US Biopharmaceuticals: Mealtime at Vegas: Takeaways from investor mtgs w/TEVA, IONS, ARWR, AXSM

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US Biopharmaceuticals: Mealtime at Vegas: Takeaways from investor mtgs w/TEVA, IONS, ARWR, AXSM

TEVA

Deal partnerships and Emalex acquisition

TEVA’s recently announced royalty financings deals with Blackstone and RPRX were

framed by management as a mechanism to speed development and share risk. These

deals were both with drugs that have multi-indication potential in immunology.

Separately, TEVA did its first M&A deal after a long layoff with the acquisition of Emalex

— in the meeting management discussed some of the synergies with lead drug

(Tourette’s) citing current CNS commercial infrastructure, with some modest buildout in

adjacent salesforce and marketing capabilities to target pediatric

neurologists/psychiatrists. On launch expectations, management notes that despite

available generic options for TS treatment, there remains an unmet need for a therapy

with a solid efficacy/safety profile. TEVA sees an opportunity to expand treatment rates

& churn in the market and reiterated their intentions to remain disciplined in payer

negotiations.

IL-15: expectations for vitiligo and celiac

Investors were primarily interested in understanding expectations for upcoming Ph1b

vitiligo data, Ph3 plans, and Ph2a celiac POC data. In vitiligo, TEVA noted a good

benchmark is the absolute facial VASI 75 score at 24wks in Rinvoq's Ph2 study (14-19%),

which enrolled a similar moderate/severe population as TEVA. Management sees

systemic options as offering greater utility in the moderate/severe population given

need for more extensive coverage only systemic options can provide. Relative to oral

JAK’s, the company talked up IL-15’s selective MOA, expected safety profile and

convenient quarterly dosing points of competitive differentiation vs. oral JAK’s. On