Biotech Values

[DewDiligence]

IDIX – Further musings on IDX899 partnership:

After additional contemplation, I find that the stuff IDIX and the Rodman analyst have been saying about the IDX899 partnership discussions do not quite compute. Let’s recap:

1. IDIX says that the prospective partners are not interested in IDX899 as a standalone product, but rather as a co-formulation with the partners’ own HIV drugs.

2. IDIX says that partnering interest from multiple parties has reached an advanced stage of negotiation.

3. By far the largest segment of the HIV market is first- and second-line treatment with a Truvada-based cocktail (this includes Atripla).

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By dint of #1 and #3, the prospective partner had better be GILD else IDIX would effectively be forfeiting the largest segment of the HIV market. However, this doesn’t jibe with #2; if GILD is the only serious partnering opportunity for IDX899, why has there been a high level of interest (according to IDIX) from companies other than GILD?

Color me skeptical.