yinx schreef:
Bron: RBS
Mutlu Gundogan
Crucell has reached an agreement with Sanofi Pasteur. Crucell will not exercise its right to terminate the license agreement with Shantha, a subsidiary of Sanofi. In return, Sanofi Pasteur willreturn the FluCell (cell-based influenza vaccine) programme to Crucell.
We believe this is a good deal for Crucell for several reasons:
1) Crucell regains the full rights to a Phase II programme that was not progressing under the wing of Sanofi.
2) Crucell strengthens its position in the flu vaccine market, as it now has both a egg-based flu vaccine (Inflexal) and a cellbased vaccine(FluCell).
3) The financial upside for Crucell also increases, as Crucell would get a maximum of 10% royalties on sales, while we believe the company should be able to make more than 30% EBIT margins.
4) Crucell will still get double-digit royalties from Shantha on the sales of the Shan5 paediatric vaccine.
5) Crucell doesn’t need to use its significant cash position of €350m, while we believe the market feared Crucell would have to reimburse Sanofi in order to recover this programme.
Crucell states that data on the programme looks good, but that it will have to restart the programme based on its own policies. The company intends to file before the end of 2014.