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Analyst Comment

Gubra - New partnership with Camurus to develop a long-acting treatment for hypoparathyroidism

By Philip CoombesEquity Research Analyst
Gubra

Summary

  • Gubra has partnered with Camurus to develop a long-acting treatment for hypoparathyroidism, combining Gubra's PTH analogue with Camurus' FluidCrystal® technology to improve disease control and reduce injection frequency.
  • Camurus will lead the development and commercialization, while Gubra retains an option to co-finance development, with tiered royalties based on funding participation; financial terms were not disclosed.
  • The partnership supports Camurus' focus on endocrine and rare diseases and expands Gubra's pipeline beyond obesity, though it is considered non-core compared to Gubra's obesity assets.
  • HC Andersen Capital notes the partnership as validation for Gubra's streaMLine platform, but does not expect it to be a major value driver in the medium term.

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Gubra has entered into an exclusive collaboration and license agreement with Camurus to develop a long-acting treatment for hypoparathyroidism, combining Gubra’s parathyroid hormone (PTH) analogue (discovered via its AI-enabled streaMLine platform) with Camurus’ FluidCrystal® sustained-release technology. The aim is to reduce injection frequency and improve disease control versus current once-daily PTH therapies, addressing a clear unmet need in this rare endocrine disorder. 

Under the agreement, Camurus will lead development and commercialization, while Gubra retains an option to co-finance development, with tiered royalties linked to its chosen funding participation. No upfront payment or milestone amounts were disclosed. The partnership aligns with Camurus’ focus on endocrine and rare diseases and expands Gubra’s pipeline beyond obesity into additional endocrine indications. 

We assume that the partnership adds further validation to the streaMline platform and its ability to create differentiated peptides to address unmet medical needs. However, we also expect that compared with Gubra’s obesity assets (e.g. ABBV-295, UCN2), this program is non-core and unlikely to be a major value driver in the medium term.

Disclaimer: HC Andersen Capital receives payment from Gubra for a DigitalIR/corporate visibility subscriptions agreement / Philip Coombes 13:53 16/12-2025 

Gubra is a pharmaceutical company. The company's operations are focused on the early stages of drug development. They primarily conduct research and development in the area of metabolic and fibrotic diseases. The company's product portfolio includes several brands and drugs, and the operations are conducted on a global level, with the largest presence in North America and the Nordic region. The headquarters are located in Hørsholm, Denmark.

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