We wanted to create a new investment thesis
CEO Joe Wiley
What the company does
Last year, Amryt acquired US group Aegerion Pharmaceuticals out of Chapter 11 bankruptcy protection in a transaction backed by convertible bondholders, creditors and Nasdaq-listed Novelion Therapeutics, Aegerion’s parent company.
The complex transaction gave Amryt full control of the Lojuxta cholesterol treatment.
How it’s doing
Pro forma revenues of the group in 2019 were up 13.1% at US$154.1mln as it reported that a strong end to 2019 carried on into 2020.
As at December 31, the firm had US$65mln in cash.
Amryt’s debt profile, meanwhile, offers “significant flexibility”, the firm said with no facility set to mature before September 2024.
In April, Amryt said the read-out from its phase III study of its AP101 cream, a potential breakthrough treatment for a rare skin condition is likely late in the third quarter, or early in the fourth quarter of this year.
The timeline was provided in a statement in which Amryt said its Global EASE trial would be concluded slightly earlier than anticipated against the backdrop of the coronavirus (COVID-19) outbreak. Independent advice suggested the impact at this advanced stage of the recruitment process the would be “statistically negligible”.
The company’s AP101 cream is being developed for epidermolysis bullosa (EB), a chronic and distressing genetic skin disorder that causes the skin layers and internal body linings to separate.
What the boss says: Joe Wiley, chief executive
“Operating clinical trials in rare diseases is always challenging and we are proud to have conducted the largest ever global study in EB.
“We are fortunate that our patient recruitment was already near conclusion before the onset of COVID-19, and having taken expert advice that the statistical impact of further patient recruitment would most likely be negligible, we have decided to close enrollment at this point.”
Another Shire Pharma?
Its story is similar to that of Shire, founded by the company’s chairman Harry Stratford, which grew to be one of the nation’s top 50 largest businesses, developing a portfolio of niche medications.
“We wanted to create a new investment thesis,” said CEO Wiley.
“We wanted to say you can invest in a solid business that will generate cash flow; that is sustainable into the future and will grow with the upside of potential new drugs and the other development pipeline opportunities we have.”
What the broker says
Stifel reckons Amryt and Aegerion are stronger together with sales from the Lojuxta stable to reach US$310mln by 2022
Published at Thu, 23 Apr 2020 13:17:00 +0000-Amryt Pharma makes good progress after US deal