Cowen analyst Phil Nadeau noted Galapagos (GLPG) reported its first efficacy data for its drug candidate GLPG2737. The drug produced improvements in lung function and sweat chloride, but those results were well below those produced by Vertex's (VRTX) C2 correctors, implying that Galapagos is unlikely to be competitive. The results are positive for Vertex, which remains a top large cap pick for it CF franchise, said Nadeau. He reiterated his Outperform rating and $200 price target on Vertex and maintained his Outperform rating on Galapagos.

Vertex Pharmaceuticals and TreeFrog Therapeutics announced that Vertex has obtained an exclusive license to TreeFrog's proprietary cell manufacturing technology, C-Stem, to optimize production of Vertex's cell therapies for type 1 diabetes, or T1D. TreeFrog and Vertex will collaborate to scale-up TreeFrog's process to produce and amplify cells for Vertex's T1D therapies. TreeFrog's proprietary technology platform, C-Stem, is designed to mimic the natural microenvironment, allowing cells to grow exponentially in 3D. The technology will enhance Vertex's ability to generate large amounts of fully differentiated cells for its portfolio of T1D cell therapies.