Bioassociate Consulting
Long/short equity, value, event-driven, long only

Bioassociate Initiated Coverage On RedHill Biopharma With A Buy

Company overview & Investment thesis

RedHill Biopharma (NASDAQ:RDHL) is a biopharmaceutical company focused on development of late clinical-stage new, improved, and patented formulations and combinations of existing drugs. RedHill is currently advancing six clinical programs, two of which are expected to be filed for regulatory review during 2013, and two are entering pivotal clinical studies.

The majority of RedHill's product pipeline is comprised of therapeutic candidates acquired from pharmaceutical companies that encountered cash flow or operational difficulties, resulting in low purchasing prices and leading to maximal potential capitalization of those assets. RedHill's pipeline can be segmented into two primary groups:
(1) new, patent-protected, formulations of existing drugs and (2) new, patent-protected fixed-dose combination drugs. This approach lowers the

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