London, UK, 27 February 2017

Edison issues ADR outlook on SymBio Pharmaceuticals (SYMQY)

During 2017 we expect updates on all three of SymBio's main assets. We expect Treakisym sales growth via partner Eisai following approvals during 2016 in new indications, which could more than double the current levels (¥4.7bn/$42m). For pipeline assets IONSYS and rigosertib, data from ongoing trials could become available during H217, which will shape the future development pathways. We also expect SymBio to remain focused on in-licensing further opportunities to complement its existing pipeline. This could help drive future operating leverage if SymBio evolves into a commercial entity, possibly from 2020. We value SymBio at $175m.

Our updated SymBio risk-adjusted valuation is $175m or $3.6/ADR (based on an increased share count following majority conversion of a bond issued in 2016) which includes $47m net cash at end December 2016. Our rNPV suggests the current price is underpinned by Treakisym and cash.

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