We note this morning’s announcement that Vernalis’ US partner Tris Pharma has commenced 12-month stability testing on manufactured batches of CCP-08, in line with our expectations. In addition, we have updated our forecasts following FY2015 results (18 months) and the subsequent acquisition of US rights to Moxatag®. The net result is a reduction in target price from 93p to 86p, mainly as a result of a more conservative stance on the initial pricing of TuzistraTM XR, the company’s lead long-actin ....
