With An Iffy Non-Oncology Pipeline, Roche Pays Up For InterMune
Stephen Simpson, CFA
Stephen Simpson, CFA
InterMune: Esbriet And Ascend Will Drive Growth
Aug. 25, 2014, 12:46 PM
Aug. 25, 2014, 9:11 AM
Aug. 24, 2014, 5:31 PM
- Roche (OTCQX:RHHBY, OTCPK:RHHBF) will pay $74/share for InterMune (NASDAQ:ITMN), a 38% premium to its Friday close and 63% higher than Aug. 12 when news of a potential sale emerged.
- The deal gives Roche access to pirfenidone, which targets idiopathic pulmonary fibrosis, a disease that causes tissue deep in the lungs to become thick and scarred over time. Analysts predict pirfenidone will generate $1B in global sales by 2019.
- Pirfenidone joins Roche’s stable of pulmonary treatments, including Pulmozyme for cystic fibrosis, Xolair for asthma, and in-development asthma drug lebrikizumab. Roche plans to speed pirfenidone’s U.S. start-up and help get insurance coverage for the medicine.
May 20, 2014, 5:38 PM
May 19, 2014, 12:48 PM
- Shares of Intermune (ITMN +14.6%) jump on a 5x surge in volume in response to its report on positive results for its perfenidone Phase 3 clinical trial.
May 19, 2014, 12:45 PM
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Feb. 26, 2014, 3:34 PM
- Maintaining a Neutral rating while raising the price target to $40, Goldman's Terence Flynn says yesterday's trial results should support U.S. approval in Q2 of 2015. He's raising the probability of approval to 100% from 30% and raising his estimate of peak market share to 50% from 30%, but not changing pricing or compliance assumptions. "We expect complete data to be presented at the ATS conference in May, where we also hope to gain insight on the competitive landscape with the potential presentation of Ph3 data from Boehringer Ingelheim's BIBF-1120."
- Not convinced sales will be as large as the market is currently pricing in, Jefferies' Eun Yang maintains his Underperform rating while lifting the price target to $20. "Our new $20 PT is based on U.S./EU peak sales estimates of $650M/$300M, not a conservative assumption in our view."
- Its work here done, Leerink Swan removes its Buy rating on the stock.
- ITMN is giving back just a bit of yesterday's moonshot, -12.7% to $32.99.
Feb. 25, 2014, 2:14 PM
- InterMune's (ITMN +162.8%) spectacular gains after reporting positive ASCEND data (I, II) may have further to go, Baird analyst Brian Skorney believes, viewing ITMN as an ideal acquisition target for a big pharma company.
- A substantial unmet need in idiopathic pulmonary fibrosis provides a blockbuster market opportunity, Baird says, with a number of companies with the capability to sell ITMN's drug with their current salesforce, most notably GlaxoSmithKline (GSK), Gilead (GILD) and Novartis (NVS); Skorney sees a potential acquisition price into the 60s.
- Even without an acquisition, Skorney thinks ITMN should reach $44, with clinical risk is now in the rear-view mirror and potential for greater penetration and higher pricing in the U.S.
Feb. 25, 2014, 12:46 PM
Feb. 25, 2014, 11:26 AM
- "We believe that the data was impressive and should lead to FDA approval as well as increased sales in the EU," says the team at Summer Street, commenting on the Phase III trial results for InterMune's (ITMN +158.4%) Pirfenidone.
- "The trial met its primary endpoint, improved force vital capacity (p<0.000001). The company reported the trial also met several endpoints including six-minute walk test distance change (p=0.0360) and progression-free survival (p=0.0001). Pooled data from the ASCEND trial and the previous two phase III CAPACITY trials showed an statistically significant improvement in mortality (HR=0.52, log rank p=0.0107)."
- Oppenheimer boosts its price target to $42 from $19.
Feb. 25, 2014, 10:09 AM
- InterMune (ITMN) shares rocket 122% after the company's Pirfenidone treatment for the idiopathic pulmonary fibrosis met primary and secondary endpoints in a Phase III trial.
- The results mark a turnaround for Pirfenidone, which the FDA rejected in May 2010 due to a lack of evidence for the efficacy of Pirfenidone in treating the lung disease.
- In the trial, 16.5% of patients receiving Pirfenidone suffered disease progression after 52 weeks of treatment vs 31.8% taking a placebo. In addition, 22.7% of those getting the drug experienced no decline in lung function vs 9.7% with the placebo. (PR)
Jan. 31, 2014, 12:46 PM
InterMune, Inc., is a biotechnology company. It is engaged in the research, development and commercialization of innovative therapies in pulmonology and orphan fibrotic diseases.
Country: United States
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