Zeltia restructures and rebrands as PharmaMar, Edison increases valuation
Spanish pharma company Zeltia has restructured and is now trading as PharmaMar (PHM: MC).
The company has been restructured to become primarily a pharma company ahead of a potential US Initial Public Offering (IPO) in the first half of 2016. The structure was achieved by a reverse merger where the oncology division PharmaMar absorbed the former parent company Zeltia. One PharmaMar share was exchanged for each Zeltia share.
The firm recently was given US and Japanese approval for its anti-cancer drug Yondelis (trabectedin) for soft tissue sarcoma, and Phase III data for Aplidin (plitidepsin) in multiple myeloma is expected in the new year. Investment research firm Edison to raise its valuation slightly to 4.82 euros ($5.17) from 4.65 euros per share, and an overall value of 1.07 billion euros ahead of the Aplidin data which could be a significant catalyst for PharmaMar’s stock.
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