Edison Investment Research, a leading international investment research firm, announces the initiation of full coverage on the US-listed ADRs of DBV Technologies (NASDAQ: DBVT), the French allergy company focused on peanut allergy.
DBV Technologies (DBV) is a French allergy company focused on the development of disease-modifying, potential cures for various food allergies. DBV's Viaskin patch technology offers a novel delivery in allergy immunotherapy, by exposing the immune system to allergens through the skin but without passage to the blood. This reduces the risk of life-threatening immune reactions such as anaphylaxis. The Viaskin technology is particularly relevant in peanut allergy, which can have fatal consequences and where no treatment options exist aside from strict avoidance and carrying an adrenaline pen.
Our valuation is $1,379m, or $36.5/ADS, which reflects a 60% probability of success following the positive Phase II VIPES data, commensurate with a Phase III asset. In addition, our valuation assumes DBV will commercialize alone in the US. Our Viaskin Peanut peak sales are $2.4bn in the US and Europe. Cash of around $158m post the global fund-raise could potentially provide a cash runway all the way through to profitability.
Edison Investment Research