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This Analyst Believes Seagen Is Evaluating Strategic Alternatives

This Analyst Believes Seagen Is Evaluating Strategic Alternatives

這位分析師認為，西根正在評估戰略選擇
Benzinga Real-time News ·  2022/06/30 03:30
  • Raymond James initiated coverage on Seagen Inc (NASDAQ:SGEN) at Outperform with a $220 target price. 
  • Citing the recent departure of the long-time Seagen CEO, Raymond James thinks that the Board of Directors is likely evaluating strategic alternatives for the company. 
  • The relationship with Merck & Company, Inc. (NYSE:MRK) has been long-standing. With Keytruda losing its patent and limited existing antibody-drug conjugate exposure, Merck could be seen as a viable bidder. 
  • Related: Merck/Seagen Potential Deal Talks Pick Up Speed: WSJ
  • The biggest counterpoint to a potential buyout of Seagen is the cluster of potential patent expiry around 2030. The analysts estimate peak sales of ~$6.7 billion in 2030 but are likely below internal risk-modeled assessments.
  • "Overall, the expected growth of the existing Seagen commercial portfolio, significant optionality of label expansion for key programs such as PADCEV, and general increased interest in the ADC modality post-DestinyBreast-04, will likely support Seagen as a high-interest candidate," notes Raymond James.
  • Price Action: SGEN shares are down 0.15% at $178.40 during the market session on the last check Wednesday.
  • 雷蒙德·詹姆斯在以下日期開始覆蓋SeaGen公司(納斯達克：SGEN)強於大盤，目標價為220美元。
  • 雷蒙德·詹姆斯認為，董事會可能正在評估公司的戰略選擇，理由是長期擔任Seagen首席執行官的雷蒙德·詹姆斯最近離職了。
  • 與中國的關係默克公司(紐約證券交易所代碼：MRK)由來已久。隨着Keytruda失去專利，並限制現有的抗體-藥物結合物暴露，默克可以被視為一個可行的競購者。
  • 相關：默克/Seagen潛在交易談判提速：《華爾街日報》
  • 對Seagen的潛在收購最大的對立面是2030年左右到期的一系列潛在專利。分析師估計，2030年的峯值銷售額約為67億美元，但可能低於內部風險模型評估。
  • 雷蒙德·詹姆斯指出：“總體而言，現有Seagen商業產品組合的預期增長、PADCEV等關鍵項目標籤擴展的顯著可選性，以及DestinyBreast-04之後人們對ADC模式的普遍興趣增加，可能會支持Seagen成為一個高興趣的候選者。”
  • 價格行動：截至週三尾盤，Sgen股價下跌0.15%，至178.40美元。

譯文內容由第三人軟體翻譯。


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