Skip to main content

Market Overview

Sarepta's Deal With Summit Could Be More About European Eteplirsen Approval Expectations

Share:
Sarepta's Deal With Summit Could Be More About European Eteplirsen Approval Expectations

Sarepta Therapeutics Inc (NASDAQ: SRPT) and Summit Therapeutics PLC (NASDAQ: SMMT) announced a licensing deal Tuesday. Sarepta earns European commercial rights for Summit’s utophin modulation portfolio for an initial $40 million and up to $522 million in milestones and royalties.

According to Baird analyst Brian Skorney, this may be part of a bigger plan for Sarepta in optimistic anticipation of eteplirsen approval in Europe.

“Though we think the deal has interesting potential, near term we think this has more read-through to Sarepta's confidence in an eteplirsen approval in Europe,” said Skorney.

Related Link: DMD Deal With Summit Is 'Low Risk, High Reward' For Sarepta

According to the analyst, Sarepta’s European outlook was uncertain due to litigation with BioMarin over Prosensa’s exon-skipping patients. Now, with BioMarin no longer in the race, Sarepta has plans to file an MAA for eteplirsen.

“The fact that this Summit Therapeutics deal is focused on Europe indicates, in our opinion, that Sarepta is confident about the potential for European eteplirsen approval and plans to have a European operation in place by the time of a potential ezutromid launch there,” said Skorney.

Baird maintained an Outperform rating with a $102 price target for Sarepta.

Latest Ratings for SMMT

DateFirmActionFromTo
Nov 2020HC Wainwright & Co.DowngradesBuyNeutral
Mar 2020HC Wainwright & Co.Initiates Coverage OnBuy
Jun 2018Janney Montgomery ScottDowngradesBuyNeutral

View More Analyst Ratings for SMMT

View the Latest Analyst Ratings

 

Related Articles (SRPT + SMMT)

View Comments and Join the Discussion!

Posted-In: Baird Brian Skorney eteplirsenAnalyst Color Analyst Ratings Best of Benzinga

Latest Ratings

StockFirmActionPT
SEDGB of A SecuritiesMaintains411.0
PTLOPiper SandlerMaintains28.0
AOUTLake StreetMaintains26.0
RAPTPiper SandlerMaintains52.0
OCXLake StreetMaintains6.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com