Investment summary

Selincro, as nalmefene is branded, has been filed with the EMA. It is the first alcohol dependence therapy that does not require abstinence and can be taken on an as needed basis. In Phase III trials Selincro was shown to reduce total alcohol consumption and the number of heavy drinking days. Partner Lundbeck will present full Phase III data at the European Congress of Psychiatry (EPA) meeting in Prague (3-6 March 2012). Selincro’s launch will trigger a milestone from Lundbeck, with assumed mid-teens sales royalties. Potential out-licensing of unencumbered assets may unlock further value, while late-stage in-licensing/M&A is critical to achieving Biotie’s strategic growth objectives. FY11 results will be released on 24 February.

Last updated on 22/12/2011

Industry outlook

Biotie’s focus is on neurodegenerative and psychiatric diseases, and niche inflammation indications. It is an active consolidator; the aborted Newron deal (after Merck's returned rights to safinamide, changing the deal economics) would have been its second acquisition in 2011, after the €94m purchase of private company Synosia in February.

Last updated on 09/12/2011