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Aegerion Pharmaceuticals, Inc. (AEGR) Message Board

  • hankmanoo hankmanoo Sep 23, 2013 5:33 PM Flag

    PLI v AEGR Part I

    PLI has about doubled since I posted about it while AEGR has dropped by about 15%. It is not too late to get into PLI - ther ride up is just begining! Here is an update from Beacon Securities: (It starts about VPHM but as you will see it is really about PLI).
    ----------
    BEACON UPDATE .
    September 23, 2013 02:24 pm
    Viropharma (VPHM – US) surged 35% last week amidst take-over speculation. These rumours were further fueled by VPHM’s engagement of Goldman Sachs.
    It is speculated that Shire and Sanofi could be logical buyers
    Analysis:
    Viropharma is a plasma-protein based orphan drug company
    In 2008, VPHM acquired Lev Pharmaceutical for US$400 million. Through the acquisition, VPHM acquired the drug CINRYZE.
    CINRYZE is used in the treatment of hereditary angioedema (HAE), a very rare condition that results in the swelling of various body parts
    The disease effects 1 person in every 10,000 – 50,000 people. By this math, there would be approximately 10,000 people impacted in the United States
    Given the size of this market, CINRYZE qualified and received orphan drug status and was approved for sale in December 2008
    With the next three/four years, sales from CINRYZE grew to $400 million and now represent ~92% of total sales of VPHM
    Revenue is driven by the $350,000 annual treatment revenue per patient
    In its last quarter, however, EBITDA margin was only 11%, primarily due to overhead from its other drug in the pipeline and, perhaps more importantly, the fact that VPHM does not “manufacture” its own protein (C1 Inhibitor). Instead, it buys the protein (active ingredient) from a company called Sanquin, a Netherland-based company.
    Recall that if ProMetic were to sell only active ingredients/proteins from its Laval plant, their value would represent ~40% of the value of the drug. Consequently, ProMetic, through its PPPS technology, has a distinct vertical integration advantage which should result in significantly higher margins than VPHM is currently generati

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AEGR
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