Oasmia Pharmaceutical: An appealing metamorphosis - Edison
Oasmia is a specialty pharma company focused on developing improved formulations of well-established cancer drugs through its proprietary XR-17 platform technology. Its technology has received validation though a global partnership deal for lead asset Apealea (Cremophor-free paclitaxel) with Elevar Therapeutics across a variety of cancer indications. Apealea’s initial indication is ovarian cancer (approved in Europe), and Elevar is in discussions with the FDA for the pathway to US approval (we forecast launch in FY23). Oasmia’s newly appointed management has defined a strategy to realign the business, further leverage on its platform competencies and expand its pipeline through acquisitions as it moves to the ultimate goal of sustainable profitability. We value Oasmia at SEK2.82bn or SEK6.29/share.
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