Edison Issues Initiation on Quantum Genomics (ALQGC)
LONDON, November 29, 2016 /PRNewswire/ --
We are initiating coverage on Quantum Genomics, a biopharmaceutical company investigating brain aminopeptidase A inhibitors, a new class of drug, for the treatment of hypertension and heart failure with a completed and an ongoing Phase IIa study, respectively. This pathway has been implicated in patients with complicated hypertension including those who are resistant to other treatments (25%) and 52% of hypertensive African Americans. We initiate with a valuation of €172m.
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We value Quantum Genomics at €172m or €20.51/share based on a risk-adjusted NPV. We value the two programmes at €79m and €80m, although this represents higher revenue potential ($2.1bn vs $1.3bn peak sales) and higher development cost for hypertension. We forecast that the company will require €20m in financing before it can out-license the programmes in 2019 after completing Phase IIb studies.
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