Quiz: Why is BXLT’s gene-therapy candidate for hemophilia A about two years behind its gene-therapy candidate for hemophilia B? (Hint: This is not a business decision; the hemophilia-A market is ~4x larger than the hemophilia-B market.)
Existing BAX shareholders will receive 1 (tax-free) share of BXLT for each share of BAX; after the separation, BAX will retain a 19.5% stake in BXLT.
I’ve posted a few times about BXLT recently (e.g. the slide set in #msg-113807038 and the quiz in #msg-113974752 [solved by ‘genisi’]). BXLT will be the global leader in the treatment of hemophilia with an established portfolio and two gene-therapy product candidates (one in phase-1 and one preclinical) for hemophilia A and B, respectively.
BXLT will remain one of the top-3 global companies in IVIG and plasma-derived therapeutics. Further, BAX will have two FoB programs: one for Enbrel (partnered with CHRS) and one for Humira (partnered with MNTA).
BXLT will also have an uninspiring (IMO) presence in oncology, derived from two recent acquisitions (#msg-113565100, #msg-111442999). The move into oncology was made to enhance investor interest, but I think it will end up backfiring.
The remaining BAX (after the BXLT spin-off) will be highly leveraged to dialysis, and hence will be a strong play on the diabetes epidemic consequent to ‘The Global Demographic Tailwind’ (#msg-106316378, #msg-82247513).
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