Dr Boreham’s end-of-year ASX biotech report card
If the biotech sector were a classroom, the teacher’s end-of-year report card would read something like: “a patchy but solid effort in trying conditions, with the star students hampered by some notable laggards at the back of the class”.
Here are your columnist’s top performers for the year – the Magnificent Seven – and the six worst disappointments, a.k.a. The Dirty (Half) Dozen.
Our criteria, naturally, are weighted to the share price but in some cases the market’s adjudication does not reflect the level of achievement or – indeed – lack thereof.
The Magnificent Seven
It’s impossible to kick off the narrative with any stock other than Neuren Pharmaceuticals(ASX:NEU), given its heroic achievement in securing US Food and Drug Administration approval for its Rett syndrome drug trofinetide.
Strictly speaking, Neuren’s partner Acadia shepherded the rebadged Daybue through the process, but it was Neuren that spent 10 years developing the drug at a cost of more than $300 million.
Rett syndrome mostly affects girls and is marked by problems including difficulties in talking, breathing, eating and sleeping.
Neuren chief Jon Pilcher said he had a bad feeling when he had not heard from Acadia on FDA deadline day and went for a dip in a wild ocean to clear his head.
The starfish and octopuses had some good news.
The approval paves the way for Neuren to receive hundreds of millions of dollars of sales milestones and royalties, as well as a share of a valuable Rare Pediatric Disease Priority Review Voucher.
Neuren shares leapt 18 per cent on the day but have since more than doubled on strong early sales.
If Neuren is the dux of the class, then Pro Medicus (ASXME) is the worthy recipient of the principal’s special achievement award after this year’s circa 50 per cent share surge.
https://www.theaustralian.com.au/business/*/dr-borehams-endofyear-asx-biotech-report-card/news-story/14637adfdc5b1b56e2808b41086c6e77
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