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ASNS

Arsanis

$1.17

-0.045 (-3.72%)

07:07
11/27/18
11/27
07:07
11/27/18
07:07

Arsanis subsidiary to merge with X4 Pharmaceuticals in all-stock transaction

Arsanis and privately-held X4 Pharmaceuticals announced that they have entered into a definitive merger agreement under which X4 Pharmaceuticals is expected to merge with a wholly-owned subsidiary of Arsanis in an all-stock transaction. The merger would result in a combined company operating under the X4 Pharmaceuticals name that will focus on the development and commercialization of X4's lead product candidate, X4P-001, and the advancement of X4's pipeline of treatments for rare diseases of the immune system and rare cancers. X4 Pharmaceuticals is a privately-held biopharmaceutical company developing oral, small molecule drug candidates that inhibit the binding of chemokine CXCL12 to C-X-C receptor type 4, or CXCR4, a receptor-ligand pair that plays an essential role in normal immune surveillance. X4's lead product candidate, X4P-001, is expected to enter a Phase 3 clinical trial in the first half of 2019 for the potential treatment of Warts, Hypogammaglobulinemia, Immunodeficiency, and Myelokathexis syndrome, a rare genetic, primary immunodeficiency disease where patients become susceptible to certain types of viral and bacterial infections due to genetic mutations in the CXCR4 receptor gene. X4 also has additional rare disease programs based on CXCR4 biology in its development pipeline, including programs targeting other primary immunodeficiency diseases and rare lymphomas. In addition, X4 is exploring the use of X4P-001 in immuno-oncology, having completed Phase 1b studies for the treatment of melanoma and renal cell carcinoma, or RCC, including in combination therapy, and has an ongoing Phase 2a study in RCC expected to read out in mid-2019. On a pro forma basis and based upon the number of Arsanis shares to be issued in the merger, current X4 Pharmaceuticals stockholders are expected to own approximately 70% of the combined company and current Arsanis stockholders are expected to own approximately 30% of the combined company. The actual allocation will be subject to adjustment based on each company's outstanding equity ownership and Arsanis' net cash balance at the time of closing of the merger. The transaction has been approved by the board of directors of both companies. The merger is currently expected to close in Q1 of 2019, subject to the approval of the stockholders of each company and the satisfaction or waiver of other customary conditions.

ASNS Arsanis
$1.17

-0.045 (-3.72%)

11/11/18
PIPR
11/11/18
NO CHANGE
Target $2.5
PIPR
Neutral
Monoclonal antibodies approach still holds promise for other indications, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff notes that Arsanis ended Q3 with cash of $40.8M, guided to fund operations into Q1 2020. The company continues to analyze the reason for the unexpected failure of the Phase II study of ASN100 for prevention of Staph aureus pneumonia, he highlights, adding that Arsanis has discontinued development and plans a 44% workforce reduction by year-end 2018. Despite the failure in S. aureus, Tenthoff believes every infection is different and a preventative approach with monoclonal antibodies holds promise for other indications. ASN500 is expected to enter a Phase I study in 2019, he notes. The analyst reiterates Neutral rating and a $2.50 price target on the shares.
08/13/18
PIPR
08/13/18
NO CHANGE
Target $2.5
PIPR
Neutral
Arsanis price target lowered to $2.50 from $7 at Piper Jaffray
Piper Jaffray analyst Edward Tenthoff lowered his price target for Arsanis to $2.50 after the company discontinued development of the Phase II study of ASN100 for prevention of Staph aureus pneumonia. Despite the failure, the analyst believes "every infection is different and a preventative approach with monoclonal antibodies holds promise for other indications." He notes the Bill and Melinda Gates Foundation has committed up to $9.3M in funding for the company's RSV program, ASN500, and in August Arsanis entered into a separate agreement to secure up to $1.1M in additional funding. ASN500 is expected to enter a Phase I study in 2019. Tenthoff keeps a Neutral rating on Arsanis.
07/09/18
SBSH
07/09/18
DOWNGRADE
Target $4
SBSH
Neutral
Arsanis downgraded to Neutral from Buy at Citi
Citi analyst Joel Beatty downgraded Arsanis to Neutral and cut his price target for the shares to $4 from $27 after the discontinuation of the Phase 2 trial of ASN100 due to futility. The analyst believes the stock will most likely trade near cash for the coming months. There could be upside if further analysis of the Phase 2 results reveals encouraging subgroup data, but the likelihood of this is small, Beatty tells investors in a research note.
07/02/18
07/02/18
DOWNGRADE

Market Perform
Arsanis downgraded to Market Perform after Phase 2 trial scrapped at Cowen
As previously reported, Cowen analyst Ritu Baral downgraded Arsanis to Market Perform from Outperform after an independent interim analysis concluded the Phase 2 clinical trial of ASN100 for the prevention of S. aureus pneumonia was futile and the trial was discontinued. Management is in the process of further analyzing the data and it is not yet clear whether it was driven by a flaw in trial design or by a more fundamental issue, added Baral.

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