Edison Issues ADR Research Update on DBV Technologies

Dec 10, 2015, 05:43 ET from Edison Investment Research

LONDON, December 10, 2015 /PRNewswire/ --

DBV has now started the Phase III Viaskin Peanut trial (PEPITES), which has been enlarged to meet patient and investigator demand, a positive sign for future potential uptake. The Phase II Viaskin Milk trial (SMILEE) has also started as a potential treatment for EoE, a food allergy-related disease. The EoE trial broadens DBV's focus beyond traditional food allergy, which includes peanut, cow's milk and hen's egg allergy.

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Our rNPV-based valuation is increased to $1.85bn (from $1.36bn) or $38.4/ADS owing to incorporation of the July US public offering, which raised gross proceeds of $282m, in addition to an increased probability of 65% for Viaskin Peanut to reflect the improved treatment effect observed with longer-term therapy. Our valuation does not include any contribution for Viaskin Milk in EoE.

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