GSK - Aurinia: Ready For Voclosporin's Positive Jan. 2021 NDA Announcement 45% Upside

• Aurinia Pharmaceuticals is a late-stage clinical biopharmaceutical company aiming to develop and commercialize therapies for Lupus Nephritis ("LN") and Dry Eye Syndrome ("DES").
• Aurinia's LN therapeutic Voclosporin has completed Phase 3 and is awaiting NDA results at the PDUFA target action date of Jan. 22, 2021. Aurinia has 1 other pipeline therapeutic, VOS-DES.
• Aurinia is well-capitalized at $264M despite the non-partnership developmental process they have employed. Analysts expect 2021 revenues from Voclosporin sales of $93M (7.9% market share).
• Aurinia's next catalyst is in 4Q 2020 when VOS's Phase 2/3 for DES will publish its Phase 2/3 results.
• In summary, with Voclosporin's NDA submitted for the $1.1B LN market, cash for commercialization, and expected sales in 2021, AUPH is a "buy" at a 1.5-year price target of $22.69 (+45% upside).

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