Edison Investment Research Limited
Edison Issues Update on ReNeuron Group (RENE)
Thursday, April 11, 2019 8:28 AM
LONDON, UK / ACCESSWIRE / April 11, 2019 / Following-on from ReNeuron's (LSE: RENE) recent striking early-stage data release for its human retinal progenitor cell (hRPC) product in retinitis pigmentosa (RP), and the ongoing partnering interest in cellular therapies, ReNeuron has partnered its two lead products - hRPC and the CTX cell line - for the Chinese market with Fosun Pharma. We have updated our model to reflect the near-term part of the £80m in potential total upfront payments and milestones.
Our previous model did not include Chinese sales for ReNeuron's CTX or hRPC products, so we have added these with some conservative assumptions for penetration and pricing in China, and have used the epidemiology from Japan. In our model, we have approximated the announced milestone flow up to launch in China as other income, but left the probabilities of success for both CTX and hRPC unchanged at 25% and 20%, respectively. Our valuation moves from £192m or 608p per share to £199m or 630p per share.
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