Leerink Keeps BioMarin (BMRN) at 'Outperform' Amid EMA Validation of Brineura MAA
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Leerink affirms BioMarin (Nasdaq: BMRN) at Outperform with a price target of $127 after the company announced that the European Medicines Agency (EMA) validated the Marketing Authorization Application (MAA) for Brineura (cerliponase alfa) to treat children with CLN2 disease, a form of Batten disease.
The firm commented today:
Following a recent announcement of a delay in PDUFA action date, BioMarin announced that EMA has validated the marketing authorization application (MAA) for Brineura (formerly BMN190) in treating CLN2/Batten disease. Assuming a positive opinion from the EMA's Committee for Human Medicinal Products (CHMP), a decision in EU could arrive by 3Q17; however, an earlier decision is also a possibility. This timeline could present an upside to our model assumptions.
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