Alcon launches Jetrea in Denmark and Sweden with a roll-out in Finland and Norway to follow shortly. No changes to rating and target price.
Our View:
According to Thrombogenics, the product will be immediately reimbursed at a similar pricing level as the German pricing level (€ 3,100/injection –see our morning note of 2 May 2013).
We remind investors that Thrombogenics receives a royalty rate from Alcon in the high twenties (though the final royalty is not formally disclosed).
After the product was approved in March in Europe (triggering a € 45m milestone payment) and first launched in the UK in April (associated with another € 45m payment), Denmark and Sweden are the third and fourth European countrywhere the product is available. No milestone payments are associated with the further European roll-out. Overall, the company is entitled to an additional € 210m in future milestone payments.
Conclusion:
Alcon is making rapid progress is rolling out Jetrea throughout Europe.
The next news item for Thrombogenics is the publication of the secondary endpoints (visual acuity, VEGF use) of the phase II study in (4,05 USD, 1,00%), expected before the end of 2Q13.