London, UK, 7 September 2018

Edison issues initiation on Acacia Pharma (ACPH)

Acacia Pharma is focused on bringing antiemetic drugs to the US hospital setting for unmet needs in post-operative nausea and vomiting (PONV) and chemotherapy-induced nausea and vomiting (CINV). We expect FDA approval of Acacia's lead product, BARHEMSYS (repurposed amisulpride), for the management of PONV by its 5 October 2018 PDUFA date. In the near term, Acacia will concentrate on the US commercial opportunity by expanding its sales and marketing infrastructure. We anticipate US launch of BARHEMSYS in Q219 for PONV 'rescue treatment' and expect broadening of use for PONV prophylaxis in subsequent years. We value Acacia Pharma at EUR579m or EUR10.9 per share.

Our valuation of Acacia Pharma, at EUR579m or EUR10.9/share, is predominantly based on a risk-adjusted NPV model of BARHEMSYS for rescue treatment and prophylaxis of PONV, in addition to the CINV opportunity for the US market only.

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Dr Susie Jana, +44 (0)20 3077 5700
Dr Daniel Wilkinson, +44 (0)20 3077 5734
Healthcare@edisongroup.com

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