Ann: Fondaparinux Quarterly Profit Share , page-31

Morgans have just released a new report with an Add rating and an increased PT of 82c...

The moment of truth approaches
Although royalty income received from ACL’s lead product
fondaparinux was lower than expected, the main game is the Phase III
read out from the colorectal cancer program, expected in 2QCY14. A
positive result will not only validate the lead program but will
substantially underpin the HyAct technology, which has multiple
applications across other tumour types. In our modelling we have
assumed the lead program is licensed to a larger pharma company.
The investment case remains compelling with this near term catalyst.