Nanexa: Progress for rival at Novo illustrates the significant value potential in Nanexa - Emergers

NEX-22 is progressing as expected, with the last patient in Phase I treated, results anticipated later in November, and Phase IIb scheduled for Q3’25. On the business side, however, Danish, US-listed Ascendis Pharma has signed a $285m license agreement with Novo Nordisk for Ascendis’ TransCon technology for a once-monthly GLP-1 drug. While it was known and expected that Novo Nordisk would consider multiple candidates for advancing its GLP-1 drugs to less frequent dosing, it is naturally disappointing that Nanexa was not first in line. However, this doesn’t eliminate the possibility of a future deal between Nanexa and Novo. Moreover, the deal establishes a compelling value benchmark for other potential licensees of a long-acting GLP-1 drug, of which there are likely to be many. We continue to find support for a fair value of SEK 2.6-9.9 per share, not factoring in a rights issue, which is likely if a license deal fails to materialize in the next 6 months.

Länk till analysen i sin helhet: https://www.emergers.se/nanexa-y24/