Edison Investment Research Limited
London, UK, 3 June 2021
IRLAB Therapeutics (IRLABA): Initiation - Focused on novel Parkinson's disease treatments
IRLAB Therapeutics is focused on developing novel, potential first-in-class treatments for the symptoms of Parkinson's disease (PD). PD is a complex and progressive neurodegenerative condition with huge unmet need. IRLAB has two lead assets in Phase II trials: mesdopetam (D3 antagonist) and pirepemat (PFC enhancer). Both assets have a unique MOA and were developed through its proprietary technology ISP platform to address a wide spectrum of symptoms such as levodopa-induced dyskinesias (PD-LIDs), psychosis and PD-Falls. Top-line data from the mesdopetam US/EU Phase IIb/III trial in PD-LIDs, expected in H122, will define the pivotal trials required for approval. We value IRLAB at SEK4.8bn.
Our valuation of SEK4.8bn or SEK93.3/share is based on a risk-adjusted NPV model for mesdopetam in PD-LIDs (SEK45.9/share) and PD-Psychosis (SEK13.2/share), and pirepemat in PD-Falls (SEK29.3/share). We forecast US/EU launches in 2026 and 2027 respectively; China represents an additional opportunity not reflected in our forecasts. Additionally, we do not include the early-stage portfolio (preclinical assets IRL942 and IRL1009), nor the proprietary ISP platform technology in our valuation. We include net cash of SEK253.9m at 31 March 2021.
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