TGTX- Roth Capital affirms its Buy/Focus Pick rating and $25 price target on TG Therapeutics (Nasdaq: TGTX) following news that the company exercised its option to license the global rights to TGR-1202, the Company's novel, next generation PI3K-delta inhibitor from Rhizen Pharmaceuticals, S.A.
Analyst Joseph Pantginis commented, Given the positive clinical readouts to date with TGR-1202 alone and in combination with TG-1101, we believe acquiring the full rights for TGR-1202 is a favorable course of action. We believe that this way, TGTX would have significant leverage if it chose to pursue a partnership. This is particularly emphasized by the recent favorable terms that Infinity (INFI-NC) secured in the deal with AbbVie (NYSE: ABBV) for its PI3K inhibitor. Recall that the TGR-1202 single agent study showed that 100% of CLL patients treated with # 800mg TGR-1202 exhibited significant nodal reductions and 80% achieving PR or nodal PR. Importantly, TGR-1202 was shown to be safe and well tolerated in patients treated over a year with no hepatotoxicity. The combination study of TG-1101 and TGR-1202 achieved 100% ORR. These data indicate that TGR-1202 is a potential best-in-class PI3K-delta inhibitor as well as very good combinable potential with other drugs and therefore can have potential interest from a partnering standpoint.
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