Sucampo’s (NASDAQ:SCMP) share price has been stuck in a range for a considerable time, but the company wasn’t idle – management has been working hard to move the company away from its legacy product Amitiza into rare diseases. Sucampo made two transactions since early 2016 and now has two late-stage orphan assets (one wholly owned and an option on the other) with data readouts in 2018. Sucampo is generating strong free cash flow and expects to continue to build out its late-stage orphan drug pipeline. Meanwhile, Amitiza has been growing at a steady pace and that’s despite the growing competition in the constipation space. I believe that cash flow from Amitiza provides downside protection while the orphan pipeline stands to add significant value in the long run.