Removing Acquisition Premium From Our Sobi Valuation, Our FVE Has Dropped to SEK 192

As recently as 2016, Swedish Orphan Biovitrum, or Sobi, was largely a specialty pharmaceutical firm in-licensing rights to marketing drugs in Europe. Since then, the successful launches of hemophilia drugs Elocta and Alprolix in Europe and other international markets and several acquisitions and collaborations have expanded Sobi's business geographically (to the U.S.) and into new therapeutic areas (in immunology and hematology). Sobi recent deals to acquire rights to immunology drugs (Astra's Synagis and nirsevimab, Novimmune's Gamifant, Apellis' Aspaveli/pegcetacoplan) and new hematology drugs (Dova's Doptelet) help bolster long-term growth prospects.