1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
ORPH
Event Date
2020-09-29
Sector
Health Care
Subsector
Pharmaceuticals
Offer Range
$11.00-$11.00
Shares Offered
7.62M
$381.3M
Implied Upside vs Midpoint
Description
(Note: This is not an IPO, although the company says this is its IPO of ADS in the United States. This is a follow-on offering: It’s an uplift from the Nasdaq Copenhagen, where, according to the prospectus, the company’s ordinary shares trade under the symbol “ORPHA” and closed on Sept. 17, 2020, at DKK 82.70 per ordinary share, which equals a price of $13.13 per ADS, based on an exchange rate of DKK 6.2967 per $1.00 as of Sept. 17, 2020 and an ADS-to-ordinary share ratio of 1 to 1.) We are a late-stage biopharmaceutical company harnessing the amplification of Heat Shock Proteins, or HSPs, in order to develop and commercialize novel therapeutics for the treatment of neurodegenerative orphan diseases. In July 2020, we completed a rolling submission of a new drug application, or NDA, for our product candidate, arimoclomol, with the U.S. Food and Drug Administration, or FDA, for Niemann-Pick disease Type C, or NPC, and intend to submit a marketing authorization application, or MAA, to the European Medicines Agency, or EMA, in the second half of 2020. Arimoclomol is also in registrational clinical trials for the treatment of Amyotrophic Lateral Sclerosis, or ALS, and Sporadic Inclusion Body Myositis, or sIBM, and we intend to advance into pivotal-stage clinical development in neurological Gaucher disease. Arimoclomol is an orally- or naso/gastrically-administered small molecule that crosses the blood-brain barrier and is designed to selectively amplify the natural role of endogenous HSPs, which protect against cellular toxicity caused by protein misfolding, aggregation and lysosomal dysfunction.
STRATEGIC PARTNERS A/S annual income statement and balance sheet, FY 2019 to FY 2021, as reported in SEC filings (DKK).
| Metric | FY 2019 | FY 2020 | FY 2021 |
|---|---|---|---|
| Revenue | — | — | DKK 36.2M |
| Operating income | (DKK 336M) | (DKK 609M) | (DKK 633M) |
| Net income | (DKK 337M) | (DKK 633M) | (DKK 627M) |
| Metric | FY 2019 | FY 2020 | FY 2021 |
|---|---|---|---|
| Total assets | — | DKK 822M | DKK 173M |
| Total equity | DKK 53.0M | DKK 621M | DKK 9.3M |
| Cash & equivalents | DKK 124M | DKK 727M | DKK 102M |