Shares Fairly Valued Following Ionis' 1Q Results; Heightened Concern for Two Near-Term Catalysts
We are increasing our fair value estimate for Ionis to $49 per share from $47 following first-quarter earnings, largely to reflect the updated collaboration agreement with Biogen and the time value of money. In all, Ionis will receive $1 billion from Biogen in the form of a $500 million technology access fee and a $500 million purchase of Ionis’ stock. We believe Biogen doubling down in Ionis’ antisense technology is a positive signal for the firm and provides additional capital and flexibility ...Ionis Pharmaceuticals is engaged in discovering and developing RNA-targeted therapeutics. The company has two commercial medicines, SPINRAZA and TEGSEDI. SPINRAZA (nusinersen) injection for intrathecal use is a survival motor neuron-2, directed antisense oligonucleotide indicated for the treatment of spinal muscular atrophy in pediatric and adult patients. TEGSEDI (inotersen) injection is a Generation 2+ antisense medicine and an approved subcutaneous RNA-targeting medicine designed to treat people with polyneuropathy caused by hereditary transthyretin amyloidosis.
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