Trulance information from TDTRULANCE — A New Candidate in Canada’s Growing IBS-C Market — Top Pick Cipher could file an NDS for TRULANCE by YE2018, seeking Canadian market approval for the treatment of Irritable Bowel Syndrome with Constipation (IBS-C). If approved, TRULANCE could become the third contender in Canada’s IBS market, competing head-to-head with Allergan’s (AGN-Q) market-leading Constella, and Knight Therapeutics’ (GUD-T) Tenapanor. TRULANCE could become a pivotal growth-driver for Cipher in the post-2019 period. We believe that TRULANCE’s peak sales could exceed $10 million, on the strength of a superior safety profile and a fast-growing IBS-C market. This could be worth at least an incremental $1.25 per share. We are maintaining our C$4.25 target price and BUY rating for Cipher, supported by its recent Canadian portfolio build-out and stabilized Absorica performance.