LNTH- Quick Take- Invalidated Lutathera Patents +ve for LNTH's NET Pipeline; Getting Closer to PNT003 Approval/Commercialization

研报英文原文证据摘录

LNTH- Quick Take- Invalidated Lutathera Patents +ve for LNTH's NET Pipeline; Getting Closer to PNT003 Approval/Commercialization

Truist Securities

full 'launch readiness,' customer preparedness, and all coding and reimbursement-related benefits in place for the product before

taking it to market. However, we doubt these items would preclude a potential launch by late 2026 or early 2027 and thus we do think

a favorable Citizen petition this Summer would be viewed as a catalyst on the horizon for yet another growth accelerator in 2027+. We

don't know what LNTH's pricing strategy will look like though, and (as mentioned above) there are milestone payments and commercial

payouts that could get triggered over time to LLY.

Less clear to us is what this necessarily may or may not mean for a potential acquisition by Curium (private) who has been

reported to be in discussions with LNTH (LINK) for a takeover offer valuing LNTH at ~$7B. Curium, like LNTH, was in a similar patent

dispute brought by Novartis. Curium issued a PR on 6/18 saying this favorable court decision paves the way for Curium's plans to launch

its own Lu 177 dotatate product in the US. Both LNTH and Curium therefore could have generic Lu 177 products in the marketplace

relatively soon. This might pose an FTC consideration (i.e. perhaps one would have to be divested) if a combination were to come to

fruition. LNTH's Octevy (NET diagnostic), would still be of value to complement Curium's Lu 177 with a theranostic pair consideration

we suppose. We also don't know which would potentially be kept. But, we're inclined to think the main value Curium (potentially)

sees/seeks out of LNTH to begin with is in Urology (PSMA PET) and Alzheimers (Neuraceq/MK6240) moreso than the company's

generic Lu 177 in NET.