Seattle Genetics' 1Q Wins Already Baked Into Our $56 FVE; Shares Fairly Valued
Following Seattle Genetics’ first-quarter results we are maintaining our $56 per share fair value estimate, which already incorporates the completed acquisition of Cascadian Therapeutics for $614 million. Minor fair value appreciation from the time value of money was offset by increases to full-year operating costs in our model to reflect management’s updated guidance after the acquisition. Quarterly sales from Seattle Genetics’ lead oncology drug Adcetris were boosted by the drug’s March approv...Seattle Genetics is a biotechnology company that develops and commercializes therapies targeting cancer. The company is commercializing ADCETRIS?, or brentuximab vedotin, for the treatment of several types of lymphoma. The company is also developing a pipeline of therapies for solid tumors and blood-related cancers designed to address unmet medical needs and improve treatment outcomes for patients. Many of the company's programs, including ADCETRIS, are based on its antibody-drug conjugate (ADC), technology. The company's late-stage pipeline includes two ADCs and an oral tyrosine kinase inhibitor, for solid tumors that are in clinical trials designed to support applications for potential regulatory approvals.
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