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VSTM

Verastem

$7.15

-1.74 (-19.57%)

16:21
09/25/18
09/25
16:21
09/25/18
16:21

Verastem and CSPC Pharma sign license agreement to develop COPIKTRA in China

Verastem and CSPC Pharmaceutical Group announced their entry into an exclusive licensing agreement for CSPC to develop and commercialize Verastem Oncology's COPIKTRA (duvelisib), an oral inhibitor of phosphoinositide 3-kinase (PI3K), and the first approved dual inhibitor of PI3K-delta and PI3K-gamma, for the treatment of all oncology indications in China. COPIKTRA received approval from the U.S. Food and Drug Administration for the treatment of adult patients with relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma after at least two prior therapies. COPIKTRA also received accelerated approval for the treatment of adult patients with relapsed or refractory follicular lymphoma after at least two prior systemic therapies. The indication in FL is approved under accelerated approval based on overall response rate. Continued approval for this indication may be contingent upon verification and description of clinical benefit in trials. Under the terms of the agreement, Verastem Oncology shall receive an upfront payment of $15M. Verastem Oncology is also entitled to receive additional development milestone payments of $30M, plus potential sales milestone payments and double-digit percentage royalties based on future net sales of COPIKTRA in China. CSPC will receive exclusive rights to develop and commercialize COPIKTRA and hold the marketing authorization and product license for COPIKTRA in China. CSPC will have the right to collaborate with Verastem Oncology on certain global development and clinical trial activities and will share pro-rata in the cost.

  • 01

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  • 05

    Oct

VSTM Verastem
$7.15

-1.74 (-19.57%)

09/25/18
HCWC
09/25/18
NO CHANGE
Target $15
HCWC
Buy
Verastem price target raised to $15 from $10 at H.C. Wainwright
H.C. Wainwright analyst Swayampakula Ramakanth raised his price target for Verastem to $15 after the FDA approved the company's lead product, Copiktra , for the treatment of third-line chronic lympocytic leukemia, small lympocytic leukemia, and follicular lymphoma. Not unexpectedly, the FDA has included a boxed warning highlighting the increased risk of serious infections, diarrhea, and colitis with Copiktra, the analyst adds. He expects Copiktra to generate revenues of $178M for these three indications by 2025 and keeps a Buy rating on Verastem.
08/09/18
RAJA
08/09/18
NO CHANGE
RAJA
Verastem price target raised to $12 from $7 at Raymond James
07/13/18
BTIG
07/13/18
INITIATION
Target $17
BTIG
Buy
Verastem initiated with a Buy at BTIG
BTIG analyst Robert Hazlett initiated Verastem with a Buy rating and a price target of $17. The analyst cites the potential of the company's pipeline - namely the "late-stage, first-in-class molecule Duvelisib that selectively targets the delta and gamma phosphoinositide 3-kinase isoforms, central signaling pathways in cancer cell proliferation and survival". Hazlett adds that its " successful Phase 3 DUO trial in relapsed/refractory chronic lymphocytic leukemia, combined with solid data from the Phase 2 DYNAMO study in refractory follicular lymphoma, have led to Duvelisib receiving a Priority Review from FDA" with an upcoming Oct 5th PDUFA, as well as a licensing deal. The analyst models potential U.S. peak revenue over $500M and international revenue over $350M in Duvelisib's initial indications.
07/09/18
OPCO
07/09/18
NO CHANGE
Target $16
OPCO
Outperform
Verastem price target raised to $16 from $11 at Oppenheimer
Oppenheimer analyst Leah Rush Cann raised her price target for Verastem to $16 from $11 to account for an increased average forward price-to-sales multiple of the biotechnology sector. The analyst reiterates an Outperform rating on the shares.

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