Cowen Remains Bullish on Galapagos NV (GLPG) After AbbVie (ABBV) Declined to Opt-In for Phase III Development of Filgotinib
Cowen maintained an Outperform rating on Galapagos NV (NASDAQ: GLPG) following AbbVie's (NYSE: ABBV) decision to terminate its agreement for JAK1 inhibitor filgotinib. The decision was in conjunction with the release of positive data from ABT-494's (JAK1 inhibitor) Phase II BALANCE-I and BALANCE-II trials in RA. Consequently, Galapagos now owns 100% of the worldwide rights to filgotinib.
Analyst Phil Nadeau commented, "This morning ABBV declined to opt-in for Ph. III development of filgotinib. GLPG expects to begin Ph. III in RA during H1:16, and has already begun discussions with new potential partners. We continue to believe filgotinib is a competitive JAK inhibitor with opportunities in inflammatory disorders and possibly oncology. We expect filgotinib's clinical progress to create L-T shareholder value."
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Shares of Galapagos NV closed at $61.48 yesterday.