Repligen, Pfizer Collaborate - Analyst Blog
08 Januar 2013 - 7:40PM
Zacks
Repligen Corporation (RGEN) recently joined
forces with Pfizer, Inc. (PFE) for the advancement
of its spinal muscular atrophy (SMA) program.
The Candidate
The SMA program was originally in-licensed from Families of SMA
(FSMA). The lead candidate in this program, RG3039, is in a phase I
trial – the first two arms of this trial will be completed by
Repligen following which Pfizer will take over the development of
the candidate.
SMA is a genetic disease that presents early in life. According to
The SMA Trust, one child out of every 6,000 births is affected by
SMA.
Repligen has Orphan Drug and Fast Track status for RG3039 in the US
as well as Orphan Medicinal Product designation in the EU.
Terms of the Deal
Under this deal, Repligen could receive up to $70 million from
Pfizer, including an upfront payment of $5 million. The balance $65
million would be received on the achievement of future milestones.
Further, royalty payments will be made by Pfizer on sales of SMA
compounds developed under the agreement.
Our Take
This deal is a major positive for Repligen. It not only provides it
with a strong development partner like Pfizer, it also provides the
company with funds in the form of upfront, milestone and other
payments. Repligen’s strategy is to use its internal efforts for
the growth of bioprocessing business and seek external partners for
its therapeutic development programs.
Meanwhile, the deal is in line with Pfizer’s strategy of expanding
its orphan drug segment.
We currently have a Neutral recommendation on Repligen. The stock
carries a Zacks #1 Rank (Strong Buy). BioMimetic
Therapeutics Inc. (BMTI) is another player which carries a
Zacks #1 Rank.
BIOMIMETIC THER (BMTI): Free Stock Analysis Report
PFIZER INC (PFE): Free Stock Analysis Report
REPLIGEN (RGEN): Free Stock Analysis Report
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