12:57 PM EDT, 09/15/2025 (MT Newswires) -- DRI Healthcare Trust (DHT-UN.TO) holds a 6% royalty of Ekterly (sebetralstat), FDA-approved in July.

Stifel Canada notes that eight weeks into launch, Ekterly has received 460 patient start forms from 253 prescribers. The early data supports a 'BULL' case and could suggest a path to a +US$500 million drug, writes analyst Justin Keywood.

"We conservatively factor in +C$2/NAV impact to DRI and believe the value is not nearly reflected," Keywood adds. DRI invested US$100 million up-front in sebetralstat last fall and the early data validates M&A pursuits and bench strength with management.

Stifel favours DRI as a strong capital allocator with a US$3 billion pipeline, US$370 million of liquidity (1.6x leverage) and historical IRR of 18%. M&A could catalyze shares and may occur in the near-term, Keywood says.

DRI Healthcare has a Buy rating and $19 price target.

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