Zurase is a recombinant enzyme commercialized by Swedish Orphan Biovitrum, with a leading Phase III program in Gouty Arthritis (Gout). According to Globaldata, it is involved in 11 clinical trials, of which 8 were completed, and 3 are ongoing. GlobalData uses proprietary data and analytics to provide a complete picture of Zurases valuation in its risk-adjusted NPV model (rNPV). Buy the model here.
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The revenue for Zurase is expected to reach an annual total of $115 mn by 2036 in the US based off GlobalDatas Expiry Model. The drugs revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drugs phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
Zurase Overview
SEL-212 is under development for the treatment of chronic refractory and tophaceous gout, and hyperuricemia. It is administered through intravenous and intramuscular route. It is a combination of pegsiticase (SEL-037) and SVP-rapamycin (SEL-110). It is based on tolerogenic synthetic vaccine particle (SVP) platform. It was also under development for Lesch-Nyhan syndrome, hyperuricemia and tumor lysis syndrome.
Swedish Orphan Biovitrum Overview
Swedish Orphan Biovitrum (Sobi) is an integrated biopharmaceutical company. It focuses on the development of products for the treatment of rare diseases. The company specializes in biotechnology with prime capabilities in protein biochemistry and biologics manufacturing. Its product portfolio focuses on hemophilia, immunology, specialty care, inflammation, and genetic and metabolic diseases. The company also provides innovative treatment for conditions such as amyotrophic lateral sclerosis (ALS). Sobi also manufactures and markets specialty products for rare diseases for partner companies. The company has an operational presence in Europe, the Middle East, North America, Russia, and Asia. Sobi is headquartered in Stockholm, Sweden.
The company reported revenues of (Swedish Krona) SEK22,123 million for the fiscal year ended December 2023 (FY2023), an increase of 17.7% over FY2022. In FY2023, the companys operating margin was 18.4%, compared to an operating margin of 20.3% in FY2022. In FY2023, the company recorded a net margin of 10.9%, compared to a net margin of 14% in FY2022.
The company reported revenues of SEK5,442 million for the second quarter ended June 2024, a decrease of 13% over the previous quarter.
For a complete picture of Zurases valuation, buy the drugs risk-adjusted NPV model (rNPV) here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.
The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.
