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XENE

Xenon Pharmaceuticals

$11.85

0.38 (3.31%)

, NBIX

Neurocrine

$116.64

-1.11 (-0.94%)

07:41
12/02/19
12/02
07:41
12/02/19
07:41

Xenon Pharmaceuticals, Neurocrine partner to develop epilepsy treatments

Neurocrine Biosciences (NBIX) and Xenon Pharmaceuticals (XENE) announced a license and collaboration agreement to develop treatments for epilepsy. Neurocrine Biosciences gains an exclusive license to XEN901, a clinical stage selective Nav1.6 sodium channel inhibitor with potential in SCN8A developmental and epileptic encephalopathy and other forms of epilepsy, including focal epilepsy. In addition, Neurocrine Biosciences gains an exclusive license to pre-clinical compounds for development, including selective Nav1.6 inhibitors and dual Nav1.2/1.6 inhibitors. The agreement also includes a multi-year research collaboration to discover, identify and develop additional novel Nav1.6 and Nav1.2/1.6 inhibitors. Under the terms of the agreement, Neurocrine Biosciences will be responsible for development costs associated with the programs and the agreement will be subject to the following terms: Upfront License Payment: Xenon will receive $50M, including a $30M upfront payment in cash and a $20M equity investment by Neurocrine Biosciences at a Xenon per share price of $14.196. XEN901 Investigational New Drug Milestone: Xenon will receive up to $25M upon the U.S. Food and Drug Administration acceptance of an IND for XEN901, with 55% of the amount in the form of an equity investment in Xenon at a 15% premium to Xenon's 30-day trailing volume weighted average price at that time. Collaboration Milestones: Xenon may also be entitled to receive up to approximately $1.7B for additional development, regulatory and commercial milestone payments related to XEN901 and other licensed Nav1.6 or Nav1.2/1.6 inhibitor products. XEN901 Royalties: Xenon will have the right to receive a tiered royalty ranging from the low double-digits to mid-teen percentage in the U.S. and a tiered royalty at slightly lower rates outside the U.S. based upon aggregate global net sales. Other Product Royalties: Xenon will have the right to receive a tiered royalty for other Nav1.6 and Nav1.2/1.6 inhibitor products ranging from the mid-single to low double-digits in the U.S. and a tiered royalty at slightly lower rates outside the U.S. based upon aggregate global net sales. Xenon Co-Fund Option: Xenon retains an option to co-fund 50% of the U.S. development costs of XEN901 or another product candidate in exchange for increased U.S. royalties, reaching 20% of U.S. net sales at the highest royalty tier for XEN901. Funded Collaboration: Neurocrine Biosciences will fund all clinical developments costs associated with the development of product candidates under the collaboration and will also fund a research collaboration up to 3 years with a minimum of 10 FTEs at Xenon. Xenon will be responsible for certain pre-clinical and a portion of certain near term manufacturing costs under the collaboration. Neurocrine Biosciences anticipates filing an IND application with the FDA in the middle of 2020 in order to start a proposed clinical trial for XEN901 in SCN8A-DEE patients.

XENE

Xenon Pharmaceuticals

$11.85

0.38 (3.31%)

NBIX

Neurocrine

$116.64

-1.11 (-0.94%)

  • 03

    Dec

  • 03

    Dec

  • 09

    Dec

  • 10

    Dec

XENE Xenon Pharmaceuticals
$11.85

0.38 (3.31%)

