ERYTech: Stronger penetration of Oncaspar in the US. Positive read-across for GRASPA
BUY, Fair Value EUR42 (+45%)Yesterday, Baxalta released its Q3 15 results, which now integrate the recently-completed Oncaspar (pegylated form of asparaginase) acquisition. Interestingly, Oncaspar sales are now “approaching an annual run rate of USD200m”. We think this is due to a deeper penetration of the different forms of asparaginases in the US, notably following the accumulation of studies demonstrating the superiority of asparaginase-based regimens in adults with Phi- ALL. This is quite positive for Erytech as: 1/ it shows that the penetration of the different forms of this therapeutic enzyme should increase in the coming years, and 2/ by expanding its reach to the frontline setting, GRASPA would benefit from these upward trends.
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