Nuevolution

OMX: NUEV

SEK1609.6m market cap

SEK32.6 last close

Nuevolution is a Copenhagen-based biopharmaceutical company. Its patent protected Chemetics drug discovery platform enables the selection of drugs to an array of tough-to-drug disease targets. To date it has entered into 17 agreements with major pharmaceutical companies.

Investment summary

Amgen has announced a recommended cash offer for Nuevolution’s shares of SEK32.50/share, valuing the company at approximately SEK1,610m (US$167m). The offer represents a 169% premium to the closing price (SEK12.10) on 21 May (the day before the announcement) and a 69% premium to the highest trading price (SEK19.26) over the 52-week period (before 21 May 2019). The offer has been accepted by 97.6% shareholders and Amgen has announced that conditions for completion of the offer have either been satisfied or waived, and declares that it is completing the offer. The settlement of the offer was completed on 15 July. Nuevolution has applied to Nasdaq Stockholm for delisting. As of 31 March 2019, Nuevolution had net cash of SEK86m.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 12.2 N/A (123.8) (274.3) N/A N/A
2018A 11.0 N/A (107.3) (217.3) N/A N/A
2019E 202.4 N/A 87.2 114.6 28.4 30.2
2020E 336.6 N/A 220.9 290.1 11.2 12.0
Industry outlook

Significant promise is seen in DNA-encoded libraries as a result of the potential to rapidly develop small molecule drugs to ‘tough-to-drug’ targets. We continue to see major investment in the space from an array of companies, notably GSK, Roche and Novartis.

Last updated on 10/07/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (SEKm) 163.5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 0.6 162.1 95.3
Relative* (1.3) 158.0 80.4
52-week high/low SEK32.6/SEK10.7
*% relative to local index
Key management
Alex Gouliaev CEO
Johnny Stilou CFO
Thomas Franch Chief Scientific Officer
Ton Berkien Chief Business Officer