Update: Bets are on
Achillion remains on track in the development of its own all-oral, once-daily hepatitis C (HCV) treatment, which could be competitive to Harvoni, Gilead’s fixed-dose HCV drug, just approved in October. The Phase I/Ib data for ACH-3422 expected by year end, if positive, would clear the way for a combination trial in HCV in 2015. Our valuation for Achillion, at $1.42bn or $14.2 per share, is based on the company’s clinical programme for HCV alone. Positive Phase I/Ib data for ACH-3422 would enable an increase in our risk adjustment for a combination oral HPV treatment from 35% to 45% drug and lead to a revised fair value of $18.5 per share.Achillion Pharmaceuticals is a biopharmaceutical company. The company is engaged in the discovery and development of small molecule drug therapies for immune system disorders. The company is advancing orally administered small molecules from its platform that target complement factor D, an essential protein of the alternative pathway. The alternative pathway plays a role in a number of disease conditions, including therapeutic areas of nephrology, hematology, ophthalmology and neurology. Initially Co. is targeting C3 glomerulopathy, and immune complex membranoproliferative glomerulonephritis, two related rare diseases affecting the kidney, and paroxysmal nocturnal hemoglobinuria, a blood disorder.
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