IONS deal makes long-term sense
Extension of the IONS partnership is wise long-term strategic capital deployment given the high hit rate of the anti-sense platform and underlines BIIB's confidence in Spinraza and the potential for SOD1 in ALS. It remains to be seen, however, how the renewed bus. dev strategy will address the more urgent investor concern of late-stage pipeline diversification. Reflecting the $1b upfront payment in our model, we revise down our DCF-derived target price to $383 ($387 prior).Biogen is a biopharmaceutical company focused on discovering, developing and delivering therapies for people living with neurological and neurodegenerative diseases as well as related therapeutic adjacencies. The company's main growth areas include multiple sclerosis (MS) and neuroimmunology; Alzheimer's disease and dementia; neuromuscular disorders, including spinal muscular atrophy (SMA) and amyotrophic lateral sclerosis; movement disorders, including Parkinson's disease; and ophthalmology. The company's marketed products include TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, VUMERITY and FAMPYRA for the treatment of MS, SPINRAZA for the treatment of SMA and FUMADERM for the treatment of severe plaque psoriasis.
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