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KOD

Kodiak Sciences

$29.70

2.51 (9.23%)

06:05
12/02/19
12/02
06:05
12/02/19
06:05

Kodiak Sciences announces sale of future royalties on KSI-301 for $225M

Kodiak Sciences announced that the company has entered into a funding agreement to sell a capped royalty right on global net sales of KSI-301 to Baker Bros. Advisors for $225M. KSI-301 is Kodiak's investigational therapy being developed for the treatment of retinal vascular diseases including age-related macular degeneration and diabetic eye diseases. Under the terms of the agreement, Baker Bros. Advisors, or BBA, purchased a capped 4.5% royalty on net sales of the company's anti-VEGF antibody biopolymer conjugate therapy known as KSI-301 to be paid upon marketing approval in exchange for $225M in committed development funding payable to the company. Unless earlier terminated or re-purchased by the company, the royalty "caps" or terminates upon the date that BBA has received an aggregate amount equal to 4.5 times the funding amount paid to the company. In an instance where Kodiak develops anti-VEGF containing follow-on products to KSI-301, there may be royalties of 1.5% to 2.25% owed on these products, but total payments under the funding agreement will never exceed the cap of 4.5 times the funding amount paid to the company. BBA is required to pay to the company the first $100M of the funding amount at the closing of the funding transaction and the remaining $125M of the funding amount upon Kodiak achieving, among other things, 50% enrollment in its two planned pivotal clinical studies of KSI-301 in patients with retinal vein occlusion. The company has the option, exercisable at any point during the term of the funding agreement, to repurchase from BBA 100% of the royalties due to BBA under the funding agreement for a purchase price equal to the funding amount paid to the company as of such time times 4.5 less amounts paid by the company to BBA.

KOD Kodiak Sciences
$29.70

2.51 (9.23%)

02/20/19
CHDN
02/20/19
INITIATION
Target $22.5
CHDN
Buy
Kodiak Sciences initiated with a Buy at Chardan
Chardan initiated Kodiak Sciences with a Buy and $22.50 price target.
02/20/19
02/20/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Kodiak Sciences (KOD) initiated with a Buy at Chardan. 2. Veeva (VEEV) initiated with an Equal Weight at Barclays. 3. Agios Pharmaceuticals (AGIO) assumed with a Perform at Oppenheimer. 4. OrthoPediatrics (KIDS) initiated with an Outperform at JMP Securities. 5. Homology Medicines (FIXX) initiated with a Buy at H.C. Wainwright. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/14/19
ROTH
10/14/19
NO CHANGE
ROTH
Ophthalmic therapies 'could go from 0 to 100 real quick,' says Roth Capital
Commenting on the Ophthalmology space, Roth Capital analyst Zegbeh Jallah highlights her conviction for stronger valuations, driven by the increasing number of companies with innovative pipelines, and pending changes at both the FDA and CMS. The analyst suspects that these changes could lead to more wins in the space, which could drive valuations. Further, she cautions investors to keep "their eyes peeled on developments in the space." Jallah sees this as possible relevant for KalVista (KALV), Regenxbio (RGNX), Kala Pharmaceuticals (KALA), Kodiak Sciences (KOD), Regeneron (REGN), Aerie Pharmaceuticals (AERI), Applied Genetic (AGTC), Aldeyra (ALDX), Adverum Biotechnologies (ADVM), Clearside Biomedical (CLSD), Ocugen (OCGN), and many others.

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