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BTG
| Date | Reports available | Download |
|---|---|---|
| Sep 19 2008 |
Merger with Protherics Yesterday’s announcement of a recommended all-share offer for Protherics by BTG appears to create a well-capitalised, profitable FTSE250 company in the UK biopharmaceutical sector. The new company will have an R&D pipeline of neurology, oncology and critical care products. It also intends to establish a US hospital sales force, potentially augmented through product acquisitions. Research type: Update - Acquisition |
Log in to download 6 page note available |
| Jun 09 2008 |
Varisolve trial completes BTG's safety study for Varisolve is now virtually assured to render a positive result, with 57 patients treated successfully and past the 24-hour MRI, of which most have completed their 28-day MRIs. The move allows BTG to re-start talks with potential partners and determine the optimum commercial strategy - out-licensing, co-development or partnership - depending on partner interest. Research type: Review - Clinical trial completed |
Log in to download 8 page note available |
| Apr 18 2008 |
Campath in focus at AAN Full three-year data from a Phase II study of Campath – presented at the American Academy of Neurology – support its potentially highly attractive profile in multiple sclerosis. Campath, which could gain approval in MS in 2012, will be an important royalty source compensating for BeneFIX, whose patent expires in 2011. BTG’s financials are due at the end of May – its already reported year-end cash of £55m was well above expectations. Research type: Outlook - Trading update |
Log in to download 12 page note available |
| Mar 18 2008 |
Varisolve study data Data published yesterday show that 28 patients have been successfully treated in the Varisolve safety study without any adverse effect. Recruitment of the 50 patients needed to show safety remains on track to finish by mid-2008. Completion of the trial should remove a major uncertainty that has depressed the shares. Research type: Update - Trial update |
Log in to download 7 page note available |
| Jan 25 2008 |
Varisolve D-Day nears BTG continues to move nearer a resolution of the longstanding Varisolve safety issue. Recruitment into its Phase II study is on track to finish by June, with data on the patients treated to date – perhaps up to half of the target 50 – due to be published at an as-yet undisclosed scientific meeting in March. Other R&D programmes are broadly on track. Cash at 30 December was £48.8m, indicating an EV of £92m, compared with our estimate of rNPV of £320m. Research type: Update - Trading update |
Log in to download 8 page note available |
| Nov 27 2007 |
Key year ahead In the UK biotech sector, BTG is marked out by the strength of its balance sheet, the breadth of its internal and out-licensed R&D pipelines and its base of recurring royalties. The near-term catalyst in 2008 is the outcome of its Varisolve safety study, which – if positive – should remove a longstanding uncertainty that has depressed the shares. Management is also indicating a desire to consider acquisitions of late-stage programmes and businesses, possibly with an existing sales force. The EV of c. £96m compares with our estimate of rNPV, which currently stands at £320m. Research type: Review - Interim results |
Log in to download 12 page note available |
| Oct 25 2007 |
Licensee deal with GSK BTG confirmed yesterday that it is to receive a $10m initial payment and a 50% share of downstream milestones totalling up to $525m (i.e. $262.5m), as a result of its licensee Tolerx signing a deal with GlaxoSmithKline. The $760m GSK/Tolerx deal is to commercialise the humanised anti-CD3 monoclonal antibody TRX4 (otelixizumab), which is in Phase II development for type 1 diabetes and other autoimmune and immune-mediated diseases. Research type: Flash note - Licensing agreement |
Log in to download 1 page note available |
| Sep 10 2007 |
Progress in H2 BTG’s shares have started to recover having come under significant pressure in a period when the company has had relatively little product development news. At the current price, the market is ascribing an EV of around £110m, which in our view continues to heavily discount the value of the pipeline, which we believe should command a risk-adjusted NPV (rNPV) of around £300m. The investment case remains centred on the breadth of BTG’s R&D portfolio and is supported by the company’s c.£25m recurring royalty income stream and strong balance sheet. Research type: Update |
Log in to download 7 page note available |
| Jun 18 2007 |
In the pipelines BTG presents an attractive, albeit rather complex, investment case. It has a broad R&D portfolio and a strong balance sheet, and generates around £25m/year in net recurring revenues from a multitude of out-licensing deals. However, the market heavily discounts the value of its R&D pipeline, which we estimate should have a risk-adjusted NPV (rNPV) of over £300m. Scepticism may change if BTG can prove itself able to move some key pipeline assets successfully through clinical development and secure higher-value, later-stage out-licensing agreements. Research type: Outlook - Initiation of coverage |
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