Our risk-adjusted NPV of key late-stage assets in the R&D pipeline yields a valuation of CHF212m, equivalent to CHF30/share including FY11 cash. This remains based on an assumption that dipraglurant is second to market for PD-LID; hence it would increase if this compound’s competitive position improves versus Novartis’s AFQ056.
(N.B. CHF30 on the Swiss exchange SWX:ADXN, not OTC:ADDXF)
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