Galapagos, Gilead bask in $4-6 bln new drug sales hope
(Adds latest shares, further reaction)
By Ben Hirschler
LONDON, Sept 12 (Reuters) - Strong results for an
experimental drug that promises to disrupt the rheumatoid
arthritis market lifted shares in Belgian-Dutch firm Galapagos
to an all-time high on Wednesday, as analysts forecast
The stock was 18 percent higher by 1540 GMT, valuing the
biotech company at around $6.2 billion, while shares in Gilead
Sciences - its development and marketing partner - rose
by more than 3 percent.
The new data from a late-stage clinical trial suggests
filgotinib will have a competitive profile among rival medicines
in the so-called JAK inhibitor drug class, analysts said.
Existing JAK inhibitors include Pfizer's Xeljanz and
Eli Lilly's Olumiant. Abbvie also has an
experimental product called upadacitinib that may be approved
Jefferies analyst Peter Welford said filgotinib's efficacy
was on a par or above rivals and it also offered a potentially
superior safety profile, which should drive uptake despite the
medicine likely being fourth to market.
He forecasts worldwide peak annual sales for filgotinib of
$6 billion - half from rheumatoid arthritis and the rest for
treating other diseases.
Berenberg analysts, who put peak sales at $4 billion, said
filgotinib was increasingly looking like a "best-in-class"
Gilead signed a deal https://www.reuters.com/article/galapagos-gilead-idUSL8N14611Q20151217
potentially worth more than $2 billion with Galapagos in
December 2015, which included a $725 million upfront payment for
the development of filgotinib, as well as an equity stake in the
Under the agreement, Gilead will market the drug and pay a
royalty and milestones to Galapagos.
Results from further Phase III clinical trials of filgotinib
in rheumatoid arthritis are expected next year. It is also being
tested for treating Crohn’s disease and ulcerative colitis.
(Reporting by Ben Hirschler
Editing by Alexander Smith)
First Published: 2018-09-12 12:20:10
Updated 2018-09-12 17:00:40
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