Novartis: Novartis builds on the success of Cosentyx in dermatology
Novartis: (BUY-TOP PICKS, Fair Value CHF95 (+18%))Novartis builds on the success of Cosentyx in dermatology
Yesterday we noticed that Novartis obtained positive phase IIb data with QGE031 in urticaria and intended to pursue this opportunity as a next-generation Xolair with full worldwide rights. Today the group announces an agreement with Morphosys and Galapagos to license-in MOR106, an antibody directed against IL-17C in atopic dermatitis which is currently in phase II trials. Novartis pays EUR95m upfront, up to USD1bn in total milestones and if approved low-teens to low-twenties royalty rates. It looks like a very nice complement to the dermatology franchise being built around Cosentyx, considering that Novartis also has an oral H4 receptor antagonist called ZPL389 acquired in December 2016 from Ziarco. Novartis is a Top Pick for Q3 2018.
Novartis is a multinational healthcare group based in Switzerland. Co. provides healthcare solutions that address the evolving needs of patients and societies worldwide. Co.'s broad portfolio includes innovative medicines, eye care products and cost-saving generic pharmaceuticals. Co.'s operations are organized along three operating divisions: Innovative Medicines Division; Sandoz Division; and Alcon Division. Co.'s operations are supported by the Novartis Institutes for BioMedical Research and Novartis Business Services.
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