03/29/19
STFL
03/29/19
INITIATION
Target $21
STFL
Buy
Xenon Pharmaceuticals price target raised, coverage transferred at Stifel
Stifel analyst Paul Matteis took over coverage of Xenon Pharmaceuticals from Stephen Willey with a maintained Buy rating and raised price target of $21, up from the prior target of $18. Matteis believes just one of Xenon's three lead epilepsy assets needs to succeed to drive the stock meaningfully higher from current levels, he tells investors.
09/20/19
GUGG
09/20/19
INITIATION
Target $25
GUGG
Buy
Xenon Pharmaceuticals initiated with a Buy at Guggenheim
Guggenheim analyst Yatin Suneja initiated Xenon Pharmaceuticals with a Buy and $25 price target.
09/20/19
GUGG
09/20/19
INITIATION
Target $25
GUGG
Buy
Guggenheim starts Xenon Pharmaceuticals at Buy, sees good odds for lead asset
As previously reported, Guggenheim analyst Yatin Suneja initiated Xenon Pharmaceuticals with a Buy rating and $25 price target. The analyst likes the company's focus on developing precision therapies for rare genetic epileptic conditions and sees its lead asset, XEN496, having "a relatively high probability of success." Meanwhile, pipeline product XEN1101 offers an attractive profile in adult focal epilepsy and XEN901 has the potential to offer better efficacy than current sodium channel blockers, said Suneja.
NBIX Neurocrine
$116.64

-1.11 (-0.94%)

08/28/19
GSCO
08/28/19
NO CHANGE
Target $110
GSCO
Buy
Slower Orilissa ramp has minimal impact on Neurocrine, says Goldman Sachs
To reflect the slower than expected ramp in sales of Orilissa in endometriosis, Goldman Sachs analyst Paul Choi lowered his Neurocrine Biosciences (NBIX) forecasts of Orilissa royalties. He projects similar 40% market share by 2026 for both Myovant Sciences' (MYOV) relugolix and Orilissa within endometriosis and uterine fibroid patients treated with a GnRH receptor antagonists. However, in the near-term, since Orilissa royalties are a small fraction of Neurocrine's revenue, these changes have little impact on the company's top- and bottom- lines, says Choi. As such, the analyst keeps a Buy rating on Neurocrine Biosciences with a $110 price target.
09/25/19
RBCM
09/25/19
NO CHANGE
RBCM
Outperform
Neurocrine approval in Huntington's could add upside, says RBC Capital
RBC Capital analyst Brian Abrahams noted that a posting to the ClinicalTrials.gov site revealed that Neurocrine Biosciences is studying the use of Ingrezza in the treatment of Huntington's Chorea. He thinks that Ingrezza's strong position in the tardive dyskinesia market could be a boon for the drug in a new indication and predicts that eventual approval in Huntington's could potentially add as much as an added 20% to out-year revenue estimates for the drug. Abrahams keeps an Outperform rating on Neurocrine shares.
10/04/19
GUGG
10/04/19
NO CHANGE
GUGG
Guggenheim positively biased on Biotech heading into earnings
Guggenheim analysts Whitney Ijem, Etzer Darout, Yatin Suneja and Michael Schmidt offered a preview for their joint Biotech coverage ahead of the group's earnings reporting season. Biotech stocks continued their downward trend in the quarter amid negative market sentiment and the analysts think the bar for companies to raise 2019 guidance again may be a bit higher following increases in FY19 consensus estimates on the heels of strong Q2 earnings results. However, they are postively biased on the group and have confidence in FY19 guidance and estimates, the analysts said. They see Alexion (ALXN), Biogen (BIIB), Genmab (GMAB), GW Pharmaceuticals (GWPH), Incyte (INCY), Neurocrine (NBIX), Regeneron (REGN) and Seattle Genetics (SGEN) as well positioned relative to expectations, Ijem, Darout, Suneja and Schmidt tell investors.
11/05/19
PIPR
11/05/19
NO CHANGE
Target $116
PIPR
Overweight
Neurocrine price target raised to $116 from $111 at Piper Jaffray
Piper Jaffray analyst David Amsellem raised his price target for Neurocrine Biosciences to $116 from $111 saying the company reported another "impressive quarter" for Ingrezza. He continues to believe that peak U.S. sales potential in the $2B-plus neighborhood are realistic and reiterates an Overweight rating on the shares.

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