Cashing out on IDEFIRIX Ahead of U.S. Launch

Research evidence excerpt

Cashing out on IDEFIRIX Ahead of U.S. Launch

Company Report

May 19, 2026 Hansa Biopharma (HNSA)

Rating: Cashing out on IDEFIRIX Ahead of U.S. LaunchOUTPERFORM

Price:

SEK34.44 The Wedbush View

12-Month Price Target:

SEK69.00 HNSA out-licensed EU/MENA rights to commercialize IDEFIRIX to SERB (private).

HNSA will receive €110M upfront plus an additional €5M upon EMA acceptance

Analysts of the filing for full approval of IDEFIRIX. SERB will commercialize IDEFIRIX,

David Nierengarten, Ph.D. and continue monitoring the long-term PAES follow-up, along with the ongoing

(415) 274-6862 pediatric study following transfer of the marketing authorization. The transaction

David.Nierengarten@wedbush.com should close within 60 days pending regulatory approvals. We had previously

Dennis Pak highlighted the potential sale or out-licensing of HNSA’s European commercial

(415) 263-6647 operations as a logical source of non-dilutive financing to support U.S. commercialDennis.Pak@wedbush.com

buildout and pipeline advancement and unlock shareholder value. In our view, theMartin Fan, Ph.D.

(213) 688-3404 transaction effectively monetizes the European franchise at an attractive valuation,

Martin.Fan@wedbush.com while simultaneously addressing a financing overhang ahead of a potential U.S.

launch in December. The transaction also streamlines the organization around

the substantially larger U.S. transplant opportunity, improving financial visibility

Company Information and enhancing HNSA’s attractiveness as a potential acquisition candidate for mid-Market Cap (M) SEK3,505

Enterprise Value (M) SEK3,962 to-large nephrology or transplant-focused biopharma companies. The company

Shares Outst (M) 101.8 expects the transaction to substantially reduce its operating cost base beginning