Lowering Our FVE For Lexicon as Prospects for Near-Term U.S. Sotagliflozin Launch Fade
We've lowered our fair value estimate for no-moat Lexicon Pharmaceuticals from $5.80 to $5 per share following a complete response letter from the FDA on March 22 regarding Sanofi and Lexicon's new drug application for sotagliflozin in type 1 diabetes. We had already lowered our probability of approval to 40% following a very mixed advisory committee meeting in January, when only half of the committee voted that the benefits of the drug outweighed its risks (primary diabetic ketoacidosis). We no...Lexicon Pharmaceuticals is a biopharmaceutical company. The company is commercializing XERMELO? (telotristat ethyl), an orally-delivered small molecule drug for the treatment of carcinoid syndrome diarrhea in combination with somatostatin analog (SSA) therapy in adults inadequately controlled by SSA therapy. The company is developing Zynquista? (sotagliflozin), an orally-delivered small molecule drug candidate, as a treatment for type 1 2 diabetes. The company is also developing sotagliflozin as a treatment for type 2 diabetes, heart failure and chronic kidney disease. The company is developing LX9211, an orally-delivered small molecule drug candidate, as a treatment for neuropathic pain.
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