Bell Potter re-inititaes coverage on Australia's StarPharma with 'buy'

Starpharma Holdings

07/09/2022 01:40

** Bell Potter says Australia's StarPharma Holdings Ltd
 SPL.AX  has good track record of pharmaceutical partnerships
and an excellent IP portfolio
    ** Brokerage re-initiates coverage on the global
pharmaceutical co with a 'Buy' rating and TP of A$0.58
    ** Assumes stabilization of co's R&D expenses for future
financial years given the clinical trials for DEP products will
continue
    ** Says company has three over the counter products
(non-pharmaceutical) approved for sale in a number of countries,
which generate revenue without requiring any further R&D costs
    ** Co also signed with Astra Zeneca a multi-product licence
that involves the development and commercialisation of two novel
Astra Zeneca oncology compounds, and the potential to deliver co
A$124 million ($83.27 million)in milestone payments
    ** Stock has fallen 56.7% this year as of last close

($1 = 1.4892 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))