Wall Street Trader schreef op 2 oktober 2019 17:01:
Citi Research Target price €175.00Galapagos (GLPG.AS)
2 October 2019
TOLEDO mechanism to be unveiled at start of Phase 2 in 1H 2020The CEO spoke of this project as being a
“once in a lifetime opportunity” with potential application in a broader range of indications than filgotinib, including fibrosis and orphan diseases. The level of activity in animal models exceeds that which the company has observed before. The company announced last week that they had initiated a second compound in phase 1 (GLPG3970) with more clinical candidates to come. We note that the opt-in for GILD after Phase 2 of $150m is per molecule, so given the range of indications planned, we regard this project as an interesting ‘call option’ on our estimates.
Other comments from the CEO included potential data in 3Q20 on GLPG1972 in osteoarthritis, although they will have to conduct MRI scans on 850 patients, which could delay to 4Q20. Regarding MOR106, currently in phase 2 for Atopic Dermatitis, Novartis is expected to shortly announce which other 2-3 indications they will be pursuing with this antibody.