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Original-Research: Vidac Pharma Holding Plc - from Sphene Capital GmbH
20.11.2025 / 16:24 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of Sphene Capital GmbH to Vidac Pharma Holding Plc
Company Name: Vidac Pharma Holding Plc
ISIN: GB00BM9XQ619
Reason for the research: Update Report
Recommendation: Buy
from: 20.11.2025
Target price: EUR 4.20 (previously: EUR 4.30)
Target price on sight of: 36 months
Last rating change: -
Analyst: Peter Thilo Hasler
Vidac Pharma gets clinical trial authorization
Vidac Pharma recently announced that the European Medicines Agency (EMA) has
granted approval for the company's first clinical study specifically
designed to address highly proliferative actinic keratoses (AK). The
upcoming Phase 2 trial is structured to evaluate safety, tolerability, and
preliminary efficacy signals of Vidac Pharma's investigational therapy in
patients presenting with advanced AK lesions. The study protocol
incorporates rigorously defined inclusion and exclusion criteria, clinically
meaningful primary and secondary endpoints, centralized and site-level
quality assurance procedures, blinded assessments where appropriate, and
pre-specified interim analyses intended to secure reliable and
decision-enabling data. This progression marks an important regulatory
inflection point for Vidac Pharma, from our viewpoint, as the company
advances toward generating the clinical evidence required for subsequent
pivotal studies and future marketing authorization pathways in the European
Union. Using a sum-of-the-parts, multi-stage discounted cash flow (DCF)
model, in which the two pipeline candidates-VDA-1102 for actinic keratosis
(AK) and VDA-1102 for cutaneous T-cell lymphoma (CTCL)-are valued
separately. We adjust our price target to EUR 4.20 from EUR 4.30 per share
and reiterate our Buy recommendation for the Vidac Pharma shares.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=2a25edc8a934b24de1ba45af9be99b50
Contact for questions:
Peter Thilo Hasler, CEFA
+49 (152) 31764553
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2233684 20.11.2025 CET/CEST
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