Hansa Biopharma AB (HNSA:SSE) partnered with Medison to commercialize its product, imlifidase, in Central Eastern Europe and Israel, Douglas Tsao, analyst with H.C. Wainwright & Co., reported in a Dec. 8 research note. Imlifidase is an antibody-cleaving enzyme, conditionally approved in Europe for use in adult kidney transplant patients.
"Partnership is a smart choice as it enables Hansa to enter new markets without the cost and risk of building out country-specific commercial organizations for a single product," Tsao added.
Other benefits to Sweden-based Hansa of the partnership include Medison's experience, size and geographical footprint. The company, with offices in Romania, Israel and Canada, has been commercializing drugs for major biopharmaceutical companies for more than two and a half decades. Medison continues to distribute Moderna's COVID-19 vaccine in the same countries Hansa is targeting, Croatia, Hungary, Poland, Slovenia and Israel. Medison and its sales force are well established and highly experienced in those regions.
Medison's expertise should help Hansa secure pricing of and reimbursement for imlifidase, Tsao noted, particularly because its wholesale cost is about SEK3 million, or US$300,000.
"We are confident of Medison's ability to deliver," wrote Tsao.
Whereas neither Hansa nor Medison made public the terms of their partnership agreement, it likely is royalty based and includes milestone payments to Hansa, Tsao purported.
H.C. Wainwright has a Buy rating and a SEK3,907 per share price target on Hansa Biopharma, the current share price of which is about SEK87.84.
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Important Disclaimers for H.C. Wainwright & Co., Hansa Biopharma AB, Dec. 7, 2021
This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules.
H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer.
I, Douglas Tsao , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Hansa Biopharma AB (including, without limitation, any option, right, warrant, future, long or short position). As of November 30, 2021 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Hansa Biopharma AB. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.
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