Apollo Results Buoy Alnylam to $92 FVE; Maintaining FVE of Competitor Ionis at $46
We are raising Alnylam's fair value estimate to $92 per share from $74 to reflect positive phase 3 results evaluating the company’s lead drug patisiran in a type of hereditary amyloidosis neuropathy. Based on the stellar results and clean safety profile, we think the drug will likely receive approval in the U.S. and Europe in 2018, which drives our fair value change and peak sales estimates near $1 billion. Given our already limited expectations for Ionis’ competing amyloidosis drug inotersen du...Alnylam Pharmaceuticals is a commercial-stage biopharmaceutical company developing therapeutics based on RNA interference (RNAi). RNAi is a biological pathway within cells for sequence-specific silencing and regulation of gene expression. The company has two RNAi-based medicines, ONPATTRO? (patisiran) and GIVLAARI? (givosiran). ONPATTRO is approved by the United States Food and Drug Administration (FDA) for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults and has also been approved in the European Union, Japan, Canada and Switzerland. GIVLAARI is approved by FDA for the treatment of adults with acute hepatic porphyria.
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