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Fly News Breaks for June 21, 2019
PFE, SRPT
Jun 21, 2019 | 05:48 EDT
Pfizer (PFE) will be presenting initial patient data with its micro-dystrophin Duchenne muscular dystrophy gene therapy at the Parent Project Muscular Dystrophy Conference next week, Piper Jaffray analyst Danielle Brill tells investors in a research note. Given that Pfizer is Sarepta Therapeutics' (SRPT) main competitor, the findings could have meaningful read-through to Sarepta, adds the analyst. She believes any indication that Sarepta may have the superior product "would significantly de-risk the stock." Brill expects Pfizer's data to be a net positive for Sarepta and remains bullish on the shares into the readout with an Overweight rating and $208 price target.
News For SRPT;PFE From the Last 2 Days
PFE
Mar 27, 2024 | 08:27 EDT
Pieris Pharmaceuticals (PIRS) provided a corporate update announcing a strategy to maximize its ability to capture the potential milestones from its 4-1BB bispecific Mabcalin protein immuno-oncology assets partnered with Pfizer (PFE), Boston Pharmaceuticals, and Servier. After considering an extensive range of options, the Company's Board of Directors decided to implement this new strategy along with relevant cost-saving measures that are expected to extend the Company's cash runway into 2027. The Company's strategic review process has focused on maximizing stockholder value, which includes the preservation of potential milestone and royalty payments the Company is eligible to receive. Management and the Board of Directors evaluated a broad spectrum of potential options, including asset in-licensing, out-licensing, royalty monetization, strategic transactions, and liquidation. With the assistance of the Company's retained strategic advisor, Stifel, Nicolaus & Company, more than 500 companies were contacted regarding a strategic transaction, and the Company underwent a robust process to identify and negotiate with a select number of final candidates. The Company entered into extended exclusivity with one party contemplating a strategic merger, which centered on that party's interest in developing the Company's clinical-stage asset cinrebafusp alfa, but after extensive diligence and negotiations, that counterparty was unable to secure adequate capitalization and offer acceptable terms. The Company ultimately determined that the Company's planned repositioning offers the best opportunity to maximize stockholder value. In support of optimizing potential milestones and royalties, the Company's strategic repositioning includes: A plan to maintain strategic capability by maintaining a lean and experienced Board and management profile to actively pursue the Company's strategy and consider strategic options; The discontinuation of all the Company's research and development efforts, which is expected to be completed by the middle of 2024; A workforce reduction that affects additional employees and the executive leadership team, expected to be implemented in the second quarter; A plan to reduce the size of the Company's Board of Directors, to be better aligned with the nature of the Company's continuing operations, also expected to be implemented in the second quarter. Since initiating the strategic review in July 2023, the Company implemented several steps, including scaling back operational costs, inclusive of associated headcount reductions, ceasing development of PRS-220 and PRS-400 within its respiratory franchise, and suspending investments associated with co-development of partnered assets. The Company has also eliminated its material long-term obligations through the previously disclosed termination of its lease obligation in Germany, while simultaneously continuing to improve its cash position through the sale of its laboratory and office equipment.