Idenix Pharmaceuticals (IDIX)

[genisi]

Vertex - CIBC (they have target price of $42)
Highlights from Conference Call with Dr. Zeuzem on EASL Data


On 4/16, we hosted a conference call with Dr. Stefan Zeuzem, Chief of the Dept. of Medicine at the J.W. Goethe University Hospital, and an HCV trial investigator.


Dr. Zeuzem said that in the 12-wk telaprevir/Peg-IFN/RBV group, all 4 pts who did not meet the RVR requirement to remain in the arm still had robust antiviral responses, with viral loads <30 IU/mL at 4 wks. He believes these pts would have had similar SVR20 rates to pts who stopped at 12 wks.

Dr. Zeuzem believes an additional 12 wks of Peg-IFN/RBV, as in the "12+12" treatment arm, could potentially reduce the relapse rate by half. He said the rash associated with telaprevir was manageable, and mild to moderate in most pts, with only rare cases of severe rash (5-6% incidence).

Our conversation with Dr. Zeuzem confirmed our view that telaprevir produces rapid viral suppression in the majority of pts, with a side effect profile that will likely be acceptable in real-world practice. We continue to believe VRTX is undervalued, based on telaprevir's $2B+ market potential.