Ipsen SA: $450m upfront Kartos deal adds P3 MF optionality (data in 2027), strategic fit, with further BD capacity intact

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Ipsen SA: $450m upfront Kartos deal adds P3 MF optionality (data in 2027), strategic fit, with further BD capacity intact

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

29 June 2026

Ipsen SA

$450m upfront Kartos deal adds

P3 MF optionality (data in 2027), First Look

IPN.PA/IPN FP EQUAL WEIGHTstrategic fit, with further BD

European Pharmaceuticals,

Biotechnology & Life NEUTRAL

Sciencescapacity intact

Price Target EUR 170.00

Price (26-Jun-26) EUR 162.40IPN’s $450m upfront Kartos acquisition adds late-stage

myelofibrosis (MF) asset navtemadlin (oral MDM2 PotentialSource: Bloomberg,Upside/DownsideBarclays Research +4.7%

inhibitor)and fits its onco BD strategy. The deal is financially

manageable and preserves capacity for further BD; upside European Pharmaceuticals,

hinges on P3 POIESIS proving a meaningful add-on benefit to BiotechnologyYihan Li, PhD & Life Sciences

+44 (0)20 3555 3563ruxolitinib.

yihan.li@barclays.com

Barclays, UK

Ipsen announced the acquisition of privately held Kartos Therapeutics for $450m upfront and

James Gordonup to $1.3bn in regulatory and commercial milestones, adding navtemadlin, a late-stage oral

+44 (0)20 7116 2784

MDM2 inhibitor being developed for myelofibrosis. Overall, we view the deal as strategically james.gordon@barclays.com

sensible and consistent with Ipsen’s stated external-innovation strategy (see: Replay: IPN C-Suite Barclays, UK

CEO call: Gradual Soma Gx erosion, strong ex-Soma growth; pipeline/BD optionality

Sidhartha Modi

next; 23/06/26): it adds a Phase 3 asset in oncology/hematology, with potential readout in 2027,

+91 (0)22 6175 1326

deepens the group’s presence beyond its current solid-tumor and rare-disease portfolio, and sidhartha.modi@barclays.com

provides a potential 2028 launch opportunity.