Biotech Values

[mcbio]

ACHN - 2Q11 CC notes

1. It still sounds like ACHN wants to wait until they get the Phase 2a 12-week data on ACH-1625 at year end, along with the initial PoC data for ACH-2684 and ACH-2928, before they would be willing to ink a partnership (assuming interest is truly there on the other side). They keep referring to maximizing value.

2. Some buzz around a potential partner that has no participation in the HCV space currently. This meshes well with the related comments that ACHN seems reluctant to slice and dice their drugs in various deals. A potential partner not currently involved in the HCV space could potentially use both ACHN's PIs and NS5A inhibitors but there would remain the question about the need for a nuke.

3. ACHN thinks a PI + NS5A inhibitor alone may be sufficient for durable SVR in HCV genotype 1b patients, as opposed to 1a.

4. ACHN expects to do registration studies with a partner.

5. Existing cash gets ACHN to end of 2013.