Edison issues research update on Abzena (ABZA)

London, UK, 28 July 2016

Edison issues research update on Abzena (ABZA)

Abzena has announced the formation of a JV company, Denceptor Therapeutics, and an agreement with Faron to manufacture Clevegen (an Abzena inside product). Both deals validate the rationale behind expanding the company last year to provide a broader range of services. Meanwhile, Annexon Biosciences has recently raised funds and indicated it will be taking ANX-005 (another Abzena inside product) forward. We have increased our valuation to £143m (vs £133m) to reflect FX changes.

We have not altered our valuation in light of these announcements as the programmes need to progress further before we would include them. However, we have increased our valuation to £143m (vs £133m) or 104p per share (vs 98p), due to a change in the $/£ rate used (1.3 vs 1.5) for the Abzena inside portfolio. Abzena is starting to demonstrate the potential in its integrated service offering and we expect potential uplifts to valuation as its Abzena inside products move through the clinic and to the market; for example, we note the recent fundraising and intention to advance the currently preclinical ANX-005 programme by Annexon Biosciences.

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