FBR Capital Reiterates Outperform on Geron Corp (GERN) Following Disclosed License Agreement
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FBR Capital reiterated an Outperform rating and $5.00 price target on Geron Corporation (NASDAQ: GERN) as the company's SEC filing disclosed that Geron Corporation and Janssen Pharmaceuticals, Inc. signed a license agreement. The agreement grants exclusive rights of GERN patients and know-how related to oligonucleotide backbone chemistry and RNAi.
Analyst Thomas Yip commented, "On the morning of September 19, an SEC filing disclosed that Geron Corporation and Janssen Pharmaceuticals, Inc. signed a license agreement for the exclusive global rights of Geron’s patents and know-how related to using oligonucleotide backbone chemistry and RNAi for the treatment of human disorders (excluding blood or bone marrow cancers) with telomerase inhibition as the primary mechanism of action. Geron will receive an up-front payment of $5 million, plus up to $75 million in potential development and regulatory milestone payments and low-single-digit percentage royalties based on global net sales of each licensed product. Geron will continue to uphold the licensed patents and will share 50% of associated costs, while Janssen will be responsible for advancing at least one licensed product and will be solely responsible for future R&D, regulatory, and commercial expenses. This agreement not only provides Geron incremental cash flow and potential future milestone/royalty payments, but we think more importantly strengthens the existing relationship between Geron and Janssen. We reiterate our Outperform rating."
Shares of Geron Corporation closed at $1.88 yesterday.
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