cagkansayin
Evercore ISI upgraded Vertex Pharmaceuticals (NASDAQ:VRTX) to Outperform from In-Line on Thursday, based on the company’s decision to buy immunotherapy developer Alpine Immune Sciences (NASDAQ:ALPN).
Alpine Immune (ALPN), whose lead asset, povetacicept, targets a kidney disorder called IgA nephropathy, surged in value after the companies confirmed the $4.9B all-cash deal.
Shares of Vera Therapeutics (VERA) rose in sympathy as its lead candidate, atacicept, is also under investigation for IgA nephropathy.
“We think this is a solid acquisition and aligned with VRTX’s emerging footprint in nephrology,” Evercore analyst Liisa Bayko wrote, noting that the addition of Alpine Immune (ALPN) can boost the company’s top line by over $5B. However, Evercore kept the VRTX price target unchanged at $438 per share.
As VRTX expects povetacicept to enter Phase 3 pivotal development in H2 2024, Bayko argued that the drug, a dual antagonist of two immune-related cytokines, could be the fourth to enter the market in this class of therapeutics.
In addition to VERA’s atacicept, the analyst pointed to Otsuka’s (OTCPK:OTSKF) (OTCPK:OTSKY) sibeprenlimab and Novartis’ (NVS) (OTCPK:NVSEF) zigakibart as other potential entrants.
More on Alpine Immune Sciences
- Alpine Immune Sciences, Inc. (ALPN) Q4 2023 Earnings Call Transcript
- Alpine Immune Sciences: Track Record Undermines Case For Latest Lead Drug
- Vertex enters into agreement to acquire Alpine Immune Sciences
- Alpine Immune jumps on report of takeover interest
- Seeking Alpha’s Quant Rating on Alpine Immune Sciences