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April 16th, 2024 | 07:40 CEST

Formycon, Defence Therapeutics, Morphosys - Significant movement in the biotech sector

  • Biotechnology
  • Pharma
  • Cancer
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At the moment, investors are focusing on gold and Bitcoin in addition to the most important indices, like the DAX and Dow Jones. Meanwhile, the biotechnology sector is barely mentioned in the local newspapers. However, the market is on the move, and the wave of takeovers continues unabated. Recently, the Danish pharmaceutical company Genmab announced it was acquiring the private biotech company ProfoundBio for USD 1.8 billion in cash. The acquisition is intended to help deepen the cancer pipeline with next-generation antibody-drug conjugate therapies. Big Pharma is likely to make further acquisitions in this area in the near future.

time to read: 3 minutes | Author: Stefan Feulner

Table of contents:

    David Elsley, CEO, Cardiol Therapeutics Inc.
    "[...] As a company dedicated to developing treatments for rare heart diseases, we see this as an opportune moment to contribute to the fight against heart disease and make meaningful strides in improving heart health worldwide. [...]" David Elsley, CEO, Cardiol Therapeutics Inc.

    Full interview


    Formycon - Forecasts beaten

    Formycon AG, one of the leading independent developers of high-quality biosimilars, has exceeded forecasts for the full year 2023 with its preliminary figures. In the past financial year, the Planegg-based company recorded a significant increase in revenue to EUR 77.7 million, compared to EUR 42.5 million in the previous year. A significant proportion of the revenue resulted from income from development services for the FYB203 and FYB201 projects, which were developed under license and in partnership. In addition, several milestone payments, which were agreed upon as part of a commercialization partnership with Fresenius Kabi for the FYB202 project concluded at the beginning of 2023, made a significant contribution to revenue. A milestone payment expected for 2024 was also partially realized in advance and recognized as a deferred revenue payment in the 2023 financial statements.

    The commercialization of the ranibizumab biosimilar FYB201, which is now available in 17 countries, also had a positive impact and increased both revenue and net income. Revenue of around EUR 4.1 million was generated from the direct marketing of the Lucentis® biosimilar FYB201. Another significant portion of the revenue came from the 50% equity stake in Bioeq AG, which is not included in revenue but is reported below EBITDA. The equity result for 2023 totaled EUR 11.8 million, a significant improvement on the previous year's loss of EUR 12.9 million. This figure contributes to the newly introduced financial metric "Adjusted Group EBITDA," which reflects the overall operating performance, including the marketing success of FYB201.

    From a technical chart perspective, the Formycon share has formed a solid base since mid-March. Overcoming the downward trend established since December 2023 at EUR 48.45 would result in a buy signal with a theoretical price target of EUR 56.80.

    Following the better-than-expected EBITDA and the positive outlook for 2024, the analysts at mwb research went one step further and issued a "Buy" rating with a price target of EUR 91 in their latest study. At the current price level, this means a price potential of over 90%.

    Defence Therapeutics - Significant steps achieved

    The Canadian biotech company Defence Therapeutics, which is working on the development of next-generation vaccines and ADC products based on its scalable and patent-protected platform, has a market capitalization of just CAD 66.34 million.

    At the heart of the Defence platform is Accum™ technology, which enables precise delivery of vaccine antigens or ADCs in their intact form to target cells. This can achieve greater efficacy against cancer and infectious diseases. Defence Therapeutics recently announced a significant milestone with the ARM-002TM vaccine. Recent preclinical test series conducted in conjunction with the immune checkpoint inhibitor Anti-PD-1 showed promising results in the treatment of melanomas. As a result, these advancements could pave the way for a potential cure for certain cancers and create a lasting immunological memory that protects against future tumor recurrence.

    In light of these positive developments, the Company plans to investigate the vaccine's efficacy in difficult-to-treat cancers such as ovarian and pancreatic cancer. Meanwhile, Defence Therapeutics is making significant progress towards clinical trials and is preparing an application for a Phase I trial to evaluate the broad therapeutic potential of ARM-002TM against a range of solid tumors.

    Defence Therapeutics CEO Dr. Moutih Rafei will present the Company at the 11th International Investment Forum tomorrow, April 17. Click here for the program overview and free registration.

    Morphosys - The end of an era

    The older among us will certainly remember the good old days of the Neuer Markt and the mandatory broadcast "3Sat-Börse", where price targets of EUR 1,000 were announced for Morphosys shares. Since then, the biotech company's shares have experienced a rollercoaster ride, plummeting from a high of EUR 146.30 in January 2020 to a low of EUR 13.21 in December 2022 due to disappointing test results. The rollercoaster ride then ended, culminating in an official takeover bid by the Swiss pharmaceutical giant at a price of EUR 68.

    Following an in-depth review by CEO Dr. Jean-Paul Kress and the Supervisory Board, they have now recommended that the takeover bid be accepted: "The proposed acquisition by Novartis is in the best interest of Morphosys, our shareholders and cancer patients worldwide. It will accelerate the commercialization and development opportunities of our promising oncology pipeline. With the Novartis offer, Morphosys shareholders can generate significant value upfront and with certainty. After a thorough review of the offer document, we have unanimously concluded that the offer, including the offer price, is highly attractive and fair. We recommend that our shareholders accept this offer."

    The era of Morphosys on the stock exchange is coming to an end following the takeover by Novartis. Formycon was able to beat the forecasts for the full year 2023. Defence Therapeutics announced a significant advancement in cancer treatment.

    Conflict of interest

    Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.

    In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.

    For this reason, there is a concrete conflict of interest.

    The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.

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    Der Autor

    Stefan Feulner

    The native Franconian has more than 20 years of stock exchange experience and a broadly diversified network.
    He is passionate about analyzing a wide variety of business models and investigating new trends.

    About the author

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    Commented by Fabian Lorenz on May 16th, 2024 | 08:00 CEST

    Share price shock at Siemens Energy! What are BioNTech and Cardiol Therapeutics doing?

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    The Siemens Energy share has been one of the surprises of recent months. It has more than doubled since the beginning of the year. Is a crash now imminent? Yes, if you believe Bernstein. Their analysts are shocking us with a horror price target. The Cardiol Therapeutics share performed even better than Siemens Energy in 2024. Despite the 150% rally, analysts see upside potential for the cardiovascular disease specialist. Things will get really exciting at the beginning of June when new study results are due. BioNTech, on the other hand, is currently failing to convince analysts. Reactions to the latest quarterly figures were modest.


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