Achillion Pharmaceuticals: Building A Diversified Pipeline
Edison | Jul 14, 2016 06:24AM ET
Achillion (NASDAQ:ACHN) is steadily progressing its novel factor D program, with recent newsflow on interim Phase I results for ACH-4471 and the start of Phase Ib/II trials in paroxysmal nocturnal hemoglobinuria (PNH) and C3 glomerulopathy by the end of 2016. The company remains well capitalized following its partnership with Janssen in mid-2015. With data from the Phase III study of a promising hep C (HCV) combined regimen slated for 2018, Achillion is well on the path to potential profitability by end 2019 on our estimates. We value the company at $2.4bn ($17.3/share).
Phase III planned for 2017 in combined HCV regimen
With its partner Janssen Pharmaceuticals (a subsidiary of Johnson and Johnson), Achillion is well positioned to launch the first and potentially best-in-class combination anti-viral treatment for HCV in 2019. We expect the Achillion/Janssen collaboration will then participate in the considerable global market for HCV treatments, which exceeded $23bn in 2015. Achillion stands to receive more than $900m in milestones from the link up with Janssen as well as a healthy royalty stream ranging from mid-teens to low 20s.
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