Hapoalim Securities Initiates Coverage on BioSpecifics (BSTC) with a Market Outperform; Possible Acquisition Play
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Hapoalim Securities initiates coverage on BioSpecifics (Nasdaq: BSTC) with a Market Outperform. Price target $40.
Hapoalim analyst says, "In our view, given the market potential for XiaflexT, it is highly likely that if XiaflexT is approved by the FDA Auxilium (Nasdaq: AUXL) would seek to acquire BioSpecifics Technologies. Based on the value of the royalty stream alone in just Dupuytren's contracture and Peyronie's disease - which we value at $220MM over the lifetime of the patent protection on XiaflexT - we believe that Auxilium could acquire BioSpecifics for a significant premium to the current share price if XiaflexT is approved...Attractive Entry Point - BioSpecifics currently trades at a ~$120MM market cap - a significant discount to our risk-adjusted NPV of ~$240MM for the XiaflexT royalty stream. The drug could be launched in early 2010, with peak sales of >$700MM by 2018 in only Dupuytren's contracture and Peyronie's disease."
To see more analyst ratings on BSTC Click Here.
BioSpecifics Technologies Corp. is a biopharmaceutical company involved in the development of an injectable collagenase for multiple indications.
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xiaflex
paul on Jun 23, 2009 07:24 PMTHE OFF LABEL INDICATIONS FOR A COLLAGENASE BASED INJECTIBLE FOR BURN SCARS, POST SURGICAL SCARS, KELOIDS, AS WELL AS OTHER INDICATIONS WOULD GREATLY EXPAND THE USE OF XIAFLEX.