Roth Capital Reiterates Regeneron (REGN) at 'Buy' Following New Teva Pharma Ffasinumab Partnership
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Roth Capital affirms Regeneron Pharma (Nasdaq: REGN) at Buy with a price target of $520 after the company and Teva Pharma announced a global agreement to develop and commercialize fasinumab, Regeneron's investigational NGF antibody in Phase 3 clinical development for osteoarthritis pain and in Phase 2 development for chronic low back pain.
Analyst Joseph Pantginis commented on Tuesday,
This is an important new partnership for REGN both on the product development front as well as a significant next step for fasinumab and the anti-NGF class of drugs. Recall the class has seen a bumpy history. It started in June 2010 when the FDA stopped Pfizer's (PFE-NC) OA of the knee study of tanezumab based on some disease worsening. Subsequently JNJ's (NC) study with fulranumab was stopped due to concerns over risk of joint damage. AZN (NC) and REGN voluntarily stopped their anti-NGF studies while not having shown any of the risks/effects seen with the other drugs. In March 2012, the Arthritis Advisory Committee voted 21-0 to allow PFE and others to resume testing of the class, based primarily on the potential benefits outweighing the risk. The Phase III OA study (knee/hip) is targeting enrollment of ~10,000 patients with data in the 2018-2019 timeframe. The Phase II in lower back pain is targeting enrollment of ~800 patients with data expected in 2017 (both study details according to clinicaltrials.gov).
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