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Fly News Breaks for June 1, 2016
IONS, BMRN, SRPT
Jun 1, 2016 | 09:03 EDT
Janney Capital analyst Debjit Chattopadhyay said BioMarin's (BMRN) decision to discontinue development of its Duchenne muscular dystrophy drug Kyndrisa, as well as the three other first-generation follow-on products currently in phase 2 studies for distinct forms of DMD, does not impact Sarepta's (SRPT) chances with the FDA, but does open the door for an EU filing for eteplirsen and a potential EU launch that would not be at-risk. He also expects a resolution with BioMarin over its exon-51-related IP for low single digit royalties, at worst. The setbacks of BioMarin and another peer, Ionis (IONS), put a floor under Sarepta shares at about $10 in the event of a CRL for eteplirsen, added Chattopadhyay, who keeps a Neutral rating and $18 fair value estimate on Sarepta shares.
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