Comp Tzield Approval in Stage 3 T1D Paves Way for SAB-142; PT to $13

研报英文原文证据摘录

Comp Tzield Approval in Stage 3 T1D Paves Way for SAB-142; PT to $13

nts aged 8-17, SAB-142's

Ph2 trial includes pts aged 5-40, which would greatly expand the number of eligible pts and sales

for SAB-142 if approved. Tzield is also only approved in pts diagnosed within past 8 wks whereas

SAB-142 will be tested in pts diagnosed w/in the last 100 days, further capturing a greater population

of pts. 3) Tzield's administration process w/ 12 days of infusions is less desirable than SAB-142's

2-day administration (w/ another 2-day redosing at 6mo out). 4) SAB-142 could demonstrate better

safety vs Tzield given its lack of drug-related SAEs, transient lymphopenia, EBV reactivation (Tzield

has black box warning for EBV), and mild CRS cases but this remains to be seen in a larger Ph2 trial.

While Tzield's approval gives Tzield a first mover advantage in this space, Stage 3 T1D continues

to be enormous and underserved, providing huge multi-billion commercial opportunity for multiple

Tx in this space. We believe SAB-142 will benefit from the work SNY will do to increase awareness

of the unmet need in this space and to ensure coverage for Stage 3 T1D pts including setting

up reimbursement pathways and navigating conversations w/ payers. We are keen to see sales

trajectory for Tzield in Stage 3 T1D that will provide a better understanding of real world uptake and

highlight pain points for ramp up.

On Tzield's approval, we increase PT to $13 (from $11) w/ higher POS of SAB-142 in Stage 3 T1D to 55%

from 45%. Roger Song, MD, CFA * | Equity Analyst

(617) 342-7955 | rsong@jefferies.com

See content for discussions on Tzield's PROTECT study data, Cha Cha Yang, MS, MBA * | Equity Associate

SAB-142's Ph2 trial design, and our outstanding key questions.