Ironwood - STARS To Fuel Apraglutide Launch (TP $22, 13 pgs)
Despite the share price reaction to the STARS readout, having contemplated it in detail, we have formed the view that it is a very solid dataset which Ironwood can use to effectively launch apraglutide in SBS-IF. We see its 1x weekly profile and strong 2x benefit vs placebo on PS reduction as being very competitive vs market leader Gattex and show that concerns on the secondary endpoints miss are overplayed given the high level of placebo response caused by the new weaning algorithm. We expect to see further data at Digestive Disease Week on 18-21st May 2024 and anticipate Ironwood to file for a broad label (stoma + CIC) mid-year. With its Fast Track status, we see apraglutide launching in 2025 and we forecast $800m of risk-adjusted peak sales ($1.1bn non-risk adjusted).For access to the full note, please contact Naresh Chouhan ( )
Ironwood Pharmaceuticals is a gastrointestinal (GI), healthcare company focusing on developing the treatment of GI diseases. The company's commercial product, LINZESS? (linaclotide), a guanylate cyclase type C agonists, is indicated for adult men and women suffering from irritable bowel syndrome with constipation, or chronic idiopathic constipation. In addition, the company is developing MD-7246, an oral, intestinal, non-opioid, pain-relieving agent for patients with abdominal pain associated with certain GI diseases. The company is also developing IW-3718, a gastric retentive formulation of a bile acid sequestrant for the potential treatment of refractory gastroesophageal reflux disease.
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