PHAT - Phathom Pharmaceuticals: Bringing Vonoprazan To U.S. And Europe Ought To Be Straightforward And Lucrative

• Phathom is attempting to commercialize a treatment for Gastroesophageal Reflux Disease and H. Pylori in the US and Europe that has proven successful in Asia & Latin America.
• The company has in-licensed rights to Vonoprazan from Takeda. The drug presents numerous advantages to current standards of care in the US and Europe.
• There are 2 Phase 3 trials ongoing - one in Erosive Esophagitis as a monotherapy and one in H. Pylori - alongside antibiotics - with results expected this year.
• Current standards of care - proton pump inhibitors - have seen sales decimated by generic competition and are now available OTC.
• If approved, Vonoprazan could rapidly gain market share as it has done in Japan where management say sales ~$725m per annum. I see share price upside for Phathom perhaps >100% in a best case scenario.

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