First Read: Nurix Therapeutics "NRIX/Roche Bexo Deal Further Validates..."

研报英文原文证据摘录

First Read: Nurix Therapeutics "NRIX/Roche Bexo Deal Further Validates..."

Forecast returns

Forecast price appreciation 47.1%

Forecast dividend yield 0.0%

Forecast stock return 47.1%

Market return assumption 9.2%

Forecast excess return 37.9%

Company Description

Nurix Therapeutics (NRIX) is a biopharmaceutical company that focuses on developing

innovative therapies using its proprietary Targeted Protein Degradation (TPD) technology to

selectively target and eliminate disease-causing proteins. NRIX's lead programs include NX-

5948, a BTK degrader, in CLL/SLL and DLBCL, and NX-2127, a BTK/IKZF1/3 degrader, in B cell

lymphoma.

Valuation Method and Risk Statement

We value NRIX via an EV:Peak sales multiple methodology, supported by DCF.

Risks to NRIX valuation include: 1) clinical trial failure of key pipeline programs, including

bexobrutideg(NX- 5948) in 1/2/3L+ CLL/SLL and NX-2127 in DLBCL and MCL; 2) regulatory

headwinds including changes in regulatory standards in CLL/SLL and DLBCL/MCL, changes in

clinical trial endpointsand requirements, and additional requirements for regulatory

submissions that could delay approval; 3) commercial execution risks for bexobrutideg in CLL/

SLL and NX-2127 in DLBCL/ MCL due to increased costs related to commercial organization

build-up; 4) increased competition from the development/approval of other novel degraders

in CLL/SLL and DLBCL/MCL.

All biopharma companies face risks around R&D pipeline success/failure, regulatory oversight

& approval decisions, PBM/country drug pricing negotiations, competitor product

developments, patent challenges and product liability. Roche company-specific downside

risks include: (1) lower market penetration for Vabysmo with Eylea 8mg competitor launch;