Amryt Pharma

Positive Phase III interim outcome for AP101: significant milestone and valuation catalyst

  • Sectors : Pharma and healthcare
  • Companies : Amryt Pharma

Ratings and price correct at time of issue.

  • Amryt Pharma

    Closing Price: 17.1p

  • RATING 14/09/17

  • PREVIOUS RATING N/A

DAVY VIEW

Amryt has announced the recommendation that AP101 should continue its Phase III trial as a treatment for Epidermolysis Bullosa (EB) with a modest increase in patient size. This positive outcome means that Amryt is one step closer to drug approval and commercial launch into a potential €1bn market. The next trial milestone will be full results data expected in H2 2019 – we anticipate commercial launch in 2020. AP101 is Amryt’s lead development drug and, given the size of the addressable market for EB, is the main driver of our Amryt valuation. Based on this update and the de-risking of the AP101 trial, we are increasing our price target to 93p and reiterate our ‘Outperform’ rating.

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Jan 4 2019, 13:05 GMT

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