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Fly News Breaks for February 5, 2020
MYL, ALKS, BIIB
Feb 5, 2020 | 14:14 EDT
Goldman Sachs analyst Terence Flynn keeps a Neutral rating and $285 price target on Biogen (BIIB) after the USPTO issued a favorable decision for the company on its oral multiple sclerosis drug Tecfidera. Flynn said that, in his view, the decision against Mylan (MYL) removes a downside scenario for Tecfidera intellectual property and he expects shares to react "favorably." The analyst noted, however, that there are still two ongoing state court cases with decisions expected in the middle of 2020. If the Tecfidera patent protection continues to hold, it will have positive longer term implications for Biogen's Vumerity, on which the company has partnered with Alkermes (ALKS), as it would give them more time to convert more of the market to the new drug, said the analyst. Flynn added that he now anticipates investor focus will return to the Aducanumab BLA filing and a decision from the FDA on whether to accept the filing for a priority or standard review.
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