Raising Our Lexicon FVE; Firm Remains Slightly Undervalued Following Positive Data From Key Trial
Lexicon met its primary endpoint in its first Phase 3 study of SGLT1/SGLT2 inhibitor sotagliflozin, and we’re raising our fair value estimate to $21 per share to incorporate a 70% probability of approval of the drug in type 1 diabetes. This is the first oral drug to succeed in the type 1 diabetes setting, and puts Lexicon and partner Sanofi in position for the first approval, potentially a few months ahead of competition from Astra (Farxiga) and Lilly (Jardiance). We think Lexicon’s development-...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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