US Pharmaceuticals & Biotechnology "Yee-sentials: What’s the buyside..."

研报英文原文证据摘录

US Pharmaceuticals & Biotechnology "Yee-sentials: What’s the buyside..."

and biologic experienced patients in AD vs. APGE here would be

used earlier and in less severe pts. ABBV noted they see this as a "mega-

blockbuster" opportunity which the co defines as a pot'l $10B+ opportunity so ~2x

consensus peak sales of APGE in estimates now. There is some relevance and

readthrough for other companies incorporating YTE half-life extension technology and

we believe ABBV's confidence in a large acquisition should support and improve the

strategic optionality for other companies developing drugs using YTE half-life extension

too. ABBV noted on the call that the deal also gives access to a half-life extended IL-4

and IL-31 too. For more, see our M&A analysis HERE.

JBIO: High efficacy IgAN drug w/ pot'l best in class dosing in $20B market -

Initiate at BUY. We believe JBIO's lead program JADE101 could be a best-in-class drug

in the $20B+ IgAN market and could have $3-4B in peak sales potential. Initial Phase

I data from JADE101 (anti-APRIL mAb) shows deep reduction on the IgA biomarker

which we think could translate to best-in-class efficacy for patients and with convenient

quarterly every three months dosing potential. We think JBIO can compete on three key

factors: 1) deeper efficacy; 2) clean safety, and 3) convenient dosing for lifelong

treatment. JBIO is led by a team from Chinook Therapeutics which developed Zigakibart,

and is running Phase II proof-of-concept studies now with key UPCR proteinuria data

expected in 2027, planning to start Phase III studies in H1/27. We believe the

IgAN market has room for multiple drugs to succeed and won't be a winner-takes-all

market -- even with conservative assumptions around market share we think JBIO could