Edison Issues ADR Update on Celyad

LONDON, July 14, 2016 /PRNewswire/ --

The Japanese pharmaceutical company ONO is jumping a therapeutic generation by licensing Celyad's allogeneic preclinical NKR-T cancer cell therapy for Japan, Korea and Taiwan. Allogeneic NKR-T has the same action as the Phase I/II NKR-T autologous product; allogeneic versions could be mass produced and provided "off the shelf". ONO paid $12.38m cash with $297.83m possible in milestones plus royalties. NKR-T is being tested in two hematological cancers with trials in solid tumors planned for early 2017. On an interim basis, until more data on NKR-T and C-Cure are available, the indicative value moves from $35 to $45 per share.

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ONO has given the allogeneic technology a benchmark value in its deal for Japan, Korea and Taiwan (plus an option over autologous). This supports NKR-T generally. On an interim basis, we have increased the NKR-T probability from 17.5 to 18.5% while clinical data are awaited, probably by late summer. A nominal $11m value for allogeneic is also added for the first time. This moves the indicative value to $45/share from $35 previously. A scenario value of up to $571m If NKR-T moved into solid tumor indications was presented in our 8 April 2015 note .  

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SOURCE Edison Investment Research

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