Edison Issues Initiation on Akari Therapeutics

LONDON, June 20, 2016 /PRNewswire/ --

Akari is a biopharmaceutical company advancing the clinical development of Coversin, a complement inhibitor derived from the saliva of a species of tick. Coversin shares a mechanism of action with the $2.59bn drug Soliris (Alexion, 2015 sales), and the company will be seeking approval for the same ultra-rare autoimmune hemolytic disorders as Soliris, as well as two other immune disorders without current treatments. The drug is currently in a dose ranging study and has successfully stabilized a Soliris-resistant PNH patient in a Phase II trial. Akari plans to initiate three Phase II programs in 2016. We currently value Akari at $23.17 per ADS.

     (Logo: http://photos.prnewswire.com/prnh/20130417/608168 )

Using a risk-adjusted NPV analysis, we value Akari at $273m or $23.17 per ADS. We attribute approximately half of this valuation to the PNH program because of the established mechanism and substantial established market. We predict that the company will need $180m in additional funding before profitability in 2020. Currently all programs are modelled with a low success probability, but we expect to update our valuations following increased human data from clinical trials.  

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website http://www.edisoninvestmentresearch.com.

About Edison: Edison is an international equity research firm with a team of over 110 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 420 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

Contact details: Learn more at http://www.edisongroup.com and connect with Edison on:  

LinkedIn, http://www.linkedin.com/company/edison-investment-research 
Twitter, http://www.twitter.com/Edison_Inv_Res 
YouTube, http://www.youtube.com/edisonitv    
Google+, https://plus.google.com/105425025202328783163/posts

For more information please contact:
Maxim Jacobs, Edison Investment Research, +1-646-653-7027
Nathaniel Calloway, Edison Investment Research, +1-646-653-7036 [email protected]

SOURCE Edison Investment Research

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED