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Ionis Pharmaceuticals Retains Rights to Inotersen, Stock Up
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Ionis Pharmaceuticals, Inc. (IONS - Free Report) shares were up almost 2.6% on Friday after it announced that GlaxoSmithKline plc (GSK - Free Report) has declined its option to develop Inotersen and IONIS-FB-L Rx. Ionis now retains all rights to the candidates and will develop them independently.
So far this year, Ionis’ shares are down 2.2%, outperforming the industry’s decline of 3.4%.
Investors were positive on the news as Ionis will record full sales instead of royalties upon successful commercialization, which is expected in 2018.
Glaxo declined the option as part of its reprioritization of pipeline and strategic review of its Rare Diseases business. However, Glaxo will continue to develop the two candidates targeting the hepatitis B virus.
The company is developing rare disease candidate, Inotersen, in polyneuropathy due to hereditary TTR amyloidosis (hATTR-PN). Ionis announced data from a completed phase III study in May, which demonstrated significant improvement in neurological disease progression and quality of life in patients with hATTR-PN.
Ionis is also on track to file for regulatory approval for Inotersen in the U.S. and EU. However, the company is actively considering a commercialization partner for inotersen in North America.
The company is also expanding its TTR program to include patients with cardiomyopathy due to TTR amyloidosis.
However, Alnylam Pharmaceuticals, Inc. (ALNY - Free Report) is also developing its candidate, patisiran, in hATTR-PN. The candidate is currently in phase III study with data expected in September. A positive data form the study will increase competition for Inotersen.
IONIS-FB-LRx is being developed for treating complement-mediated diseases. Based on positive data from the phase I study completed earlier this year, the company is planning to initiate a phase II study in dry age-related macular degeneration (AMD) later this year.
Ionis is currently dependent on Spinraza sales for its revenue growth. However, the company along with its partner Akcea Therapeutics, Inc. filed a marketing authorization application with the EMA in Jul 2017 for volanesorsen. The company is looking to get the drug approved for familial chylomicronemia syndrome.
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Ionis Pharmaceuticals Retains Rights to Inotersen, Stock Up
Ionis Pharmaceuticals, Inc. (IONS - Free Report) shares were up almost 2.6% on Friday after it announced that GlaxoSmithKline plc (GSK - Free Report) has declined its option to develop Inotersen and IONIS-FB-L Rx. Ionis now retains all rights to the candidates and will develop them independently.
So far this year, Ionis’ shares are down 2.2%, outperforming the industry’s decline of 3.4%.
Investors were positive on the news as Ionis will record full sales instead of royalties upon successful commercialization, which is expected in 2018.
Glaxo declined the option as part of its reprioritization of pipeline and strategic review of its Rare Diseases business. However, Glaxo will continue to develop the two candidates targeting the hepatitis B virus.
The company is developing rare disease candidate, Inotersen, in polyneuropathy due to hereditary TTR amyloidosis (hATTR-PN). Ionis announced data from a completed phase III study in May, which demonstrated significant improvement in neurological disease progression and quality of life in patients with hATTR-PN.
Ionis is also on track to file for regulatory approval for Inotersen in the U.S. and EU. However, the company is actively considering a commercialization partner for inotersen in North America.
The company is also expanding its TTR program to include patients with cardiomyopathy due to TTR amyloidosis.
However, Alnylam Pharmaceuticals, Inc. (ALNY - Free Report) is also developing its candidate, patisiran, in hATTR-PN. The candidate is currently in phase III study with data expected in September. A positive data form the study will increase competition for Inotersen.
IONIS-FB-LRx is being developed for treating complement-mediated diseases. Based on positive data from the phase I study completed earlier this year, the company is planning to initiate a phase II study in dry age-related macular degeneration (AMD) later this year.
Ionis is currently dependent on Spinraza sales for its revenue growth. However, the company along with its partner Akcea Therapeutics, Inc. filed a marketing authorization application with the EMA in Jul 2017 for volanesorsen. The company is looking to get the drug approved for familial chylomicronemia syndrome.
Ionis Pharmaceuticals, Inc. Price and Consensus
Ionis Pharmaceuticals, Inc. Price and Consensus | Ionis Pharmaceuticals, Inc. Quote
Zacks Rank
Ionis Pharma carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>