Roth Capital Keeps BioLineRx (BLRX) at 'Buy' Amid New in-Licensing Agreement
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Roth Capital affirms BioLineRx Ltd. (Nasdaq: BLRX) with a Buy rating and $7 price target after the company announced that it has signed an exclusive, worldwide agreement with BGN Technologies, the Technology Transfer Company of Ben-Gurion University, and Hadasit, the Technology Transfer Company of Hadassah Medical Organization, for the in-licensing of a novel treatment for various liver failure conditions such as end-stage liver disease (ESLD) and for conditions potentially leading to liver failure such as non-alcoholic steatohepatitis (NASH).
Analyst Joseph Pantginis commented today,
An unmet medical need exists for NAFLD and NASH as there are no FDA-approved treatments. In addition to chronic conditions leading to liver injury, BL-1220 may be directed toward regeneration of normal liver in acute liver injury which may expand indications it is approved for. A third of liver transplants are caused by NASH and it is expected to be the principal cause for transplantation by 2020. We believe that a therapeutic agent that halts the progression of NASH therefore preventing ESLD and HCC that may result in a transplant will be of great clinical benefit. BL-1220, is the second project in-licensed under the framework of the strategic collaboration with Novartis Pharma AG for the screening and development of novel drug candidates which achieves the millstone the company set, which was to in-license an additional project by the end of 2016.
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