>XNPT
Horizant sales were truly minimal - clearly GSK has indeed done a miserable job here. It would be to XNPT's advantage to move on unless GSK decides to make a real effort. Part of the issue might be that the biggest sales pitch is that the dopamine agonists can and do make the condition worse in some non-insignificant percentage of patients each year, but given GSK was the dominant seller of them they may be reluctant to make that pitch.
I listened to the call - they said they would not discuss the GSK situation. Instead they focused on the BG-12 pro-drug and their baclofen pro-drug, while giving a shout-out to Astellas for the Japanese approval. (Sounds to me like they would like to partner with Astellas in the US too).
At this point I think it's mostly about BG-12. They did say they were in partnering discussions, mentioning both psoriasis as well as MS. They said pre-clinical tests had gone well, including primate and they expect to file an IND this half. They will try a couple of dose forms, hoping for a QD formulation. If Teva was smart they would partner this quickly.
I took some losses prior to year-end in the smaller portion I had in a taxable account (I am very disciplined about doing this to virtually all my losing positions except for a few illiquid stocks) but still hold the majority of my position. If BG-12 works out it should be easily 5X or better from here, so the risk reward is still good in my judgment.
Peter
