Biotech Values

[biomaven0]

>>What kind of partnership are we looking at for 534 here?

Very substantial in my view. Upfront cash well north of $100m - I wouldn't be surprised by $150m or more.

It's a little early to see this as a Gleevec replacement. That's a story with lots of moving parts, not least of which is Gleevec going generic. So BMY/NVS will be trying to push Sprycel/Tasigna to front line, and the insurers will be trying to keep Gleevec as the initial therapy.

There's a good theoretical argument that 534 should be front line - it seems much less likely to engender resistance, and to date it actually seems more tolerable than the other drugs. Front line maybe it can even be given at a slightly lower dose to improve tolerability further. But there's a long way between a theoretical argument for front line and proof. A head-to-head trial against one of the other drugs in high-risk naive patients is the development path - that would need a partner.

Peter