Biotech Values

[DewDiligence]

Disambiguating RVNC’s RT002 and RVNC/MYL’s Botox biosimilar:

The Botox biosimilar being developed by RVNC for commercial sale by MYL (#msg-138919580, #msg-138921254) will be as much like Botox as possible. RVNC apparently has the cell line* AGN uses to produce Botox, which should make such a project considerably easier.

RT002, on the other hand, is RVNC’s proprietary animal-free, long-duration botulinum toxin that has completed phase-3 trials in glabellar lines (#msg-136643318, #msg-136644001) and is about to start phase-3 in cervical dystonia (#msg-136558280, #msg-136558193).

RT002 is wholly owned by RVNC. Please see my post on RVNC’s valuation in #msg-139013520.

--
*On the Barclays webcast this past week (https://cc.talkpoint.com/barc002/031318a_as/ ), AGN’s CEO, Brent Saunders, was asked to comment on the rumor that RVNC has the Botox cell line, and he declined to quash it. To the contrary, AGN’s CEO said, “Even if Revance has the cell line,” there’s still a lot of work to do to make a Botox biosimilar, which sounds like a tacit admission that RVNC does have the cell line.