Galapagos: Triple combination advances, positive read-across (LLY/ROG)
BUY, Fair Value EUR52 (+30%)GLPG’s development for its triple combo advances well with the nomination of a second corrector for pre-clinical studies. The companies also identified other 2nd generation corrector series which might fuel the company’s CF pipeline in the upcoming months. We see two positive read-acrosses from (i) LLY’s JAK-inhibitor, baricitinib, which topped Humira in a phase III study and (ii) Roche’s BD activities in the auto-immune field with a promising early-stage pipeline which should not however allow the Pharma to fill its late stage pipeline with two blockbusters coming off-patent in 2018 and 2019.
For more information, please contact marketing@bryangarnier.com