalence and limited therapeutic options, our preliminary analysis suggests that dSSc could represent a sales opportunity for VP01 close to that in IPF, for which we forecast c.$1.5bn in peak sales in 2034E. Our valuation and hence SEK42 / share target price for Vicore only reflect risk-adjusted net present values ("rNPVs") for VP01 in IPF and for VP02 in IPF cough; hence, there is upside to our forecasts for development in additional indications. We reiterate our OUTPERFORM recommendation.