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Edison - Astex Pharmaceuticals - still attractive

11:14 EDT 8 May 2013 | BioPortfolio

A more than 70% appreciation in the share price over the past two months suggests the market is recognising the potential value in Astex’s internal pipeline, particularly SGI-110 – which is the central element of Edison’s investment thesis. Despite the shares recent 52-week high, we consider there to be an attractive investment case with multiple upside catalysts. A solid Q1 with Dacogen royalty revenue of $22.1m allowed Astex to reaffirm annual royalty guidance of $55m despite the potential imminent introduction of a US generic. We value Astex at $678m (including 2013 year-end cash), equivalent to $7.25 per share basic ($6.73 diluted).

Source: Edison Investment - read full article at http://www.edisoninvestmentresearch.com/

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