Bell Potter update "Dirth of late stage assets driving...

Bell Potter update

"Dirth of late stage assets driving valuations higher
This note analyses the development pipeline for recent acquisitions by Bristol Myers
Squibb and Lilly for assets in the radiopharmaceutical category. In our view a fear of
missing out is apparently one of the drivers in the determination of the purchase price
in these transactions. There is a striking similarity between assets under development
across the various parties, highlighting the rarity of high quality, later stage clinical
assets in the category. Consequently, CU6 is well positioned."

"Investment View: Retain Buy (Spec) Valuation raise to $3.00
Clarity’s SAR-bis-PSMA platform is emerging as a highly differentiated platform for the
imaging and treatment of mCRPC. The IP protection is top shelf compared to existing
platforms and combined with the emerging clinical data, we believe the company has
a promising future. Earnings adjustments include increases to R&D spend over the
forecast period following commencement of approval studies. Valuation is increased
from $1.70 to $3.00."